Winter Olympics Odds: Norway Favored But US Not Far Behind In Chase For Most Gold Medals, Most Medals

The 2026 Winter Olympics got underway on February 6 and will run through February 22. Several events have already concluded with medals being awarded, but there are still more underway and to come.

It is certainly not too late to bet on which country will lead the gold medal and total medal counts.

Norway led the gold medal count at the 2022 Games in Beijing  (16) and tied for first with Germany at the 2018 Games in PyeongChang (14). As for total medals, Norway led the last two Games with 37 and 39 medals, respectively. Should we expect more of the same this time around? Or will it be the U.S.’s turn?

(Photo by Michael Kappeler/picture alliance via Getty Images)

You can find all the odds used in this breakdown of the 2026 Winter Olympics at FanDuel.

Winter Olympics Odds: Most Gold Medals

Here are the latest odds at FanDuel for the favorites to win the most gold medals in the 2026 Winter Olympics.

• Norway -1500
• USA +700
• Germany +8000
• Canada, Netherlands, Switzerland, Italy, China, Japan, Sweden, and Austria +10000

So, it looks like FanDuel is saying (according to the odds) that Norway will likely lead the way in the end, but there is a small chance the U.S. might, and an even smaller chance Germany does. As for the rest of the field, forget about it.

Latest Gold Medal Count

Of course, with the Games in motion, several gold medals have already been awarded. Here is the latest leader board (as of Feb. 12):

• Norway 7
• Italy 6
• USA 4
• Germany 4
• Sweden 4
• Switzerland 4

Several countries have yet to win one, and a scattered few have won one, two, or three. In total, medals have been awarded for 41 of 116 events, so, in theory, anyone can still win. But it is worth pointing out that Norway led the gold medal count in the last two Winter Games

The U.S. last led in 1980 at Lake Placid and has only led the final gold medal count when the U.S. was the Winter Games’ host (1932, Lake Placid, and 1960, Squaw Valley).

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Winter Olympics Odds: Total Medals

Here are the latest odds at FanDuel for the favorites to win the most total medals in the Milan Cortina Games.

• Norway -195
• USA +155
• Italy +1800
• Germany +6500
• Everyone else is at +10000

Norway has competition atop the total medals list

So, it appears that the total medal count could be a more competitive fight than the gold medal count. Yes, Norway is the favorite once again, but the odds are not nearly as overwhelmingly in its favor. The top five on the total medals leader board are as follows:

• Italy 16
• Norway 14
• United States 13
• Austria 12
• Germany 9

It is not unusual for the host country to see a boost, as Italy has, but the overall numbers will likely be similar to years past. Norway led the count in 2022 with 37 medals, five more than second-place ROC (Russian Olympic Committee), ten more than Germany, and 12 more than the U.S.

The counts were not much different in 2018. Norway led with 39, followed by Germany with 31, Canada with 29, the U.S. with 23, and the Netherlands with 20.

Winter Olympics Odds: Best Bets for Most Gold Medals and Most Total Medals

When I’m talking about “best bets,” I am not just referring to the likely winner. I’m talking about which market is the best one to bet on. Norway is a heavy favorite to win the most gold medals for a reason — because they often do. They’ve done so in six Games and finished in the top three 21 times.

But at -1500, that is not a bet I can recommend. You’d have to risk $1500 just to win $100; that’s not worth it to me. However, at +700, I’d say betting on the U.S. has some value. Americans are still favored and considered contenders in several events.

Now, I wouldn’t recommend betting on it without a No Sweat Bet token or some other form of bet insurance backing you up. The U.S. is not expected to top the leaderboard, but there is value at +700. However, when it comes to most overall medals, we have options.

Value in picking Germany To Finish Atop The Medals List

Taking Norway at -195 means you’ll have to risk $195 to win $100, but early projections have Norway topping out the leaderboard with around 69, followed by Germany with 60, and the U.S. with somewhere in the 30s. I don’t see Italy continuing to win at their current rate, and I’m not confident the U.S. can pick up the pace enough.

But early projections put Germany in the conversation, and at those odds, Germany has a ton of value.