Betting on the outcome of a sports event is a favorite pastime for many people. So when the Olympic Games are being played, you can be sure that there will be lots of betting taking place.

The bets here will not only be on individual teams for various sports but also on which country will ultimately finish with the maximum medals. Betting begins in earnest even before a single match has started.

Germany is currently listed as the favorite to pick up the most medals at the 2006 Winter Olympics in Torino. The Germans are followed by the United States and Norway. Another site lists Norway as the favorite at 11/10, followed by Germany at 5/4 and the United States at 11/5. For those more interested in betting on individual events, ice hockey is a great favorite, with Canada tipped as the favorite to win the gold at 11/10.

Before laying your bets, doing your homework is important. A good approach is to look at teams that are well-rounded with a good goaltender, stout defensemen, good penalty killers and players with scoring ability.

In an Olympic tournament, the strength of the draw is important, and you must go through this properly before placing your odds. In hockey, you must also consider the difference in rules between the National Hockey League (NHL) and Olympic Hockey. Remember not to take anything for granted, as it could be an important factor when it comes to the medal rounds.

These tournament match-up bets are not about who will win head-to-head, but rather which team will finish in a higher position at the end of the tourney, so be clear about that, and use it in your overall strategy.

There are high risks involved in taking bets for the Winter Olympics and therefore wagers are limited to $300 with no parlays. The Olympics are an event that the bookies are not very familiar and comfortable with. Therefore many shy away from taking big bets on the Olympics.