It's expected to be a very close ballot this time around. The winning candidate requires more than 50 percent of the votes cast in a secret electronic ballot. If no city reaches 50 percent, the candidate with the fewest votes drops out and a fresh ballot is made. Long story short: There likely will be three rounds of voting before the winner will be announced.

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So while it's a tight race, Bodog Sportsbook has come out with odds on who will host the 2016 Olympics? Let's look at each of those cities along with their odds…

Chicago (10/21): Most people believe that the Windy City is the favorite to host the Games for the first time. The reasons are twofold: The U.S. hasn't hosted a Summer Games since 1996 in Atlanta, and President Barack Obama is putting all his weight behind his hometown bid. Obama will be in Denmark to give a last-minute pitch for the U.S. – he will be the first U.S. president ever to personally address IOC voters (Oprah Winfrey will be there too). And don't rule out the financial factor: Chicago estimates it would generate $1.8 billion in sponsorships as host — three times more than Rio.

Rio de Janeiro (11/4): The main stumbling block behind Rio is the perception of the city as rather crime-ridden. Plus not much of the infrastructure is yet in place – things like highways, public transit, stadiums, etc. What Rio does have on its side is that South America has never hosted an Olympics, and it is touting the IOC's chance to make a historic decision for a developing nation. Also, the city is hosting the 2014 World Cup, so it will be used to hosting a massive worldwide event and will be adding much of the above-noted infrastructure. But some on the IOC don't like having the thought of having their "thunder" taken away in the host city by the World Cup just two years before the Games.

Tokyo (5/1): Japan hasn't hosted a Summer Games since 1964, so it is more overdue than the U.S. And in the first round of the selection process in 2008, Tokyo received the highest overall evaluation. But it seems that the Japanese people aren't overly excited about bringing the Games, and experts seem to think Tokyo doesn't have a great shot because the 2008 Games were in Asia (Beijing). Also, Japan's new government is sending mixed signals about the Olympics.

Madrid (10/1): Spain this month adjusted its anti-doping laws to comply with international regulations and boost Madrid's chances of staging the 2016 Games. But the Spanish city's bid likely will be hurt by the fact that the 2012 Games are not too far away in London. And Madrid's chances weren't helped at all when the second in command on Spain's Olympic Committee this week said that Rio was "the worst of the four candidates."  Criticizing a rival candidate is not allowed under IOC rules, and Rio lodged a formal complaint.
This race will come down to Chicago and Rio. Frankly, with the odds the way they are, your best value bet is Rio because IOC members have a chance to make history.

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Who can argue with that?

After smashing the 100m record with a 9.69 Bolt has beaten Michael Johnson's 12-year 200m record by beating his 19.32 with a 19.30.

Many thought Bolt could've done even better in the 100m had he not slowed up toward the end. This time, however, there was no slowing the Jamaican sprinter down. Usain gave it his all from start to finish.

Americans Shawn Crawford and Walter Dix one silver and bronze respectively.

Yes you can bet on the Olympics! Get your Olympics odds in the Bodog Sportsbook!

The Baltimore Sun is reporting that among the things Phelps wants to do now that he’s attained wealth and fame is meet Michael Jordan and Tiger Woods as well as play in the World Series of Poker and, “Meet some of those poker guys.”

We can probably forgive Michael Phelps' lack of articulation on who he wanted to meet from the poker world since he was absolutely exhausted during the interview having been answering reporters questions pretty much non-stop since he won his seventh gold medal.  Not to mention the fact that he won seven freaking gold medals. At this point he could probably say that the moon landing was staged and we'd all be obligated to nod in agreement.

We’re not sure if Phelps was speaking of next year’s WSOP or this year’s WSOP Europe. Either way, you can meet Phelps, be it in Vegas or London, by qualifying online for the WSOP. Check out Bodog’s WSOP Europe online qualifiers to earn your seat.

Or head over to the Bodog Sportsbook if you're interested in betting on the Olympics.

Now before you go rage in the comments section about how crazy it would be for poker players to be considered Olympic athletes you might want to compare it to some of the other “sports” that the IOC considers Olympic worthy.

Let’s start with Equestrian – pony riding if you will. Here we have a well-trained horse running around, jumping over things and trotting nicely. Well that’s great but is the rider really doing something particularly physical? Is it on par with something like wrestling? Obviously not, so we can assume that pure physicality isn’t a major criterion, correct?

And how about something like skeet shooting? Hand-eye coordination is great but should we then also be awarding a gold medal to the world’s best video game player?

