Money Moves: Betting on Tiger Woods

Tiger Woods costs bookkeepers millions

Tiger Woods is officially back. It took nearly eleven years for him to do it, but he has won another major tournament in the 2019 Masters. This meant big wins for anyone betting on Woods to win the 2019 Masters, and several betting companies had big losses.

The last time Woods won a major tournament was in 2008 when he won the US Open. Things were very different for him then, but we all know about his scandals and we all know about his injuries. What makes this win important is the betting done on the Masters.

On Wednesday Woods was listed at a 14/1 odds to win the Masters, meaning that a bet of one dollar would return 14 dollars if he won. This proved to be a very good bet, as according to Darren Rovell of The Action Network “William Hill, FanDuel and DraftKings each said they paid out more than $1 million.”

William Hill paid out a total of $1.19 million to a single person who bet $85,000 on Woods to win it all. The bet turned out to be one of the most profitable bets of the year as it is not often that bookkeepers have to payout over a million in one bet.

According to Rovell “The bet is the single largest payout on a golf bet in the US division of the company’s history and the 2019 Masters marks the book’s biggest golf loss ever.” Woods’ return to the top will definitely make the record books for this astounding betting payout.

William Hill was not the only betting company affected by Woods’ performance in the tournament. DraftKings was constantly changing the odds on Woods to win the tournament as they tried to attract more bets. 

The head of digital scorebook operations of DraftKings, Jamie Shea, said any losses that DraftKings had on the day are actually not a bad thing. Shea explained this by saying “We actually want our players to get their wins, they definitely beat us today and hopefully they’ll come back.”

To put some of these figures into perspective, the person who won the $1.19 million off of the bet on Woods stands to earn over half of what Woods did for winning the tournament. Woods’ payout is $2.07 million, so a bet of $170,000 on Wednesday would have earned the better more than Woods’ makes for winning the tournament.

However, this probably isn’t too much of a concern for Woods as his Yacht alone is listed at around a $20 million value and his estimated net worth is around $800 million. In a single year, Woods makes roughly $43.3 million according to Forbes.

Woods has won 11 player of the year honors as well as 81 career PGA Tour wins only one shy of Sam Snead’s record, showing that all the money Woods’ has earned isn’t without reason.

Money has always been a topic of debate when discussing athletes, whether it is about money earned, betting money or sponsorship deals a lot of money is thrown around in every single sporting event.

~Michael Innacelli, Managing CNUTV Editor & Sports Editor~

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