Betting for the Open Championship is favoring sentiment over reason — which is opening up bookmakers to a whole lot of risk.
Ahead of the weekend’s tournament at the Old Course at St Andrews, Tiger Woods has been the largest betting liability for several sportsbooks, per ESPN.
While the sheer amount of money placed on the legendary golfer is certainly a factor — at DraftKings, Woods attracted more money to win than any golfer in the field as of Tuesday — his long-shot odds (+6500 at Caesars) also mean more risk for the books.
At Caesars, Woods has double the betting liability of any other player. Oddsmakers actually artificially tightened his odds to minimize risk.
“Truth be told, his natural odds are probably more like 125-1,” said Anthony Salleroli, lead golf trader for Caesars Sportsbook. “You just have to mitigate some liability by keeping his number lower. Nonetheless, you’re going to have enormous liability because people want the Cinderella story.”
Meanwhile, Rory McIlroy was the pre-tournament favorite (+900 at Caesars) to win — and remains so (+350) after Thursday’s six-under first round.
Woods, on the other hand, has fallen to +15000 at Caesars after a disastrous start.
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