The Masters Betting Odds
The Masters is known as "a tradition unlike any other" for good reason. The first major championship of the year played annually at Augusta National signals the start of spring with an elite, invite-only field on what many consider to be the finest golf course in the world.
The real tradition at the Masters is, of course, betting. Cash is constantly changing hands in the gallery based on friendly wagers, but the real action is at the legal sportsbooks across the country offering thousands of different Masters bets. With a familiar course and all the top players at one's disposal, the only thing better than watching the Masters is wagering on the Masters.
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How to Bet On The Masters
Much like the Super Bowl or NBA Finals, Masters winner odds for the upcoming year are generally released just a day or two after the tournament ends and a Masters champion is crowned. Bettors can then pick their favorite player and wager on them to win the Masters at a variety of different odds.
Favorites such as Rory McIlory will generally sit around +900 - meaning you can risk $100 to win $900 on McIlroy to win the tournament. Most players in the field will have much longer odds - even a past champion like Patrick Reed could be listed at +3300, and older players like Fred Couples are often available around +100000.
These golf odds for the Masters will fluctuate throughout the season. Someone such as Bryson DeChambeau could jump to the top of the betting board after a win or two and later fall back amid a disappointing stretch. It's important to keep this in mind - you'll never get the best Masters betting odds on a player right after they win another tournament, but you can definitely make value bets on slumping stars who always tend to bounce back.
Once we get closer to Masters week and the field is set in stone, all sorts of additional wagers will begin to trickle in. These are still largely result-based as you can bet on whether a player will win, finish in the top-5, finish in the top-10, etc.
The final flood of Masters bets and props typically arrives early the week of the tournament, once the tee times are set. This allows oddsmakers to create even matchup bets for wagers like Dustin Johnson vs. Tiger Woods. They generally want to make sure they set matchup bets with both men playing the course at the same time so that inclement weather for half the day doesn't create an unfair advantage.
Come Tuesday/Wednesday of tournament week, every matchup, prop and exotic wager one can think of will be on the board and available to bet in a variety of different ways.
Types of Masters Bets
The most common Masters bet is an outright winner ticket. This is simply a bet on one player to win the tournament. If Dustin Johnson is the favorite at +750 odds, that means a bettor could risk $100 to win $750 if Johnson wins.
Bettors can also get Masters betting odds on a top-5 finish, top-10 finish, top-20 finish or place an each-way bet. The betting lines get shorter as you go up from win to top-5 to top-10, but the each-way bet is a good way to get action. An each-way bet is essentially a bet to win, but it's spread out to include a runner-up or top-five finish. The payout won't be quite as big as an outright winner ticket, but you'll still cash on a top-5 finish rather than get nothing.
Matchup bets are also very popular in golf betting. Oddsmakers create a variety of one-on-one matchups - they could have Rory McIlroy (-110) vs. Bryson DeChambeau (-110). You can then risk $110 to win $100 on McIlroy if he has a better finish than DeChambeau for the entire tournament. Matchup bets are great because the actual place doesn't matter - McIlroy could finish T-32 and he'd still win the matchup bet if DeChambeau misses the cut.
New matchup bets are also posted ahead of each round. They work the same way but are limited to a one-round matchup bet, meaning you're only betting on someone to have a better score than another player for that one round.
Some sportsbooks also offer three-ball matchup betting. It's the same format but includes three players instead of two, so you get better odds when picking a golfer such as Jordan Spieth to win his three-ball matchup against two other players instead of just one.
Top Masters Prop Bets
Make/Miss the Cut: Masters bettors can wager on almost every player in the field to make or miss the cut. A player such as Brooks Koepka would have short odds to make the cut, maybe around -300, because it's expected. But a missed cut bet could lead to a nice payout with odds around +250 or so.
Winning Score: In recent years, the winning score at Augusta National has often been around 12-under-par. If oddsmakers set a betting line on this prop bet at over/under -12.5, bettors can wager whether the eventual winner's score will be better or worse than -12.5.
Yes/No Playoff: The Masters has ended in a playoff four times since 2009. A bettor can typically wager that the tournament will end in a playoff at roughly +350 odds, meaning you risk $100 to win $350 on this prop bet if it does go to a playoff finish on Sunday.
Nationality Bets: Golf is an international game, and the Masters field includes top players from all around the world. Oddsmakers will offer top finisher by country bets, such as top American player, top Asian player, top Great Britain/Ireland player, etc.
Masters Betting Strategy
The best part about betting the Masters is that it's the only major championship played on the same course each year. That means we have tons of data on how all the players in the field have fared over time at Augusta National. Course history is often a great way to identify sleepers and value picks. It also helps explain variance with things such as Tiger Woods' odds to win upcoming majors.