While I tend to be more of the opinion that we need less Olympic sports and not more, it has become difficult to draw the line on what exactly deserves the IOC’s stamp of approval.

There is currently an active online petition to make poker an Olympic sport. As of the writing of this there are only 163 signatures so you probably won’t have to worry about hearing someone like Doyle Brunson or Greg Raymer being described as an athlete any time soon.

Here's an idea: what if you took a cue from the biathlon and combined poker with another sport? Something like mixed martial arts. I know at least a couple poker players who might be interested.

And if you’re looking for one more reason to make poker an Olympic sport, just head over to Bodog. You can bet on poker in the sportsbook, so it has got to be a sport, right? Oh wait, golf is in there too. Nevermind.

Monday, August 18, 2008 TV Schedule
NBC and NBC HD
10:00 a.m.-1:00 p.m. — Men's Volleyball – USA vs. Japan (LIVE); Track & Field; Men's Diving – Springboard Competition; Men's Beach Volleyball

8:00 p.m.-Midnight — Gymnastics – Individual Event Gold Medal Finals: Men's Rings, Men's Vault and Women's Uneven Bars; Track & Field Gold Medal Finals: Men's Steeplechase, Men's 400-meter Hurdles, Men's Long Jump; Women's 800, Women's Discus Throw, Women's Pole Vault; Women's Beach Volleyball Semifinal (LIVE); Women's Gymnastics – Trampoline Gold Medal Final

12:35a.m.-2 a.m. — Men's Diving Springboard Semifinal; Men's Triathlon

CNBC and CNBC HD
Midnight-2:00 a.m. — Softball – USA vs. China (LIVE)
5:00p.m.-8:00 p.m. — Boxing 54kg, 57kg, 91kg-plus Competition

USA and USA HD
2:00 a.m.-Noon — Men's Basketball – USA Game (LIVE); Men's Water Polo – USA vs. Germany (LIVE); Canoeing (LIVE); Women's Field Hockey – USA vs. Britain (LIVE); Men's Table Tennis – Team Gold Medal Final & Bronze Medal Final; Women's Table Tennis Singles Competition

MSNBC
5:00 a.m.-5:00 p.m. — Men's Basketball – Argentina vs. Russia (LIVE); Women's Soccer Semifinals (LIVE); Baseball – USA vs. China; Cycling – Track Gold Medal Finals; Men's Handball – Germany vs. Denmark; Men's Weightlifting 105kg Competition; Men's Beach Volleyball

OXYGEN
6:00p.m.-8:00 p.m. — Equestrian – Team Jumping Final

TELEMUNDO
2:00a.m.-6:00 a.m. — Gymnastics – Individual Event Gold Medal Finals; Women's Diving – Springboard Gold Medal Final; Track & Field Gold Medal Finals
8:00 a.m.-Noon — Women's Soccer Semifinal (LIVE); Men's Beach Volleyball; Boxing

NBC OLYMPIC BASKETBALL CHANNEL
2:30 a.m.-2:30 p.m. — Men's games

NBC OLYMPIC SOCCER CHANNEL
6:00 a.m.-6:00 p.m. — Women's Semifinals

Tuesday, August 19, 2008 TV Schedule
NBC and NBC HD
10:00 a.m.-1:00 p.m. — Women's Volleyball (LIVE); Track & Field; Women's Water Polo Semifinal
8:00 p.m.-Midnight — Track & Field Gold Medal Finals: Women's 400-meter, Women's 100-meter Hurdles; Men's 1500-meter, Men's High Jump, Men's Discus Throw; Gymnastics – Individual Event Gold Medal Finals: Men's Parallel Bars, Men's High Bar; Women's Balance Beam; Men's Beach Volleyball Semifinal (LIVE); Men's Diving – Springboard Gold Medal Final
12:35-2:00 a.m. — Men's Gymnastics – Trampoline Gold Medal Final; Men's Cycling – BMX Competition (LIVE)

CNBC and CNBC HD
Midnight-2:00 a.m. — Freestyle Wrestling 55kg, 60kg Competition; (LIVE) Table Tennis – Singles, First Round Competition (LIVE)
5:00p.m.-8:00 p.m. — Boxing 48kg, 60kg, 81kg Quarterfinals

USA and USA HD
2:00 a.m.-Noon — Women's Basketball Quarterfinals (LIVE); Canoeing (LIVE); Women's Handball Quarterfinals; Men's Beach Volleyball Semifinal; Table Tennis Singles, First Round Competition; Women's Water Polo Semifinal; Cycling – Track Gold Medal Finals

