Most important reasons to compare odds – The smallest difference means everything
Those of you that have been around the golf betting block a few times will know by now that not every sportsbook is identical in every way. The most important difference between some of these platforms is that they will offer you varying sports betting odds on golfing events like PGA tour tournaments or on the majors. The slightest difference in odds can mean a significant change to what your eventual payouts might look like. Finding value odds is the game and we can show you how to play it.
If you are new to online golf betting, you may not know why comparing odds is so important. A small difference between 2 sets of odds might seem insignificant but that couldn’t be further from the truth. In our guide on the best golf odds, we teach you a number of things that include why comparing odds is so important to what different kinds of odds there are.
How do bookmakers determine their odds? – Taking into account the variables
Consider the sport of golf and think for a moment how many variables contribute to how a tournament could play out. A player might be carrying a small injury or has just come back from a major operation, the weather might be extreme over a tournament weekend, a certain player may play particularly well on a specific course, the world rankings of players comes into play, all of this impacts how odds are determined by sportsbooks. The bookmakers in the US will consider just about every variable possible to come up with odds that accurately reflect the players and their chances of winning.
Why do odds vary between bookmakers?
A question that many new golf betting fans might have, is why would these bookmakers then not offer the exact same odds? There is clearly some complex mathematics involved to draw these golf betting odds up, so how could they differ at all then? To put it in simple terms, when you determine the golf betting odds, you reach what you would call the “real odds”. However, these sportsbooks will always offer you golf betting odds that are below these real odds. This is because the bookies need to balance their books as well as they can. If they offered the real odds and lost enough big bets to their player base, they would go broke in no time. This is just the reality of the situation.
So, the odds will differ slightly on certain events and this is because the competition between sportsbooks is fierce. They will attempt to undercut the odds to the absolute minimum that they can to try and draw in more players to bet on their site. This is normal and why we largely see disparities between sportsbooks and their golf betting odds.
It’s difficult to say for sure what the most popular golf betting odds are. It will really come down to what you are most comfortable with. There are 3 different odds types that we will discuss below but the point is, these odds types are used in various regions around the world. Let’s take a look at how these golf betting odds differ from one another.
Decimal odds explained
This is the most common odds type as it is used throughout most of Europe, New Zealand, Australia, and Canada. Decimal odds are very straightforward to understand and the key is the name. The decimal odds number provided represents the amount the bettor wins for every $1 they wager. For example, if the odds on the Golden State Warriors to beat the LA Lakers was 2.0 and you bet $100, you would then win $200. However, the decimal odds include your stake so the sum would look like this “ stake x decimal odd number=total payout”. The $200 you won, therefore, includes the initial $100 stake that you bet as well.
Fractional odds explained
Fractional odds are a curious one but they are not all that difficult to use either. They are almost exclusive to Great Britain betting at this point. Fractional odds show you what you need to wager in order to win a certain amount. For example, if the odds on the Pacers to win the league was 8/1 (or 8-1) that would mean that for every $1 you bet you would stand to win $8. You’ll notice that the numbers will look a little more confusing at times but it all means the same thing. If a futures bet put the Kansas City Chiefs at 15/6 to win the Super Bowl, that would simply mean that for every $6 you wagered, you would win $15. Easy right?
American Odds explained
And now we finally come to the odds type that you will likely be more familiar with. The thing that makes American moneyline odds so great is that it keeps things nice and simple. Odds for the team that is the favorite are shown with a minus (-) sign and the odds for the underdog will have a plus (plus) sign.
The reason moneyline is so simple is because it’s underlined by the same rule. So, if you bet on a favorite with moneyline odds of -200, it indicates how much you will need to bet in order to win $100, which in this case would be $220. However, if you are betting on the underdog, it shows you how much betting $100 will win you. So, if the underdog had odds of +300, that means that a wager of $100 will net you $300 if you win.
