The Economic Impact of Hosting the Olympic Games


Posted 7 months ago in More

The Olympics is a dream come true for athletes, a grand spectacle for sports fans, and an incredible expense for the host nation. In this post, we’ll look at the event from an economic standpoint. A bonus is the how-to for betting on the Games via an OdiBets login account.

What It Takes to Host the Olympics

It all starts with a country submitting a bid to the International Olympic Committee (IOC). Then, a secret ballot is held to select the future host of the Games. Let’s say most members vote for that country. The nation is ecstatic. What’s next? Preparations begin.

The Olympics is a colossal event that requires proper arrangements. So, what do they involve?

  • Sports facilities. Stadiums, arenas, swimming pools, skating rinks, ski slopes, and other facilities are needed to hold competitions in various sports. In most cases, all of this has to be built from the ground up.
  • The host has to provide comfortable lodging for athletes, coaches, official delegations, and tourists attending the Games. It implies the construction of the Olympic Village and thousands of hotel rooms.
  • The Olympics’ participants and guests must be able to reach the venues without difficulty. Setting the stage requires building or upgrading roads, airports, train stations, and other facilities.
  • Other expenses. Ensuring security at the Games is a significant financial burden. The event’s ceremonies are a major cost, too. In addition, attractions can be created to enhance the look of the hosting cities and entertain visitors.

Doing the Math: Cost of the Games

It costs the country enormous amounts to provide the necessary infrastructure. It’s not about millions but billions of US dollars. And this is not to mention that even submitting a bid to the IOC—which may not succeed at all—is massively expensive.

For better clarity, let’s take a look at the actual figures. We’ll consider a few nations that hosted the Olympics in different years to see how much money was spent and how the event turned out financially.

LA Makes It

Outcome: As a host, LA managed to make record-breaking money over the many years of the Games. This was due to the infrastructure already in place, TV broadcasting sales, sponsorships, large attendance, and the fact that it was the only host candidate that year.

Barcelona’s Rise

Outcome: Barcelona, too, ended up in the black. During the preparations, hefty funds were spent on the city’s infrastructure, which ultimately proved to be a highly beneficial investment. Thanks to the Olympics, the city is a powerful tourist magnet to this day.

Failure at Athens

Outcome: The Olympics may be considered the last straw that broke the country’s back with a heavy debt burden. In addition to increased security measures, billions of dollars went to the numerous Olympic venues. Virtually all of them remain useless and abandoned.

Tokyo’s Drama

Outcome: The outbreak of the coronavirus pandemic became an absolute disaster for the world and the 2020 Olympics. The most expensive Games in history were held without spectators. Losses, including those from unsold tickets, have yet to be calculated.

Hosting the Olympics: Gain or Pain

Economists agree that the Olympic Games are an extremely costly event that rarely pays off. The global prestige of the nation, the festivities in the streets of the host city, and the triumph of sports hide the plain truth.

The creation of the required infrastructure takes a whopping sum; the jobs provided during the event’s arrangements are short-term; the lion’s share of the revenue from TV broadcasts goes to the IOC, and the celebration is often paid for with taxpayers’ money.

One of the biggest problems is that multiple Olympic facilities are constructed, never to be used again. Giant-like arenas and other venues simply don’t fit ordinary sporting events but need constant maintenance.

 

Betting on the Olympics in Kenya

The economics behind the Olympics is a fascinating topic. However, punters are still more concerned with where to safely and profitably bet on the epic competitions. Unlike the economics, it’s much easier to deal with. OdiBets is one such place in Kenya.

To wager on the events of your choice, you need to register an account on the betting platform. Here’s how you can do it.

Hit the Website

Go to the official website of the bookmaker, locate the yellow “JOIN NOW” button in the top right corner of the home page, and feel free to click it.

Fill out the Form

Specify your mobile phone number, enter and confirm your password, add a referral code if available, and check the box to accept the bookie’s terms.

Request a Code

Click “Create Account” to request a confirmation code to the specified number and insert the code to activate your account. Done! Remember to log in to access the games.

Wrapping up

Organizing the Olympics inevitably entails enormous expenses that can be burdensome for the host. That’s why economic feasibility should be the top priority. After all, everyone wants to benefit from the event—athletes, visitors, bettors, and residents of the hosting country alike.

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