It was selected 3 times (1908, 1948, 2012) because it won the candidate city contest.
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London has hosted the modern Olympic Games twice - once in 1908 and once in 1948 (they were due to be held in London in 1944 but were cancelled as a result of WWII). London 2012 will be the third time the games have been held in London. London will be the first city to host the games 3 times (they have only been held in Athens twice - once in 1896 and again in 2004).
It has been in every summer Olympics since the first modern one in 1896. But it was also an important sport in the ancient Greek Olympics, which happened many times.
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