Tiger Cost Sportsbooks Millions, Will Drive Higher Betting
Tiger Woods was not supposed to win The Masters. At odds commonly found around +1400, he was supposed to show early and fade. Fool’s gold.
But golf betting is always a different animal. In the end, the only fools were the bookmakers, as Tiger claimed the jacket and sportsbooks lost millions.
Sportsbooks Got Dunked
The headline of the bet on Tiger was an $85,000 bet at William Hill’s Sportsbook at SLS Casino in Las Vegas. Reportedly the first ever bet placed by that customer at William Hill, they won a mouth-watering $1.19 million. It was William Hill’s biggest ever single golf ticket in the US.
William Hill US Director of Trading Nick Bogdanovich congratulated Tiger in a press release by the company, while lamenting the odds set on him.
"It's great to see Tiger back. It's a painful day for William Hill -- our biggest loss ever -- but a great day for golf."
It’s a theme that’s been echoed across every sportsbook in the US. The Superbook at Westgate ended up paying out $120,000 on a $10,000 bet on Tiger. There aren’t too many other reports of specific bets or exactly how much sportsbooks ended up losing on Tiger, but we know it was millions.
FanDuel gave the world an idea of how much they lost, claiming payouts of somewhere over $3 million. The overall comes from a combination of +$1 million each on futures, Mega Eagle Daily Fantasy contest payouts, and promotional refunds for the Mega Eagle contest.
According to MGM’s Vice President of Race and Sports Jay Rood, however, said that MGM managed to break even. Speaking with Bloomberg, he said that this year’s Masters gave MGM their biggest ever handle for a golf tournament.
“We were a small loser to Tiger before the start but were able to fade it over the course of the tournament.”
DraftKings hasn’t put out any statements yet, but they might still be calculating losses. Darren Rovell reported ahead of Sunday’s final round that over a quarter of the money bet through them on the Masters was on Tiger. They also held out on incredible odds for those betting under $200:
Odds for Tiger to win Masters as of 8 am ET:— Darren Rovell (@darrenrovell) April 14, 2019
William Hill: +300 (3/1)
DraftKings: +1000 (10/1, $200 limit), +350 for normal limits.
Sportsbooks Expect Tiger to Drive Betting
Despite getting hosed from the Masters, Sportsbooks are pretty confident going forward. Going back to Bloomberg’s article, the Westgate Superbook’s Vice President of Risk Jeff Sherman told Bloomberg that “We are still doing well overall with wagers involving Tiger.”
That sentiment has, again, echoed across all sportsbooks. Tiger is consistently a fan favorite for betting, and it’s been years since Tiger was as hot as he is right now. There are already futures bets out by oddsmakers on the other major tournaments Tiger will be involved with this year.
The Vegas books are still up huge on Tiger from all the action on him over the last 40 majors.— Todd Dewey (@tdewey33) April 14, 2019
With Tiger returning to form, he’s been set as the favorite going forward. 888sport, for example, has Tiger at +600 for the Open Championship, +600 for the US Open, and +700 for the US PGA Championship.
PointsBet, forever trying to be bettor friendly, has Tiger at +1000 or higher on the three aforementioned competitions. Not so with other US betting sites like BetAmerica, that has Tiger at +800 and +850 for the three competitions.
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