Two ways to see this: You can think of ⟨ough⟩ as an unusual spelling of /ɔ/, or as a silent ⟨gh⟩ after ⟨ou⟩ — see the silent GH page for the full list. Both are valid.
Cot-caught merger: Many Americans pronounce /ɔ/ and /ɑ/ the same way. If "cot" and "caught" sound identical to you, that's normal! See the FATHER vowel for /ɑ/.