Masters Golf Tournament 2024: Betting Odds & Lines

Here are the top 12 players on the odds board after the first round at BetMGM Sportsbook. Odds subject to change.

• Scottie Scheffler: +150
• Bryson DeChambeau: +500
• Max Homa: +900
• Rory McIlroy: +1600
• Joaquin Niemann: +2800
• Tommy Fleetwood: +2800
• Nicolai Hojgaard: +3000
• Will Zalatoris: +3300
• Cameron Young: +4000
• Xander Schauffele: +4000
• Jon Rahm: +5000
• Viktor Hovland: +5000

Yes, the Masters website listed Tiger Woods as a competitor in the 2024 event.

Perhaps no golfer is more synonymous with Augusta National than Woods, who has claimed five green jackets in his prolific career.

After being a perennial favorite throughout the 2000s and 2010s, Woods was a massive long shot to win the tournament due to his age and health issues. His 2024 odds were the longest of his career at +12500 going into the tournament.

Here’s a look at his past Masters performances and odds, per sportsoddshistory.com:

• 2024: 60th (+12500)
• 2023: Withdraw (+5000)
• 2022: 47th (+6000)
• 2020: T-38th (+4000)
• 2019: Winner (+1400)
• 2018: T-32nd (+1200)
• 2015: T-17th (+4000)
• 2013: T-4th (+400)
• 2012: T-40th (+450)
• 2011: T-4th (+900)
• 2010: T-4th (+500)
• 2009: T-6th (+220)
• 2008: T-2nd (+130)
• 2007: T-2nd (+150)
• 2006: T-3rd (+200)
• 2005: Winner (+350)
• 2004: T-22nd (+350)
• 2003: T-15th (+150)
• 2002: Winner (+200)
• 2001: Winner (+150)
• 2000: Fifth (+200)
• 1999: T-18th (+700)
• 1998: T-8th (+700)
• 1997: Winner (+800)
• 1996: Missed Cut (+6500)

Every April, the world’s top golfers gather in Augusta, Georgia, for the first of the year’s four majors. The winner receives a signature green jacket, millions of dollars and golf immortality.

The event has been held annually at Augusta National Golf Club since the inaugural tournament in 1934. It runs during the first full week of April, falling between the end of March Madness and the start of the NBA and NHL playoffs.

The Masters typically has 85 to 95 golfers, the smallest field of the four majors.

The field is invitation-only, with the top 50 players in the Official World Golf Rankings automatically invited. Past champions are also invited.

LIV golfers are eligible since the Masters is not part of the PGA Tour. LIV golfers are usually banned from competing in PGA Tour events.

There are several unique traditions associated with the Masters. Along with a trophy, gold medal and prize money, the winner receives a special green jacket that is only given to previous winners and golf club members.

The winner also receives a lifetime invitation to play in the Masters and at Augusta National. He also gets to set the dinner menu for the following year’s Champions Dinner, which takes place the Tuesday before the tournament.

Jack Nicklaus has won the most Masters (six), followed by Tiger Woods with five. Jon Rahm won the most recent tournament in 2023 before leaving the PGA Tour to join LIV in December.

Only three people have won consecutive Masters: Nicklaus (1965-66), Nick Faldo (1989-90) and Woods (2001-02).

The Masters is always at Augusta National Golf Course and is the only major played at the same location every year. The private course opened in 1933 but has been modified over the years by different architects, making it one of the world’s most-altered golf clubs.

The course has changed considerably over time with new bunkers, larger water hazards and hundreds of new trees making it more challenging. It is also known for its azaleas and dogwoods, which give it a unique feel.

The course was formerly a plant nursery, so every hole is named after a corresponding tree or shrub (Magnolia, Juniper, Redbud, etc.). It is a par-72 and measures 7,475 yards. It’s known for its firm greens that play hard and fast and bunkers filled with granulated quartz rather than traditional sand.

The course rose to fame in part because of its exclusivity: There are only around 300 members at any given time, and it’s invitation-only, so applications are not allowed.

Former President Dwight Eisenhower was a member and visited the course 29 times during his eight-year presidency, even having his own house built there. The course has high standards in terms of its appearance and has notoriously strict policies that limit cell phone use, unnatural sounds and otherwise inappropriate golf behavior.

There are plenty of ways to wager on the Masters. Below are some of the most common bets.

Tournament Winner

The easiest and most basic wager on the Masters is an outright bet on who will win.

Because only one player can be victorious in a field of roughly 100, the odds get significantly longer the further you go down the leaderboard. While favorites typically carry betting odds around 7/1 or 8/1, you can find long shots and dark horses with odds around 50/1.

That said, predicting the winner is difficult and should be approached cautiously.

There’s a lot of variance in the tournament. A golfer can only control his score, so even if he plays well, another golfer might perform better.

The margins in golf are razor-thin, as the winner typically prevails by only a few shots. A bad hole can sink a contender and be the difference between victory and defeat.

