What Country Will Win Most Medals at Milano Cortina Games?

FanDuel is among the sportsbooks offering Winter Olympic odds on countries to win the most medals — and gold medals — during the 2026 Milano Cortina Games.

Norway is the betting favorite in both markets, with Team USA second. Let’s examine the odds and the current medal count to see if anyone has a realistic chance of overtaking Norway.

FanDuel Odds on Countries to Win Most Medals

As of publication, here are FanDuel’s odds on top countries to take home the most overall medals:

• Norway -195
• USA +155
• Italy +1800
• Germany +6500
• China +10000
• France +10000
• Canada +10000
• Austria +10000
• Netherlands +10000
• Sweden +10000
• Japan +10000
• Switzerland +10000

Host Italy currently leads all countries with 16 overall medals (6 gold, 2 silver, and 8 bronze). Norway (7-2-5) and Team USA (4-7-3) follow with 14. Norway is a prohibitive -1500 favorite to win the most gold medals.

This is nothing new for Norway, which has taken home the most medals at the last three Winter Olympics. The Norwegians have also captured the most gold, silver, and bronze medals, totaling 405, since the winter competition began in 1924. The Americans have 330 overall medals, ranking second.

Why Team USA Can Win Most Medals Over Norway

The US women’s hockey team is favored to win the gold medal after rolling through its preliminary games. Team USA entered the tournament as a -155 favorite, but those odds are now -340 at FanDuel as of publication after four blowout wins. The Americans outscored their opponents, including Canada, 20-1.

Next up is a quarterfinal matchup against Italy. The US women have never failed to medal since their hockey competition began in 1998.

The US men’s hockey team is also a medal contender with the second-shortest odds (+175) to win gold at FanDuel. The American side, which features 23 NHL players, is playing Latvia in its opening game this afternoon.

The Americans also benefited from a couple of surprising results in earlier competitions. Cory Thiesse and Korey Dropkin captured silver in mixed doubles curling, marking the first-ever medal for a US woman in that sport. Madison Chock and Evan Bates also exceeded expectations by winning a silver medal in the figure skating ice dance final.

While snowboarder Chloe Kim failed to three-peat in the women’s halfpipe this afternoon, she still took home a silver medal. Speedskater Jordan Stolz captured gold in the 1,000 meters, but he still has three additional medal opportunities to come.