How to calculate the expected value – Running the numbers
Expected value is an interesting concept and one that most of your casual betting fans won’t really take into consideration. If you want to know how so many of the best bettors around the US continue to consistently do well, it’s because they use expected value. Firstly, it’s important to note that finding value bets and using expected value to your advantage should be done as early in the week as possible. This is because the bookies will catch up and the odds will shift closer to the match itself. You can expect the same to happen to soccer odds for today as well.
Okay, now onto calculating expected value itself. For moneyline odds, what you need to do is use a simple sum. You can only work out the expected value once you have the line odds from the bookie. So, what you need to do is this, 100 ÷ (line + 100) = percentage (i.e. expected value). Let’s do a quick example to make things easier. Let’s say the line is +110, your sum would then be 100 ÷ (110 + 100) = 47.62%. Once you start getting the hang of it, it’s actually very easy but it’s important to know that the market is always changing so it makes it difficult to get what would be the exact +EV.
Why loyalty doesn’t always pay – Be fluid
There is honor in loyalty and this is something you should keep with you in your day-to-day life but when it comes to finding the best golf odds today or the best golf odds tomorrow, it will not serve you well. You might be betting with a sportsbook that you feel comfortable with and that is fine, but if you are truly looking to find value golf bets, you need to be a little more fluid than that.
Cherry picking
It’s always a good idea to have a little look at some of the other sportsbooks in the US that compete with the platform that you use. This way, you can gauge what the best golf odds today are by simply comparing them with other sites. From there, you can work out some of the expected value and even just see with the nakedd eye what operator is giving you the best golf betting odds for a certain player or event. Do yourself a favor and shop around on these sites to find the best odds so that you can place more value bets.
What to consider when comparing golf betting odds
There are plenty of things to consider when you use an online sportsbook. While on average, golf betting odds are fairly crucial, you can find different means for increasing your value. For example, a bookmaker you like may offer better odds as a whole to another but that other bookmaker may have plenty of promotions, bonuses and rewards for you to claim that could boost your golf betting odds in their own right. It’s not always so cut and dry. Take a look at some of these other factors when you run through these sites to see if you can cash in on some extra value. Remember, you can use more than one site at a time so nothing is tying you down.
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Odds comparison vs live betting
Here at the Grueling Truth, we have a fantastic golf odds comparison tool for you to use where you can find the best pre-match odds out there. However, we should note that using an odds comparison for live betting odds is much, much trickier. What we recommend is for you to stay in the loop as the match goes along. If it is a soccer match, it’s best to wait until halftime as the bookies will stabilize, in tennis, wait for the players to sit down between changeovers. Anything where the match steadies and the bookies get a chance to stabilize is your impunity to analyze the live betting odds and find value.
Conclusion to our golf betting odds guide
We have now come to the end of our guide and we hope you have found a few key things to take away with you. Remember to check back on this piece if you forget anything or if you just need a refresher. If you are looking to improve your knowledge of betting odds in general we can help you there with our guides on the best F1 betting odds and the best horse betting odds as well.
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Golf Betting Odds 2023 FAQ
👀Where can I find a golf odds comparison tool that works?
Here at the Grueling Truth, we do everything we can to make our readers’ lives easier with all of our features, including our odds comparison tool. You can find our golf odds comparison tool on our site, as well as the latest political betting odds as well. We cover everything you could ever need when it comes to finding the best odds.
💯What sportsbook offers the best odds for golf betting on average?
This is the million dollar question, isn’t it? Finding a sportsbook that regularly offers you the most competitive odds would be like striking gold yourself. Well, we can help you find that gold as we provide you with the most detailed sportsbook reviews out there. Simply check out our guide on golf betting odds to learn how you can find the sportsbook with the most competitive odds in the industry right now.
❓How do I work out expected value for golf odds?
This is something that can appear to be tricky to do for new bettors but in reality, it’s quite straightforward. All you need to do is get the hang of it which we will help you with in our guide to golf betting odds.
