FanDuel Loses $2 Million On Tiger Woods Historic Masters Comeback
Even those who have never played as stroke of golf probably understand that Tiger Woods' historic Masters' win on Sunday was a big moment - not just for a professional athlete who triumphed over a decade of scandal and adversity, but for America, a country that was built on the kind of grit and dedication displayed by Woods while capturing his fifth Masters' title, his first in more than a decade. At 43, he became the second-oldest person to win the tournament after Jack Nicklaus, who won the tournament in 1986 at age 46.
Unfortunately, some couldn't share in the excitement.
While Tiger's victory was a huge moment for fans, for sportsbooks in New Jersey and Nevada, the losses generated by Woods' come-from-behind win amounted to seven figures. Sports super-book FanDuel Group said it lost $2 million on the victory.
Another book, the Westgate Las Vegas SuperBook, lost nearly $100,000, its worst-ever showing for the Masters. A trader at William Hill US said the company's book lost "seven figures," according to Bloomberg.
"It’s great to see Tiger back," said Nick Bogdanovich, director of trading at William Hill U.S. "It’s a painful day for William Hill - our biggest golf loss ever - but a great day for golf."
However, Sunday's losses won't even begin to counterbalance the profits amassed during Woods's decade in the doghouse, where he remained a favorite of the betting public despite repeatedly disappointing on the course. It wasn't uncommon for Woods to be the betting favorite, despite the long odds.
"We are still doing well overall with wagers involving Tiger," Jeff Sherman, vice president of risk at Westgate SuperBook, said in an email.
That dynamic played out again on Sunday, when 21% of bets on FanDuel's platform were for Woods to win it all, a total that led to a net loss of $1 million. On top of that, the company ran a promotion where it promised to refund all bets if Woods won the tournament. That cost it another $1 million.
At William Hill, a Nevada resident placed a $85,000 bet on Woods to win it all paid out $1.2 million on 14-to-1 odds, the largest single-ticket payout in the casino's history, according to CBS News.