As an amateur, he played for the Minnesota Golden Gophers men's ice hockey team, where he was an all-American defenseman.

Olds was drafted 57th overall by the Detroit Red Wings of the NHL in the 1969 NHL Amateur Draft but never played in the National Hockey League due to his strong opposition to fighting, choosing instead to sign with the Raiders of the rival WHA.

Olds left North American professional hockey following the 1975–76 season and moved to Europe, where he continued playing for eight years in Austria (1976–77), Germany (1977–80), Switzerland (1980–81), Sweden (1981–82), and Norway (1982–83).

He was recalled by the US national team for the 1977, 1979 and 1981 Ice Hockey World Championships tournaments.

This biographical article relating to an American ice hockey defenseman is a stub.