Weather can also play a big factor at Augusta National. It's important to check the forecast when placing bets. If it calls for heavy rain Thursday morning and Friday afternoon, players with Thursday afternoon/Friday morning tee times should have a big advantage.
Current form is also more important at Augusta National than other venues. It's a very demanding test that punishes even slightly below-average shots, but also allows plenty of scoring opportunities for guys who are dialed in. Players who have struggled in the weeks leading up generally don't enjoy a sudden turnaround at the Masters.
This is also a course that greatly rewards experience. Players like Woods and Bubba Watson who have multiple victories and tons of rounds at Augusta National typically enjoy an advantage over first- and second-time participants as long as their physical skills are still sound.
Key Masters Betting Stats To Know
Strokes Gained: Approach: Augusta National is a second-shot golf course. Tour players are typically aiming to a four- or five-yard window on the greens most weeks. At the Masters, the window is more like two or three yards at most. The greens are so slick and contoured that even seemingly good shots that land on the wrong section of the green can quickly roll off the surface. Sharp irons play is essential, and Strokes Gained: Approach should always be the first stat bettors consult for the Masters.
Par-5 Scoring: All four par-5s at Augusta National are reachable in two and present excellent birdie opportunities. With so many demanding par-4s on this course, players must take advantage and score well at No. 2, No. 8, No. 13 and No. 15 throughout the week.
Strokes Gained: Off-The-Tee: Augusta National is a brute and incredibly tough on the shorter hitters. And while there's no traditional rough anywhere, errant tee shots will leave players unable to attack most flags and scrambling for par. Long and straight is the name of the game because while there are scoreable holes out there, most require a strong tee shot to the correct side of the fairway for a chance at birdie.
Biggest Longshots To Win The Masters
Trevor Immelman, 2008 (+15000)
Zach Johnson, 2007 (+12500)
Angel Cabrera, 2009 (+12500)
It just so happens that the three biggest longshots to win the Masters all did so in a three-year stretch. It's also no coincidence that five-time Masters champion Woods was enduring some of his worst physical struggles from 2007-09.
But the Masters has a smaller field than most tournaments and includes several past champions such as Fred Couples and Sandy Lyle, players who still participate but don't have a chance of winning at their age. That leaves the door open for lesser-known players to have a dream week against a smaller field - albeit an elite one.
Course and Tournament Information
Course: Augusta National Golf Club
Location: Augusta, Georgia
Dates: April 8-11, 2021
Par: 72 / Yardage 7,475
How to watch: CBS, ESPN, The Masters Tournament
2020 Masters champion: Dustin Johnson
Masters Betting Odds FAQs
Where can you bet on the Masters?
Bettors can wager on who will win the Masters at any online or in-person sportsbook in states with legal sports betting. Most sports betting sites offer a variety of Masters bets, including head-to-head matchups and whether specific players will finish in the top 5 or top 10.
How do odds for the Masters work?
Odds are assigned to each player to win the tournament. The odds correlate to a $100 wager. So, if Jordan Spieth is +1100 (11-1), a $100 bet would win $1,100. A $10 bet would win $110. Longshot Brandt Snedeker is listed as +10,000 (100-1), so a $100 wager would win $10,000. A $10 bet would win $1,000.
How many places are paid at the Masters?
Last year, the top 60 players received prize money, ranging from the winner's $2.07 million to $25,760. All players who failed to make the cut received $10,000. Amateurs are not eligible for prize money.
Who has the best odds to win the Masters?
2020 Masters champion Dustin Johnson is the early betting favorite at +650 (6.5-1).
What is the lowest winning score at Augusta?
Dustin Johnson shot 20-under par to win in 2020, besting the previous record of 18-under shared by Tiger Woods (1997) and Jordan Spieth (2015).
Who has won the most green jackets?
Jack Nicklaus has six. Tiger Woods won his fifth in 2019.
Has anyone won the Par-3 tournament and the Masters?
No, not in the same year.
What are the odds of Tiger winning the Masters?
Woods is +3100 (31-1) to win the Masters for the second time in three years. He's coming off yet another back surgery and is pretty far down the board as a result, well behind top betting favorites like Dustin Johnson (+650), Rory McIlroy (+900) and a trio of players at +1000 including Jon Rahm, Justin Thomas and Bryson DeChambeau.
When is this year's Masters?
This year's Masters runs from Thursday, April 8, through Sunday, April 11.
What are golf's major championships?
The four PGA major championships are the Masters, U.S. Open, PGA Championship and British Open (also known overseas as the Open Championship).