When it comes to Olympic sports betting, backing an athlete means supporting them in some way - whether it's by wearing their t-shirt or waving a flag at their event. It doesn't mean you placed any money with anyone so there are no winners or losers if/when they win. On the other hand, when you place a bet on an athlete to win, you are betting that they will win against someone else (or something else). There are odds attached to these bets which represent how likely it is for that specific person or team to win.