The Sport King series was High Standard's low end offering. While the gun could have been used in competition, there were a number of more suitable "competition ready" H-S offerings.
Olympic Competitions - there are two for .22 handguns - Rapid Fire and Free Pistol; I believe that was the case in the Olympics of the 1950s also. Until recently, the Rapid Fire event was a ".22 Short Only" event. I don't believe that the Sport King was available as a .22 Short.
It would have been completely unsuitable for the Free Pistol event.
All that being said, they are quite shootable guns and there is a demand for specimens in good condition.
"Only hunting and mountain climbing are sports. The rest are just games." - R.Ruark
NRA Life Member