How to make money from the Olympics

Londoners are steeling themselves as the world's best athletes head for the capital to compete at the 2012 Olympics. With gridlock expected on the roads and sweat guaranteed on the tube, many of us will be happy enough to watch the events from home rather than attempt to get there for the live action. Either way, why not add a dose of extra adrenaline with a spread bet?

There are now a host of different potential outcomes to bet on, and a decent choice of brokers offering them. Here are three of the current offers at sportingindex.com.

Number of gold medals

Britain's total gold medals are quoted at 23-24. So if you think the UK team will win more than 24 medals, you buy the spread at a fixed price per point. Let's say that's £10. If we collect 28 golds you make £40 ((28-24) x £10). If we only collect 20, you lose £40 ((24-20) x £10). In 2008 in Beijing we won 19 reckon we can do better than that this time?

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Total number of medals

Our total medals, of any colour, are quoted at 62-64, and a bet would work on the same basis as a bet on the number of golds. In Beijing four years ago, we managed a total haul of just 47. But that was then, and many commentators expect a much larger total this time around.

Phillips Idowu in the triple jump

If you think Britain's Phillips Idowu will manage better than 17m 60cm in the triple jump, then buy the spread at 1,760. Equally if you think he will fall short, sell it at 1,756 (he only managed a jump of 17m 24cm in Shanghai recently, but that was in tough conditions). Note that if his best jump falls in the middle, the spread betting firm makes a nice turn. This is just one example of an individual performance you can bet on there are plenty of others.

Never risk too much money (per point this varies according to the bet, so check it with your broker) on a sporting bet these are intended to be a bit of fun. That's especially true if you are a novice and plan to have your first go this summer. Work out what you can afford to lose up front, and then talk to your broker about stop losses. Good luck!