European and American sports dominate Olympics, third world ignored by IOC

With the exception of China that has emerged as a major sporting nation London Olympics was dominated by US and the European countries which swept the majority of medals. Like always the London Olympics too has triggered the debate over inclusion or exclusion of a particular sport in the Olympic schedule. What should be an Olympic Sport?
According to the International Olympic Committee (IOC) for any sport to get included in the summer Olympics it has to be played by men in 75 countries on four continents and by women in 40 countries on three continents.For winter Olympics the sport must be widely practised in at least 25 countries and on three continents. There is no distinction being made between men and women's events. Apart from this the World Anti-Doping Code must be applied on the sport and it must not rely on mechanical propulsion (such as a motor).
Despite the definition which stresses on global popularity, IOC is often criticised for favouring European and American sports and ignoring the games played elsewhere. Many experts are now questioning the inclusion of dressage, synchronised swimming and rhythmic gymnastics in the Olympics. Dressage is considered as elitist game and its critiques repeatedly dub it as more of a circus than sport. Synchronised swimming and rhythmic gymnastics on the other hand are not even considered sports.
IOC has recognised beach volleyball and BMX cycling while it has declined Olympic berth to chess, squash, karate and cricket. Many sports columnists agree that in terms of the population of the region where it's popular, cricket will convincingly beat many other Olympic sports.
Sports like water polo, fencing, handball, canoe slalom/sprint might be played by larger number of countries but they don't have that large fan following that cricket enjoys. It is also argued that inclusion of these sports will make countries like India, Pakistan, Sri Lanka and Bangladesh visible at the medal tally and hence boost the popularity of the games. Noticeably baseball and softball, which are played mainly in the US have also enjoyed Olympic status. It was after the Beijing games when IOC cut them from the 2012 schedule.
For 2016 IOC has recognised golf and rugby seven as Olympic sports and it is speculated that this will increase rugby's popularity in the developing world. The future of chess remains indeterminate. Since 1990s World Chess Federation (FIDE) and World Bridge Federation are lobbying for recognition of these games as Olympic sports.
The IOC has however denied their inclusion in the Olympic schedule because both lack physical activities- considered essential for Olympics. The federations are however arguing that although these sports are mental competitions but they also require rigorous training. Similarly beach volleyball is an Olympic sport while beach football and footvolly (foot- volleyball) are not recognised.