MSNBC
5:00 a.m.-5:00 p.m. — Men's Soccer Semifinals (LIVE); Freestyle Wrestling 55kg, 60kg Gold Medal Finals; Weightlifting – Super Heavyweight Gold Medal Final (LIVE); Baseball – USA vs. Taiwan; Women's Volleyball Quarterfinals

OXYGEN
6:00p.m.-8:00 p.m. — Synchronized Swimming Duet Competition; Equestrian – Individual Dressage Gold Medal Final

TELEMUNDO
2:00a.m.-8:00 a.m. — Men's Soccer Semifinals (LIVE); Gymnastics – Individual Events Gold Medal Finals; Track & Field Gold Medal Finals; Men's Diving Springboard Semifinal; Women's Beach Volleyball Semifinal
8:30a.m.-11:00 a.m. — Men's Soccer – Semifinal (LIVE)
Midnight-1:00 a.m. — TBA

Wednesday, August 20, 2008 TV Schedule
NBC and NBC HD
10:00 a.m.-1:00 p.m. — Men's Volleyball Quarterfinal (LIVE); Women's Diving – Platform Competition
8:00 p.m.-Midnight — Track & Field – Gold Medal Finals: Men's 200-meter, Women's 400-meter Hurdles; Gymnastics Gala Exhibition; Women's Beach Volleyball Gold Medal Match (LIVE); Women's Diving – Platform Semifinal (LIVE); Cycling – BMX Gold Medal Finals (LIVE)
12:35-2:00 a.m. — Women's Volleyball – Semifinal (LIVE); Women's Track & Field – Hammer Throw Gold Medal Final; Women's Beach Volleyball Bronze Medal Match

CNBC and CNBC HD
Midnight-2:00 a.m. — Softball Semifinal
5:00p.m.-8:00 p.m. — Boxing – 51kg, 75kg Quarterfinals

USA and USA HD
2:00 a.m.-Noon — Men's Basketball Quarterfinal (LIVE); Canoeing Semifinals (LIVE); Women's Swimming – Marathon Gold Medal Final; Men's Water Polo

MSNBC
5:00 a.m.-5:00 p.m. — Softball Bronze Medal (LIVE); Men's Volleyball; Baseball – USA vs. Japan; Freestyle Wrestling 66kg, 74kg Gold Medal Finals; Table Tennis; Men's Handball Quarterfinal

OXYGEN
6:00p.m.-8:00 p.m. — Synchronized Swimming – Duet Gold Medal Final

TELEMUNDO
2:00a.m.-6:00 a.m. — Men's Basketball Quarterfinal; Track & Field Gold Medal Finals; Men's Diving – Springboard Competition
8:00a.m.-10:00 a.m. — Men's Beach Volleyball Semifinal; Gymnastics – Individual Event Gold Medal Finals
Midnight-1:00 a.m. — TBA

Thursday, August 21, 2008 TV Schedule
NBC and NBC HD
10:00 a.m.-1:00 p.m. — Men's Swimming – Marathon; Gymnastics – Rhythmic Competition; Women's Water Polo Gold Medal Match; Equestrian – Individual Jumping Gold Medal Final; Softball Gold Medal Game Report
8:00 p.m.-Midnight — Track & Field Gold Medal Finals: Men's 400-meter, Men's 110-meter Hurdles, Men's Triple Jump; Women's 200-meter, Women's Javelin Throw, Men's Decathlon Day 1; Women's Diving – Platform Gold Medal Final; Men's Beach Volleyball – Gold Medal Match (LIVE)
12:35a.m.-2 a.m. — Men's Volleyball Semifinal (LIVE); Men's Beach Volleyball Bronze Medal Match

CNBC and CNBC HD
Midnight-2:00 a.m. — Women's Track & Field – 20k Walk
5:00p.m.-8:00 p.m. — Freestyle Wrestling 84kg, 96kg, 120kg Gold Medal Finals

USA and USA HD
2:00 a.m.-Noon — Women's Soccer Gold Medal Match (LIVE); Softball Gold Medal Game (LIVE); Canoeing Semifinals (LIVE); Freestyle Wrestling 84kg, 96kg, 120kg Competition; Women's Table Tennis Quarterfinals; Men's Table Tennis

MSNBC
5:00 a.m.-5:00 p.m. — Women's Basketball Semifinal (LIVE); Women's Soccer Bronze Medal Match (LIVE); Women's Water Polo Bronze Medal Match (LIVE); Women's Handball Semifinals; Women's Volleyball Semifinal

