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Michael Phelps betting gets underway

Michael Phelps swam away with eight gold medals for the United States at the Olympics in Beijing back in 2008, and he gets his London Games underway on Saturday with the men's 400m individual medley.

Phelps, though, is second at 1/1 at Bovada on the Olympic swimming odds to win the men's 400m individual medley on Saturday, with teammate Ryan Lochte set as the 8/11 favorite to claim the gold medal at the event.

Phelps set the world record in this race at Beijing back in 2008 - one of seven world records he claimed at those Games. Lochte won this event at the FINA World Championships in China in 2011.

Hungary's Laszlo Cseh is then back at 22/1 odds at Bovada to win the men's 400m individual medley on Saturday, with Japan's Yuya Horihata at 33/1 odds; Horihata finished third at this event at the 2011 FINA World Championships.

Medals will also be handed out at the pool in the men's 400m freestyle, the women's 400m individual medley, and the women's 4x100m freestyle relay on Saturday; at Bovada the Netherlands is the 4/5 favorite to claim gold at that team event.

The men's 100m breaststroke and the women's 100m butterfly also get underway on Saturday in London, with medals handed out in those events on Sunday.

Olympic Swimming Odds @ Bovada - Saturday, July 28

Swimming - Men's 400m Individual Medley
Ryan Lochte (USA) 8/11
Michael Phelps (USA) 1/1
Laszlo Cseh (HUN) 22/1
Yuya Horihata (JPN) 33/1
Kosuke Hagino (JPN) 40/1
Chengxiang Wang (CHN) 66/1
Thomas Fraser-Holmes (AUS) 80/1
Zhixian Yang (CHN) 100/1

Swimming - Women's 100m Butterfly
Dana Vollmer (USA) 11/10
Sarah Sjoestroem (SWE) 10/3
Alicia Coutts (AUS) 5/1
Lu Ying (CHN) 6/1
Ellen Gandy (GBR) 9/1
Fran Halsall (GBR) 16/1
Claire Donahue (USA) 28/1
Jessica Schipper (AUS) 40/1

Swimming - Men's 400m Freestyle
Sun Yang (CHN) 4/5
Park Tae-Hwan (KOR) 3/2
Paul Biedermann (GER) 10/1
Hao Yun (CHN) 18/1
Peter Vanderkaay (USA) 22/1
Robbie Renwick (GBR) 28/1
Ryan Cochrane (CAN) 28/1
David McKeon (AUS) 33/1
Oussama Mellouli (TUN) 33/1
Ryan Napoleon (AUS) 40/1

Swimming - Women's 400m Individual Medley
Elisabeth Beisel (USA) 4/5
Hannah Miley (GBR) 4/1
Stephanie Rice (AUS) 5/1
Katinka Hosszu (HUN) 8/1
Shiwen Ye (CHN) 9/1
Xuanxu Li (CHN) 16/1
Caitlin Leverenz (USA) 33/1
Mireia Belmonte Garcia (ESP) 33/1
Zsuzsanna Jakabos (HUN) 66/1
Blair Evans (AUS) 100/1
Miyu Otsuka (JPN) 100/1

Swimming - Men's 100m Breaststroke
Kosuke Kitajima (JPN) 4/7
Fabio Scozzoli (ITA) 8/1
Cameron Van Der Burgh (RSA) 9/1
Felipe Silva (BRA) 9/1
Ryo Tateishi (JPN) 9/1
Brendan Hansen (USA) 12/1
Christian Sprenger (AUS) 18/1
Brenton Rickard (AUS) 40/1

Swimming - Women's 4x100m Freestyle Relay
Netherlands 4/5
USA 11/8
Australia 6/1
Germany 10/1
China 12/1
Canada 33/1
Japan 50/1
Great Britain 66/1