If you’re going to bet on the tournament winner, it could help to bet on a few golfers to win to give yourself more bites at the apple. If one of your picks wins, you’ll likely still make more on him than you put down overall, thanks to every golfer’s plus-money odds.

A good rule of thumb is to bet on fewer golfers than the first number of your shortest shot. For example, if you were to bet on Jon Rahm to win the 2024 Masters at +1000 odds, you should limit yourself to nine or fewer outright selections.

Even then, including both short and long shots in your betting portfolio is reasonable.

Top Finishing Markets

You can also bet on where someone will finish for more protection if he comes close to winning but doesn’t pull it off. Sportsbooks let you wager on a golfer to finish in the top 5, top 10, top 20 or top 40.

The odds and corresponding payout aren’t as high as an outright winner bet and decrease as the net gets wider. However, you may still get plus odds depending on your selected market.

For example, if Xander Schauffele has +2000 odds to win the 2024 Masters, his odds to finish in the top 5 would be approximately 1/5th the price (+400). His top 10 odds would be 1/10th (+200), his top 20 odds would be about 1/20th (+100) and so on.

This is an option if you are more risk-averse or want to build a parlay, as you can still win money on a golfer even if he doesn’t finish first.

Masters Each-Way Betting

In golf, “each-way” betting is a split bet. Half of your wager goes on the golfer to win the tournament, while the other half bets on him to finish in the top 5. You combine an outright bet with a top finish market to get the best of both markets.

For example, say Justin Thomas is available at 20/1 to win the Masters and you place a $50 each-way bet on him. In this wager, $25 is placed on him to win the tournament at 20/1 and $25 is placed on him to finish top 5 at 4/1.

If Thomas wins the tournament, your wager will pay $600 in profits and your original stake of $50. You get $500 from Thomas’s outright win ($25 x 20/1 = $500) and you’ll win another $100 because he finished top 5 ($25 x 4/1 = $100).

You would’ve won more if you’d bet $50 on Thomas to win, but that’s because it’s a riskier bet and harder to win. A split bet gives you more cover than an outright one while providing more upside than a finishing bet.

Not all sportsbooks offer each-way bets, but you can create them yourself by placing two separate bets — one on an outright winner and the other on a top 5 finish.

If you select a golfer with higher outright odds to win the tournament, each-way betting may be a win and a top 10 finish rather than a win and a top 5 finish.

To Make or Miss Cut in the Masters

Like the finishing position, you can wager whether a golfer will make or miss the cut. There are different odds for making or missing the cut, so an elite golfer like Scottie Scheffler would have very short odds of making the cut (-2000) and long odds of missing the cut (+1000).

By betting on this, you predict whether a player will be inside or outside the field’s top 50 (plus ties) halfway through the tournament. Players who fall within the top 50 scores after Day 2 will continue playing, while anyone outside the top 50 is eliminated.

This is a good way to bet on a long shot to play well without winning or against a player who may be struggling or has a rough history at Augusta.

Round Leader/Finishing Positions

In addition to betting on the winner and finishing positions for the tournament, you can do so for each of the four days. You can bet on Rory McIlroy to lead the pack after Round 1 or Collin Morikawa to be in the top 10 after Round 3. These odds are updated throughout the tournament, so it’s a way to keep betting on the Masters as it unfolds.

It’s usually only possible to wager on the next tournament round. All pre-tournament wagers will be on Round 1, for instance. When Round 1 is complete, you can bet on Round 2.

Head-to-Head Matchups

Sportsbooks often create head-to-head matchups using golfers of similar ability. Since golf doesn’t have a point spread, sportsbooks try to keep these matchups as even as possible. For instance, you won’t see a top golfer matched against a lower-ranked one.

Head-to-head matchups are broken down into two categories: full tournament matchups and single-round matchups.

Live Betting the Masters

Once the Masters starts, that doesn’t mean you have to stop betting on it. Thanks to live betting, you can gamble throughout the tournament.

Live betting is well suited for golf because of the tournament structure. Players tee off throughout the day and odds are always changing, so it’s easy to check in and place a live bet at any point during the tournament.

Bettors can live-bet how a golfer will score on any specific hole. Sportsbooks offer this market as a three-way bet: Birdie-or-better, Par and Bogey-or-worse. This is a way to bet on scuffling golfers to have a bogey or hot golfers to add another birdie to their scorecard.

Similar to betting on the Super Bowl or other big sporting events, there’s no shortage of prop bets available for the Masters. Prop bets allow you to bet on almost anything at the Masters, including the following categories.

Top Player by Nationality/Region

One interesting prop bet is which player will finish first among his countrymen. While many golfers in the Masters are Americans, golfers come from all over the world to play in the tournament, including countries like Spain, Japan, Ireland and the United Kingdom. This can be a fun way to bet on the winner of a subset rather than the whole tournament.