OXYGEN
6:00a.m.-8:00 a.m. — Gymnastics Gala Exhibition

TELEMUNDO
2:00a.m.-6:00 a.m. — Track & Field Gold Medal Finals; Women's Diving – Platform Competition and Semifinal
8:00a.m.-11:00 a.m. — Women's Soccer – Gold Medal Match (LIVE); Women's Beach Volleyball Gold Medal Match
Midnight-1:00 a.m. — TBA

Friday, August 22, 2008 TV Schedule
NBC and NBC HD
10:00 a.m.-1:00 p.m. — Men's Basketball Semifinal (LIVE); Canoeing – Gold Medal Finals; Women's Table Tennis – Gold Medal Final
8:00 p.m.-Midnight — Track & Field – Gold Medal Finals: Men's 4×100-meter Relay, Men's Pole Vault, Women's 4×100-meter Relay, Women's Long Jump, Women's 5000-meter, Men's Decathlon 1500-meter; Men's Diving – Platform Semifinal (LIVE); Gymnastics – Rhythmic Competition
12:35a.m.-2:00 a.m. – Women's Volleyball Bronze Medal Match (LIVE); Men's Table Tennis – Singles Semifinals; Synchronized Swimming Team Competition

CNBC and CNBC HD
Midnight-4:00 a.m. — Boxing 51kg, 57kg, 64kg, 75kg, 91kg Semifinals (LIVE); Baseball Semifinal (LIVE)
5:00p.m.-8:00 p.m. — Boxing 48kg, 54kg, 60kg, 69kg, 81kg, 91kg-plus Semifinals

USA and USA HD
2:00 a.m.-Noon — Men's Basketball Semifinal (LIVE); Men's Water Polo Semifinal (LIVE); Track & Field – Men's 50k Walk; Women's Table Tennis – Singles Semifinal; Men's Table Tennis Quarterfinals; Canoeing Gold Medal Finals

MSNBC
5:00 a.m.-5:00 p.m. — Men's Soccer Bronze Medal Match (LIVE); Baseball Semifinal; Men's Volleyball Semifinal; Women's Field Hockey Bronze Medal Game; Women's Modern Pentathlon; Women's Mountain Bike; Men's Handball Semifinal

OXYGEN
6:00p.m.-8:00 p.m. — Women's Field Hockey Gold Medal Game

TELEMUNDO
2:00a.m.-6:00 a.m. — Women's Diving – Platform Gold Medal Final; Track & Field Gold Medal Finals; Men's Beach Volleyball Gold Medal Match
6:55a.m.-10:00 a.m. — Men's Soccer Bronze Medal Match (LIVE); Men's Basketball Semifinal (LIVE)
11:00 p.m.-2:00 a.m. — Men's Soccer Gold Medal Match (LIVE)

Saturday, August 23, 2008 TV Schedule
NBC and NBC HD
10:00 a.m.-6:00 p.m. — Women's Basketball Gold Medal Game (LIVE); Synchronized Swimming – Team Gold Medal Final; Canoeing Gold Medal Finals; Gymnastics – Rhythmic Individual Gold Medal Final; Women's Volleyball Gold Medal Match; Boxing Gold Medal Finals
7:30 p.m.-Midnight — Track & Field – Men's Marathon (LIVE); Track & Field Gold Medal Finals: Men's 800-meter, Men's 5000-meter, Men's Javelin Throw, Men's 4×400 Relay, Women's 1500-meter, Women's 4×400 Relay, Women's High Jump; Men's Diving – Platform Gold Medal Final
12:30a.m.-5 a.m. — Men's Basketball Gold Medal Game (LIVE); Men's Mountain Bike; Men's Table Tennis – Gold Medal Match

CNBC and CNBC HD
Midnight-2:00 a.m. — Men's Soccer Gold Medal Game (LIVE)

USA and USA HD
2:00a.m.-10:00 a.m. — Baseball Gold Medal Game (LIVE); Women's Handball Gold Medal Game (LIVE); Women's Volleyball Bronze Medal Match; Men's Field Hockey Gold Medal Game (LIVE); Men's Table Tennis – Singles Semifinal

MSNBC
8:00a.m.-10:00 a.m. — Men's Table Tennis – Singles Gold & Bronze Medal Matches

TELEMUNDO
6:00 a.m.-2:00 p.m. — Baseball Gold Medal Game (LIVE) Track & Field – Gold Medal Finals; Men's Diving – Platform Semifinal; Boxing Gold Medal Finals
6:00p.m.-7:30 p.m. — Men's Volleyball Semifinal
Midnight-1:00 a.m. — Women's Volleyball Gold Medal Match

