Reach for your mouse and your credit card -- it's time for an Olympic flutter on the Internet. And Australians, renowned for taking a bet on almost anything, are keeping the bookies busy.
As the globe shrinks and the Games reach practically every television on the planet, gamblers cannot resist a flutter.
The US basketball "Dream Team" is virtually unbackable at odds of 100-1 on, but on every other sport from beach volleyball to badminton, the online bookmakers are only too eager to open their electronic satchels and take your money.
From Jamaica to Slovakia, patriotic fervour reigns supreme. Bets are flowing into Australia from all around the world. "Over 100 countries have bet with us," said Gerard Daffy, sports betting manager at Centrebet which is based in Alice Springs. "We thought that maybe AU$20 million dollars might be bet on the Games. There is no reason to believe that target is not reachable."
But who is winning - the bookmaker or the punter?
"We lead at the moment but it is up and down like a yo-yo. It is a game of cat and mouse," Daffy said. "China and the USA in women's soccer was the big one so far. Athletics will spawn some monstrous bets as the whole world is focused on that," he said.
The International Olympic Committee's ethics commission wants to ban athletes from betting on their own or rivals' performance.
Daffy agreed with the IOC's stance and suggested that officials should also be included in the ban. But he said: "We have plenty of friends and relatives having a bet. They are not trying to break the bank. They just want AU$10 or AU$20 on their son or daughter. It's another form of cheering them on," he said.
The issue of betting caused controversy in the lead-up to the Sydney Games after the Australian Olympic Committee announced in July that its athletes were free to bet on themselves or rivals.
In Australia itself, where drinkers in a pub would happily bet on two flies crawling up a wall, the Games are paradise on earth.
Australia has an estimated 290,000 problem gamblers in a population of 19 million and the whole nation grinds to a halt on the first Tuesday of each November when the Melbourne Cup horserace is run.
"It is true - we do bet on flies going up a wall. The average Australian punter wakes up in the morning and rings us to ask what is on. It is the way to pass the day," said Peter Verey of the Darwin-based International All Sports agency. But he is amazed at how global the interest has been.
"Turnover is better than we expected. We thought it would be on swimming, athletics and tennis but minority sports like beach volleyball and rowing are very popular. We have had to put on extra staff to meet demand," he said.