Masters Hole-in-One

There’s nothing more exciting in golf than a hole-in-one. Sportsbooks typically offer this as a Yes/No prop.

While hole-in-ones are rare, bettors can win big if they correctly pick a player to get one. Odds can vary based on course layout, the number of entrants and other factors.

At the Masters, bettors can also wager on a specific player to make a hole-in-one. In this instance, you only cash a ticket if that player hits an ace, whereas the general market pays out if any player makes a hole-in-one.

Masters Albatross

The only thing harder than a hole-in-one is an albatross, which is when a player scores a two on a par five. While rare, cashing a bet with close to +2000 odds is exciting for a golf bettor.

Winning Score & Cut Line

Sportsbooks will set an Over/Under on the winning score of the Masters, with bettors wagering on whether the winning score will be above or below the set line. This bet is also available for the halfway point in the tournament when cuts are made after Day 2.

Weather is an important factor for these bets, as increased winds or precipitation tend to create higher-scoring environments by making shots more difficult.

Miscellaneous

Plenty more props and specials are available for the Masters, including categories like top senior golfer, top left-handed golfer and more. These can be a fun way to spice up your betting card beyond the usual run-of-the-mill wagers.

Before betting on the Masters, you should research beforehand to have a logical explanation for your wager. You should have a reason for every bet.

Golf tournaments are difficult to predict, especially majors like the Masters. Any golfer can win, so finding the smallest edge could be the difference between scoring a payday or going home empty-handed.

Knowing how golfers have played in previous majors and Masters appearances is important. You should also research how players have recently performed at other events and look into advanced stats to steer your choices. Golfers who come in with momentum or excel in certain facets of the game, like putting or approach shots, can be solid picks.

Keep an eye on the weather, which can significantly impact the tournament. Some players struggle in adverse conditions, while other golfers are less susceptible to the elements depending on their skills.

One of the best tips for sports betting is to look at different sportsbooks to ensure you get the best lines.

That’s especially true for long shots and dark horses, where the differences can be significant. FanDuel Sportsbook might have Tyrrell Hatton at +4500 to win the Masters, while DraftKings Sportsbook may give him +6000 odds. That’s a $1,500 difference on a $100 bet.

Building a Masters Card

While betting on outright winners is straightforward, the odds are not in your favor. You’re usually better off mixing in other bets to offset potential losses.

For example, if you like Rory McIlroy to win the Masters, you could put some money on him to win outright. You should also consider wagering on his different finishing positions (top 5, top 10, etc.) or on him being the top Irish player. That way, you can still pocket money even if he doesn’t win the tournament because you’ve covered your bases.

You should adjust your strategy for different golfers. We recommend not betting on long shots to be the outright champion or be among the top finishers.
Instead, you’re more likely to win if you bet on them making the cut or finishing in the top 20 or 40, which is far more achievable for a lesser golfer.

Following and betting on the Masters is supposed to be fun, so don’t get carried away. Remember to bet responsibly by staying within your limits, sticking to what you know and letting logic rather than emotion guide your bets.

Course history matters greatly at Augusta National.

On average, players have between six and seven appearances at Augusta National before winning their first green jacket. There are exceptions to this rule – Tiger Woods and Jordan Spieth won on only their second tries – but Jon Rahm played the event six times before his win in 2023.

Additionally, there are a few events early in the season that bettors can utilize to build their Masters betting card.

According to datagolf.com, the Plantation Course at Kapalua is the course most correlative to Augusta National. That track hosts the Tournament of Champions each January. Chris Kirk won it in 2024 with a 29-under.

Since that tournament began in 2011, five of the 11 champions have also won a green jacket in their careers.

Another good event for bettors to factor in is the Genesis Invitational at Riviera Country Club, the third-most correlative course to Augusta National. This year, Hideki Matsuyama won the Genesis with a 17-under highlighted by a bogey-free 62 in the final round.

In 2023, Jon Rahm won the Tournament of Champions and the Genesis Invitational before his Masters win. Four of the past seven Genesis winners also own a green jacket.

If you believe a player will excel at either of these tournaments, it’s usually a good idea to also bet them to win The Masters before they start. Oddsmakers know these trends and will slash players’ Masters prices accordingly.

• 2024: Scottie Scheffler (+450)
• 2023: Jon Rahm (+1000)
• 2022: Scottie Scheffler (+1600)
• 2021: Hideki Matsuyama (+6000)
• 2020: Dustin Johnson (+1000)
• 2019: Tiger Woods (+1400)
• 2018: Patrick Reed (+4000)
• 2017: Sergio Garcia (+3000)
• 2016: Danny Willett (+5000)
• 2015: Jordan Spieth (+1000)
• 2014: Bubba Watson (+2000)
• 2013: Adam Scott (+2500)
• 2012: Bubba Watson (+5000)
• 2011: Charl Schwartzel (+10000)
• 2010: Phil Mickelson (+1000)