Four years ago at the 2014 Winter Olympics at Sochi, Norway finished third in the medal count with 26 behind host Russia (29) and the United States (28).
The Norwegians will enter the 2018 Winter Olympics in Pyeongchang, South Korea, as the +175 co-favorites (bet $100 to win $175) to earn the most medals at sportsbooks monitored by OddsShark. Germany, which finished sixth in 2014, is also listed at +175.
The third and fourth favorites are the United States (+400) and Canada (+700). There is a huge drop-off after that, with the Netherlands next on the betting board at +1600.
Meanwhile, the host nation and Austria are tied as the co-seventh choice at +5000 behind France (+4000) and followed by China (+6600) and Switzerland (+8000).
The Americans and Canadians might have the most value of any countries considering how they performed last time around. Canada had the third-most gold medals (10) behind Russia and Norway, both of whom won 11. Team USA had nine gold medals while the Netherlands and Germany each finished with eight.
The Norwegians are also favored to take home the most gold medals at +150 in the Winter Olympics odds, with the Germans right behind them at +160. The Americans are the +500 third choice to win the most golds, followed by the Canadians at +700, Dutch at +1600 and Koreans at +2800.
The over/under on the total number of gold medals won by Team USA is 10.5, and the country has never topped that amount in the Winter Olympics. The closest the Americans came to that number was 2002 as the host country in Salt Lake with 10. The U.S. has won nine gold medals in each of the past three Winter Olympics.
Canada's over/under for gold medals is a bit lower at 8.5, and recent history in the Winter Olympics would suggest the country will surpass that number in Pyeongchang. The Canadians won 10 gold medals in Sochi and 14 in Vancouver as the host country eight years ago. Their previous best before that was seven golds in 2002 and 2006.