When it was introduced to the Summer Olympics, basketball was predominately a United States sport. Since then, it has developed worldwide popularity.Official Website of the Beijing 2008 Olympic Games: Olympic History There are two Olympic tournaments, one each for women and men. Each tournament consists of 12 teams who participate in a preliminary competition to determine who will compete at the Olympics. Two Olympic tournament positions are automatically filled with the current World Champion and the team from the host country.Official Site Of the Olympic Movement: Basketball Competition

At the 2008 Summer Olympics, the U.S. men's team defeated Spain in the gold medal game on August 24, 2008. The U.S. women's team conquered Australia for the gold medal on August 23, 2008.

Basketball was first introduced to the Olympics by the United States as a demonstration sport in the 1904, 1924 and 1928 games. It became a medal sport in 1936. The inventor of basketball, James Naismith, was in attendance and was given the honor of tossing up the opening jump ball and presenting the medals at the awards ceremony.HickoSports: History In 1976, 40 years after basketball became a medal sport, women's basketball made its first appearance at the Olympics.HickoSports: History

With seconds remaining in the game, Doug Collins scored two-free throw points, putting the United States ahead 50-49. The U.S.S.R. put the ball back in play with three seconds still on the clock, but failed to score. The U.S.S.R. claimed they had called a time out and it was decided that three seconds would be put back on the clock. The referee whistled for the game to resume play while the clock was still being reset. The game went on with a long U.S.S.R. pass that was missed. Once again, the U.S. believed that they had won the game, but again it was disputed. This time, FIBA Secretary General Renato William Jones stepped in (despite having no jurisdiction in a Olympic game) and ordered the three seconds to be put back on the clock. Finally, the U.S.S.R. was able to score and the U.S. lost their first gold medal in Olympic history. The U.S. team protested to no avail and decided not to accept the silver medals. mmbolding: Changing the Game: Three Stunning Upsets in Olympic Basketball History