There are dozens of sports not in the Olympics, but the question is worth an answer because in some cases it raises the corollary - "Why not?"
1) Some competitive activities are not really sports at all. Chess, other Board Games and card games, for example, wouldn't qualify because their mental aspect so far outweighs their physical side. Darts, Snooker and even Golf hover on the borderlines of this.
2) Some sports are not enjoyed in sufficient numbers by enough countries, such as cricket, jai alai, and shinty. Polo, Baseball and its women's equivalent softball have been included in the past but are currently excluded.
3) Motorsports have been barred by the Olympic Committee for many years, so anything involving cars, motorbikes, motorboats (including water-skiing) or aeroplanes (including parachuting) are out. Ballooning is a fringe here, although the burner constitutes a non-animal powered propulsion mechanism - a motor of sorts.
4) Some widely practised sports have been more or less relegated to children, and have no (or very little) adult involvement, such as sack-racing (which used to be an adult sport), three-legged racing, wheelbarrow racing and egg-and-spoon racing.
5) Finally, some sports are hovering on the edge of acceptance. Rugby sevens and golf will be included in 2016, and there is some enthusiasm for squash. The IOC is conscious however that regardless of popularity, too many sports would overload the organisation of the games and make them too unwieldy to organise at all, so new ideas will be increasingly difficult to get in.
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