As soon as the opening ceremony torches are lit in Milan on February 6, hundreds of countries will be competing for the lion's share of Winter Olympics medals.
Prediction market Kalshi has odds posted for which nation will win the most total medals.
You can trade on this and other winter events, as well as thousands of other markets, at Kalshi, which is available in most states. We wrote a full explainer on how it works here.
Winter Olympics Most Medals Odds
Norway Medal Odds
The reigning champions of the 2022 Beijing Winter Olympics are atop the table once again and priced as the favorites to lead all countries in medals. In Beijing, Norway took home 37 medals, including 16 gold, eight silver, and 13 bronze medals.
Five of those gold medals came in cross-country skiing events, a sport for which Norway has been renowned. The men's side of the competition will feature the returning Johannes Høsflot Klæbo, who won three medals for Norway in 2022.
Germany Medal Odds
Germany finished third in total medals in Beijing, but trailed only Norway with 12 golds. Germany's 27 medals put it a nose ahead of both Canada and the U.S., but left fellow European competitors Sweden and Austria well in the dust.
The German team achieved most of its excellence in luge and bobsleigh events, taking home the gold in all four luge events, as well as in three of the four bobsleigh events.
United States Medal Odds
While usually near the top of the leaderboard, the U.S. hasn't finished a Winter Olympics with the most medals since 2010, when it took home 37 in Vancouver. In 2022, the Americans finished fifth with 25 medals, including nine gold, nine silver, and seven bronze.
Compared to Norway and Germany, the United States' success was a bit more spread out. The U.S. won big in figure skating, but also sprinkled in some golds in snowboard, freestyle skiing, and bobsleigh events.
What is Kalshi?
Different than a traditional sportsbook and available in most states, Kalshi allows users to make predictions across several unique markets, including sports, entertainment, elections and even weather.
Kalshi operates on a contract-based system where users buy "contracts" (priced between 1–99 cents) based on whether they believe a specific event will happen. The price of each contract fluctuates in real time based on market sentiment and like the stock market, traders can sell positions early to lock in profits (or minimize losses).
