The Olympic Games start soon and we're here to take a closer look at some of the better betting options that we'll find in London.

First off, let's go over some of the quick facts for the 2012 Summer Olympic Games. 

London plays host to the event, which has its opening ceremony on July 27. The games will wrap up on August 12. 

2012 Olympic MedalsApproximately 205 different nations will be participating in the various events, with close to 10,500 total athletes expected to take part. There are 302 combined events spawned from 26 sports.

The United States enters the Olympics as the favorites in the odds to win the most total medals. Their line is at 38 on 5Dimes and there's only one other country that's expected to challenge them throughout the games. The main competition is China, whose medal prop number can be found at 36. 

Other countries that should win quite a few medals include Russia, Great Britain, Germany and Australia. 

With so many different sports on offer, surely there's got to be a lot of value out there to exploit, right? The betting odds makersaren't going to get everything right, and we've got to be ready to pounce on any weak lines that are public. 

Here are a few mainstand sports we can't wait to watch and potentially make a profit on and some others that may be overlooked. 

Basketball

The Americans are humungous favorites to win the gold here, the main challengers being Spain, Argentina, France and Brazil. They're going to have to deal with some crazy high spreads to cover. 

We suggest keeping a cool head and not going too crazy on the USA team, considering basketball will be one of the most heavily bet sports at the Olympics. There could be much more value to take advantage of on some of the other contenders in the competition. 

Swimming 

Considering what Michael Phelps was able to accomplish in Beijing, we know swimming is going to be one of the most popular events this summer.

All eyes will be on Phelps and what kind of follow-up act he'll be able to muster up, but don't sleep on Ryan Lochte, who's been training exceptionally hard and is out to prove that he's the best American swimmer now.

Track & Field 

Usain BoltSo many events, so little time. Will Usain Bolt dominate like he did in 2008? Or will American Tyson Gay upend the Jamaican from his throne? 

On the whole, Jamaica (keep an eye out for Yohan Blake, who's actually beaten Bolt this year) is the only country that comes even remotely close to what the USA will show up with. The Americans are loaded in practically all of the events.

Other sports to check out include soccer, gymnastics, tennis and boxing. Don't forget that many of the soccer teams are filled with younger talent and aren't indicative of what those nations would feature at the World Cup. 

For example, the only members of the Spain team (that's won three straight international events) from this past summer's Euros are Jordi Alba and Javi Martinez. 

Remember this too: even though there will be tons of activity and plenty of betting options available, don't get suckered in to wagering money on something you know little about. Do the research and make sure you're confident first and foremost.

Once the work's been done, it's always fun to venture outside of what you know. You may find some awesome value if you load up with information and it'll be interesting to place action on a sport you never would have bet on in the past.