Business Maverick: Sportsbooks Stand to Lose Millions if Tiger Woods Wins the Masters

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When Tiger Woods tees off Thursday at the Masters, millions will be watching, though perhaps none more closely than sportsbooks that stand to lose millions of dollars if he wins.

The 46-year-old Woods is a fan favorite, drawing massive crowds and big TV ratings whenever he plays. Without playing in an official event last year, the 15-time major champion won the PGA Tour’s, which tracks the athletes who generate the most interest, landing him $8 million.

, and his round Thursday becomes a must-watch event. ESPN will broadcast the early rounds, with CBS airing the final two.To make a hole-in-one: +6500 Woods is currently +4000 to win the tournament, which means risking $100 would net $4,000. DraftKings took a $10,000 bet on Woods to win at Augusta National, which would pay $400,000. The company stands to lose “millions and millions of dollars” if Woods wins, according to a company spokesperson. Jon Rahm is the favorite, at +1000.

But when the betting goes heavily toward one side, the house can lose. Over time, such events tend to balance out, but a massive public darling like Woods exposes sportsbooks to more risk.

 

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