Michael Phelps Breaks the Record for Most Golds at a Single Olympics

It was a team effort but Michael Phelps and Team USA got things done and now Phelps holds the record for most gold at a single Olympics, beating Mark Spitz's previous record. He tied it Saturday morning by extending his six-foot-four frame to trip the timer just 1-100th of a second ahead of Serbia's Milorad Cavic, who was born in California.

Betting Phelps was no piece of cake however. The odds makers had this year's Olympics hero with odds that were almost impossible to achieve a decent payout.

One would need to have bet $2000 to win $100 for Phelps to win, meaning the odds makers at BetUS.com believed this was a virtual lock.

A USA win was not necessarily set in concrete, however. And while BetUS.com wasn't offering odds on the other countries such as Australia winning Saturday night, they were offering odds on Team USA (and Phelps) NOT winning and those odds were set at +800 paying $800 for every $100 bet. Australia was widely believed to be the country with the best shot of beating the Americans.

At press time Saturday night, the USA had more medals than any other country including China but the Chinese had more gold medals - 11 more than the Americans before Phelps and company clinched another gold.

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Alistair Prescott, Gambling911.com International