What do you think of when the summer Olympics come to mind? Torches? Batons? Medals? ….How about Wagers? Or Punters? Well, the 2012 Olympics in London will have a very vibrant betting life online.

This is thanks to The United Kingdom’s robust and highly regulated online casino industry. With wagers being accepted for 26 different sports and numerous other related bets, the online gambling industry in the UK is anticipating over 100 million pounds in wagers to be taken in during the time that the summer olympics are taking place. And to reassure against corruption, the regulators and casinos are taking special precautions.

“We have a lot of strict regulations in place to guard against any funny business,” confirmed Britain’s Gambling Commision. “If we were to see an unusually large bet for a sport we were not particularly expecting large amounts of money for, it would flash up … If there was any suggestion that it was suspicious we would get authorities involved.”

And while the most amounts are expected to be wagered on the old stand-bys like the 100 meter dash and Football (aka soccer), there are some really out-there wagers being accepted too.

For example, the 1,000-to-1 odds that a flying saucer will appear over Olympic Stadium during Friday’s opening ceremony is the biggest long shot of the games thus far, although we mustn’t forget what happened at the closing ceremony of the 1984 Olympics in Los Angeles. Of course, this is unbeknownst to all of the galaxy roving aliens who had made plans to catch this years Olympics – and who even paid the exorbitant hotel reservation rates! Gosh Darnit!

Besides UFO sightings, there are other long shot bets that, despite sober judgment, are actually receiving a good amount of wagers. There’s the bet that every team in the 4×400-meter relay will drop the baton.

And don’t forget about the 33-to-1 odds that London’s wacky Mayor, Boris Johnson, will accidentally light his hair on fire with the Olympic torch. Ah yes, nothing says Olympic glory like the smell of singed hair. But luckily for him the odds seemed to be much better for it to be raining, and for his hair to be quickly extinguished by London’s infamously soggy weather.

Speaking of weather, Ladbrokes is taking bets and paying even-money that rain will mar the opening night ceremony. They even have the odds pegged at $50 on a $1 bet that it will rain every day.

Well, let’s hope that’s a losing bet. But if it is the case, then light your hair aflame without fear Mr. Johnson! The good news is that no amount of rain will stop the 2012 Summer Olympics from happening! And nor will it stop absurd and strange online wagers! Thank you Mother England.