Masters Odds 2012: Latest Odds for Golf's Top Contenders

When it comes to the 2012 Masters, it appears to be a two-man race—or so the oddsmakers would like you to believe.

After his resurgent performance at the Arnold Palmer Invitational at the end of March, Tiger Woods cemented himself as the favorite at 4-1 by vegasinsider.com, and just behind him is Rory McIlroy at 5-1.

Phil Mickelson's odds currently stand at 10-1, and behind him is Luke Donald at 15-1 and Lee Westwood at 18-1.

Woods, currently in search of his fourth green jacket, hadn't won a PGA event in 30 months prior to the Arnold Palmer Invitational. A couple of weeks before that, he exited the WGC Cadillac Championship with what appeared to be a left leg injury, sparking fear that he'd have to miss the Masters. Woods has battled injuries in his left leg since he underwent knee surgery following his win at the 2008 U.S. Open.

But then, just a couple of short weeks later, he was back to his normal self, winning a tournament by five strokes and cementing himself as the prime golfer to be feared at Augusta.

McIlroy went into last year's final round at Augusta looking like the sure-fire winner, but an epic collapse on the back nine did him in. He went into Sunday's final round with a four-shot lead and came out of it with a 15th-place finish and an 80 on his scorecard.

But he surged back quickly, winning the U.S. Open just two months later. He was recently ranked No. 1 in the world after his Honda Classic win but then took some time off to prepare for the Masters.

Though Augusta tends to bring out the best in Mickelson, he isn't as safe a bet as his younger counterparts. He has three Masters victories to his name but hasn't won since 2010. Still, after a decent performance at the Shell Houston Open—where his short game proved to be his downfall—his odds are increasing.

In the opening round of the Houston Open, he shot a seven-under 65, and in the second round, he shot a 70.

Westwood, currently ranked third in the world, is still in the hunt for a major championship and finished second behind Mickelson at Augusta in 2010. At the Houston Open, he finished 21st, and at last year's U.S. Open, he finished third.

He's gotten close to winning that elusive major several times, but in the end, he has always fallen short, much to his own frustration. Still, he likes the way he's been playing recently, finishing fourth at the WGC-Accenture Match Play Championship and fourth at the Honda Classic.

Though Donald currently boasts a world No. 1 ranking, he's largely been left out of the discussion of who will win this year at Augusta. He finished fourth in last year's Masters, and he has won five times in the last 14 months.

Though this year's tournament has been billed as a two-horse race, there are contenders lurking not too far behind Woods and McIlroy. Don't be surprised if someone like Westwood or Donald finishes near or at the top of the field.

Here are the complete odds for the 2012 Masters and a list of the favorites:

Tiger Woods: 4-1
Rory McIlroy: 5-1
Phil Mickelson: 8-1
Luke Donald: 15-1
Lee Westwood: 18-1
Adam Scott: 25-1
Keegan Bradley: 30-1
Justin Rose: 30-1
Bubba Watson: 30-1
Dustin Johnson: 30-1
Hunter Mahan: 35-1
Charl Schwartzel: 35-1
K.J. Choi: 40-1
Jason Day: 40-1
Nick Watney: 40-1
Aaron Baddeley: 40-1
Sergio Garcia: 40-1