NBC OLYMPIC SOCCER CHANNEL
Midnight-Noon — Men's Soccer Gold Medal Match

NBC OLYMPIC BASKETBALL CHANNEL
7:30 a.m.-7:30 p.m. — Women's Basketball Gold Medal Game

Sunday, August 24, 2008 TV Schedule
NBC and NBC HD
Noon-4:00 p.m. — Boxing – Six Gold Medal Finals; Men's Water Polo Gold Medal Match; Gymnastics – Rhythmic Group Gold Medal Final
7:00p.m.-11:00 p.m. — Men's Volleyball Gold Medal Match; Closing Ceremony

CNBC and CNBC HD
Midnight-2:00 a.m. — Men's Basketball Bronze Medal Game (LIVE)

USA and USA HD
5:00a.m.-11:00 a.m. — Men's Basketball Gold Medal Final Game (re-air); Men's Volleyball Bronze Medal Match; Men's Water Polo Bronze Medal Match; Men's Handball Gold Medal Game – Men's Marathon

TELEMUNDO
4:00 a.m.-1:00 p.m. — Track & Field Gold Medal Finals and Men's Marathon; Men's Basketball Gold Medal Game; Men's Diving – Platform Gold Medal Final; Boxing Gold Medal Finals
Midnight-1:00 a.m. — TBA

UNIVERSAL HD
24-hour MSNBC, & CNBC HD Simulcasts and Coverage

NBC OLYMPIC BASKETBALL CHANNEL
Midnight-Noon — Men's Gold Medal Game

With the team gold medal Phelps becomes the first Olympian to ever secure eight golds in one games. The eight gold medals combine with eight previous medals from 2004 to give him 16 career.

Over the course of Phelps' mission to go eight for eight he faced stiff competition from a number of sources but can thank Jason Lezak for holding on to the lead Phelps gave him heading into the final stretch of Sunday's relay.

Though Phelps' quest has come to an end there is plenty of Olympic betting that needs to be done so be sure to check out the Bodog Sportsbook.

Teaming with Swiss Stanislas Wawrinka to take home the men's doubles crown, Federer finally put an end to his previously goldless run in his first two attempts at the Olympics.

Unfortunately for Federer, however, his singles stint at these games did not bring him similar success, falling to American James Blake in the quarterfinals.

Though Federer will see his number one ATP ranking go to Spanish 22-year-old Rafael Nadal, the victory in Beijing must come as some sort of relief as he looks to reclaim at least some of the momentum that he's carried over the past several years.

For all your tennis betting or your Olympic betting needs check out the Bodog Sportsbook.

At just 21 years old, Usain Bolt of Jamaica certainly had his work cut out for him up against reputable opponents Asafa Powell, Walter Dix and, until just recently, Tyson Gay, but the appropriately-named Bolt took down all challengers with ease.

Already two tenths of a second faster than second-place Richard Thompson when he crossed the finish line, spectators wonder just how fast of a time the man could have recorded had he not put his arms out in celebration just before crossing the finish line.

Though much had been made of both Powell and Gay as threats to the world record and to the gold, Powell struggled to a fifth-place finish and Gay failed to even qualify.

American sprinter Dix rounded out the podium with a time of 9.91.

For all your Olympic betting needs check out the Bodog Sportsbook.

The win over one of the most esteemed international clubs gives Americans watching assurance that their appropriately-titled Redeem Team may be able to complete what recent renditions of the USA basketball program have not.

Leading the way for USA were familiar faces LeBron James and Dwyane Wade with 18 and 16 points respectively, while Carmelo Anthony added 16 of his own.

With the win the American now look to the medal round quarter-finals where they take on the fourth-place team hailing out of Group A.

Be sure to check out the Bodog Sportsbook for all your Olympic basketball betting needs.

Beckham will be spreading the hotness to Beijing and will star in the closing ceremonies of the Olympics. With the next Summer Olympics taking place in London in 2012, Beckham’s appearance in Beijing’s closing ceremonies symbolizes the passing of the torch.

A source wrecked the surprise saying, "David is going to be in the surprise finale. They always have a segment to do the handover, to showcase the next city to host the Olympics. He was very involved in the London bid to get it, and as a Londoner he is incredibly proud that the Olympics will be in London. He is passionate about it and looking forward to the games in 2012."

Beckham is slated to appear atop a London double-decker buses and kick a football into the crowd. Get all your picks in the Bodog Sposrtsbook when you bet on the Olympics.