Sports gambling apps face huge liability if Tiger Woods wins Masters
Oddsmakers will be biting their nails this weekend if Tiger Woods has a serious chance to win the Masters.
What’s happening: Bets have poured in on the golf legend to win the tournament in his dramatic return to golf after a devastating car crash in February last year.
- The major sports gambling apps — such as DraftKings, FanDuel, Caesars and BetMGM — are poised to suffer huge losses if Woods pulls off the impossible, Bloomberg reported.
- The pre-tournament odds on Woods to win hovered in the range of about 50-to-1, meaning you'd net $50 for every $1 bet if you wagered on him to capture the title.
- DraftKings alone would lose “millions and millions of dollars,” the company told Bloomberg, while PointsBet told ESPN that bettors gambled seven times as much on Woods to win than anyone else.
Catch up quick: Woods finished his first round -1 on Thursday, well within reach of the leaders in the four-round tournament.
Be smart: Don’t cry any tears for the sportsbooks, even if Woods somehow prevails. The house always wins in the end.