Golf betting 101: Understanding odds and markets

In golf, there is a vast array of betting options because of the massive playing field, number of competitors, and thousands of actionable events happening in quick succession.

For one football play that you could bet on there will likely be more than 50 golf shots, and with that comes a multitude of live betting options to go with plenty of pre-tournament markets.

But before you can dive into the bevy of options, you need to have a grasp on what an odds board looks like – and what it means.

Odds are shown differently in different parts of the world. In the U.K. you often see fractional odds, in Australia you’d find decimal odds while in the U.S. the common format is American odds.

Fractional odds read as 10/1 or 6/5, with your profit determined by multiplying your betting amount by the fraction. Bet $100 at 10/1 and get 100 x $10 back, plus your initial stake ($1,010). Bet $100 at 6/5 and win $120, plus your initial $100 for a $220 return.

Decimal odds read as a whole number with a two-place decimal, like 2.20 or 10.00. You just multiply your stake by the odds number. So, $100 multiplied by 2.20 is $220 (it automatically includes your stake). A $100 bet at 10.00 odds would return $1000.

Reading an American odds board can seem a little confusing at first, but once you get the hang of it you can remember a few simple rules. Odds will be shown with either a plus (+) sign before the number or a minus (-) sign before the number. So, either +150 or -150.

American odds are based on bets being $100. You don’t have to bet $100, it’s just the unit they base the odds math around. A minus bet is seen as one with more probability of success, usually attributed to the favorite in a matchup.

When odds have a plus sign, it is showing you how much you would profit with a successful $100 bet. At +120 odds, if you bet $100 you will win $120 and get your initial stake back for a $220 return. When the odds have the minus sign, it represents the amount you would have to wager in order to profit $100. So, at -120 odds you would need to stake $120 to profit $100 and get the same $220 return.

This scales with your unit size. If you bet $10 at +120 you profit $12 and get $22 back. If you bet $12 at -120 you profit $10 and get $22 back.

Now you have a grasp on the odds … what about the golf betting markets? Here are some of the more common ones you can encounter.

Outright winner

This is a popular market where you are quite simply trying to pick the tournament winner. It’s essentially the moneyline bet in golf. This market is generally open a few days before (sometimes longer) the tournament begins and remains open at major sportsbooks throughout the contest. With as many as 156 players in some PGA TOUR events, trying to find a winner can be tricky – but it also offers longer odds than the majority of sports. Even the favorites can often be at relatively high odds, i.e. +1000 (10 to 1) or higher.

Place finish: Top 5/10/20/30/40

Given the high number of competitors in golf tournaments, it is also common to see place markets. You will see odds become shorter but obviously, it becomes more likely for a player to finish in the top five, 10, 20, 30 or 40 on the leaderboard. While some sportsbooks pay these bets in full, others apply a “dead heat rule” if two or more players are tied for the final specified bet cut-off. So be aware, your potential profits could be lowered further in this case.

Matchups

While most golf tournaments are individual contests, sportsbooks will often match up players of similar odds together to give a head-to-head battle to bet on. These battles can be two players pitted against each other for the full tournament or over just one specified round. Whichever golfer scores better either over that round, or the tournament, wins the matchup.

Round finishing position

This is a bet on who will lead the tournament after a specified round. First Round Leader is a common market with high odds, while the results of early rounds obviously affect the subsequent leaderboard odds based on previous play.

Nationality props

With a wide variety of competitors from all over the globe playing in PGA TOUR events, you will often see nationality props. This is pitting players from the same nation, or region against each other for the tournament. Who will be the top American on the leaderboard, or Australian or Contintental European?

Hole-in-one props

A hole-in-one is a rare occurrence for the average golfer but it can happen numerous times in a PGA TOUR season. You can bet on an ace in a tournament, a specific round, or even an ace by a specific player.

Over/under props

Another market you can find is player scoring over/under. The betting operator will set a mark for an individual round – say 69.5 on a par-72 course – and offer over or under for specific players. These totals can vary by player; one star may have an O/U of 69.5 while a lesser player may have his total set at 70.5 or 71.5. Over/under totals can also pop up in markets like predicting the cut line, eventual winning score or lowest single round of the week by any competitor.

Make/miss cuts

Some PGA TOUR events have a 36-hole cut, where the top 65 and ties move on to the weekend. Often you can bet if a specific player will or won’t make the final 36 holes, with prices on both sides of the cut line market.

Live bets

Will a player hit the fairway? Who will have the longest drive in a group? Who will be the closest to the pin? Will said player make a birdie, a par or bogey or worse? Head-to-head matchups per hole … The amount of live betting options opening up on the PGA TOUR continues to increase. Betting on outcomes you are watching live is a fast-growing section of the industry.