As London flirts with the idea of bidding for the 2040 Olympic Games, it’s worth asking: do the Olympics actually deliver on their promises of healthier lifestyles and lasting happiness?

Groundbreaking research by academics from the London School of Economics, Harvard, and German institutions suggests the answer is not as golden as the medals suggest. Drawing on over 26,000 interviews across London, Paris, and Berlin between 2011 and 2013, researchers examined shifts in wellbeing and physical activity tied to the London 2012 Games. Their findings paint a sobering picture.

During the Olympics, life satisfaction notably increased—by a full point on the Likert scale in London and smaller amounts in Berlin and Paris. There was a short-term boost in physical activity and reductions in alcohol and tobacco use among Londoners, especially those who were previously inactive. But the gains were fleeting. Within 100 days of the closing ceremony, all health improvements vanished. A year later, any uplift in happiness had also dissipated.

Even medal victories didn’t budge national moods. Researchers found minimal evidence that gold medals boosted happiness in the UK, France, or Germany. It turns out the real “happiness dividend” is tied to the buzz of hosting itself, not to athletic triumphs.

The myth of a transformative Olympic legacy persists, often pushed by political leaders to justify enormous costs. London 2012 cost £9 billion—triple initial estimates. While the Games did drive the regeneration of East London and created an estimated 135,000 jobs, the broader claims of lasting public health benefits remain unproven.

As countries like India and Saudi Arabia gear up to pursue future Olympic bids with promises of national renewal, history urges caution. The Olympics may bring moments of unity and joy, but expecting them to leave a golden trail of long-term wellbeing is a gamble past host cities know all too well.