The practice is currently prohibited across the region as the Olympics are labelled as an amateur non-collegiate event under a small stipulation in Nevada Gaming regulation.

But according to National Public Radito, Jimmy Vaccaro, of South Point Hotel, Casino and Spa in Las Vegas, who brought the idea to the Gaming Control Board, is hoping that will be a thing of the past.

"Like every industry in the world, you've got to keep improving your product or you lose out in the end," he said.

"And you can bet on the Olympics in the rest of the world."

Betting on the Olympics is legal in some countries across the globe, with Graham Sharpe of British bookmaker William Hill claiming the market can be particularly lucrative for the industry.

Betting on the Olympics was worth an estimated £100 million ($150 million/€135 million) in Britain during London 2012. 

"It's something which I won't pretend to you is at the very top of our betting turnover lists," Sharpe told National Public Record. 

"But each four years when it comes around, it's really a big deal in the media and therefore, it's a big deal with our customers."

Betting on the Olympics is currently prohibited in Nevada but that could be set to change so it can cash in on an industry worth £100 million in the United Kingdom during London 2012 ©Ladbrokes



The proposal itself has reportedly been successful in its first phase, with the Nevada State Gaming Control Board's approval, but it is still some way off being accepted.

Not being able to place a wager on the Olympics is seen by many in the United States as a positive aspect of the gambling culture in the country as sport continues to be littered with allegations of match-fixing across several sports on the Olympic programme, including football, tennis and badminton.

A key reason for not allowing punters to bet on the world's largest sporting event is because there are those that feel it is not acceptable as a lot of Olympic medals are decided by judges, despite the fact that bets can be placed on sports such as boxing.

"The IOC will not comment on any specific legislation," an International Olympic Committee spokesperson told insidethegames.

"Generally, however, the IOC works to prohibit betting on Olympic sports by the athletes, officials, and anyone else who could have an influence over the outcome of the results."

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