- To Win
Want to know a little more about how odds work, or what a bet could pay out? This is the tool for you. The Golfbet odds calculator allows you to input your wager type, amount and odds in American, Decimal or Fractional formats to quickly calculate potential payouts.
Why are betting odds important?
Before placing a bet, it’s important to know the payout you could receive if you win – and manage your risk accordingly. The odds that a sportsbook offers you will relate to the implied probability of that particular outcome happening. After all, favorites win more than long shots – and they’re each priced accordingly.
If you find a bet where the implied probability of an outcome is lower than its true probability, then that is usually considered a good bet to make.
Implied odds? True probability? What are these terms and how do they relate to betting?
These are both terms you need to know to determine whether a particular wager has “value” and merits an investment. You can use our odds calculator (above) to calculate the implied odds of a given bet as long as you know the odds of the given wager. Implied odds are the conversion of odds offered by betting operators into an implied win probability. They relate to the price of a wager, not the name of the player attached: a -110 bet has the same implied probability (52.38%) regardless of which player is involved.
True odds are where you as a handicapper can add your personal variables to the equation. Essentially, true odds are an opinion: they are the odds a bettor gives for a given outcome to occur. So if you have a -110 wager as noted above, and it’s tied to an outcome you believe will happen 55 or even 60 percent of the time, that’s likely worth a wager. If you believe those odds are below the odds implied by the price being offered, you would pass on the wager involved.
Ultimately, true odds are an opinion. But whether they are based on gut reaction or an intricate, data-driven model, decisions relating to true odds (and how they compare to implied odds) are what fuel wagers in real time.
I’m still a little confused. Can you give me an example?
Let’s say there’s an 18-hole matchup where Justin Thomas (-150) is favored against Jordan Spieth (+130). By using our odds calculator, you can calculate the implied probability of either side winning. In this scenario, the implied probability on Thomas is 60 percent, while Spieth’s implied probability is 43.48 percent. But let’s say you’ve done some research and found that this is a particular course that Spieth happens to love, while Thomas is working through some swing changes. It adds up to a true odds determination (by you) that Spieth has a 50 percent chance of winning the matchup. Because the true odds you projected are higher than the odds implied by the bet price, there is “value” and that side is potentially worth a wager.
The same can be said for multi-leg parlays. Let’s say you have a three-leg parlay that pays out +500. That translates to an implied probability of 16.67 percent. So if you believe the true odds of all three legs cashing would be higher than that, you would consider making a bet.
Whether you take the time to create a proprietary model or employ a less scientific method of handicapping, the key takeaway here is that price matters. The long-term difference between betting -110 lines and -115 lines is massive to bankroll performance. The odds calculator is designed to ensure you know the exact specifics surrounding a potential wager – down to the penny.