Masters 2013: Latest Odds and Betting Tips for Golf's Top Contenders

Tiger Woods has won his past two events, and Rory McIlroy is finally flashing strong form heading into the Masters. Both figure to be top contenders to come away with the green jacket.

In case that's not enough to get pumped for Augusta, the top two players in the world and other elite golfers have some juicy prop bets to consider heading into the year's first major.

Let's take a look at the latest odds on the favorites to emerge victorious at the end of the weekend. Also included below are some tips, just in case you're eager to wager some coin during the most exciting week in golf to date.

Tiger Woods: 3-1

Rory McIlroy: 8-1

Phil Mickelson: 10-1

Justin Rose: 20-1

Dustin Johnson: 22-1

Charl Schwartzel: 25-1

Keegan Bradley: 25-1

Lee Westwood: 25-1

Louis Oosthuizen: 25-1

Adam Scott: 28-1

Analysis

Woods clearly offers the smallest payout from a bet, but he is the prohibitive favorite for good reason. His putting has been lights-out and arguably never better entering what will be his 19th Masters.

As has been widely documented, the four-time champion has not won here since 2005.

Until a disappointing tie for 40th last year, Woods hadn't finished outside the top-six. While it is encouraging that he has been in the hunt so frequently, it's also surprising that he hasn't gotten it done in that span.

Those placing wagers on McIlroy should tread cautiously despite his runner-up finish at the Valero Texas Open. This has been a wildly inconsistent 2013 for the Northern Irishman, but if he continues striking the ball as he has and holes a few more putts, he's going to be extremely dangerous.

Mickelson played in the final group in 2012. However, he made a triple bogey early on and finished two shots out of the playoff with Louis Oosthuizen and eventual champion Bubba Watson, who has the 12th-best odds at 33-1.

Rose and Johnson are exceptional ball-strikers and have the length to have a distinct advantage, particularly, if rain is a factor.

They are two of the best players on the planet not to win a major, and Westwood falls into that category as well. He fired a 32 on the back nine the last time around on Sunday, and he's bound to break through eventually.

The 2011 champion, Schwartzel, has risen back near the top of the world rankings after falling off the radar for some time, and is rightfully among the odds-on favorites.

Smart money says that Woods is the man to bet on, but if you're looking for more bang for your buck, take a flier on either Johnson or Rose.

Best Dark Horse Bets

Ian Poulter: 40-1

The Ryder Cup stalwart is one of the most clutch putters in the world, and posted a respectable seventh-place finish at Augusta in 2012.

Poulter has never won a major, but has sniffed contention at times throughout his stellar career. What's necessary around this pressure-packed tournament is total commitment to every shot, leaving ideal angles for approaches and holing out a ton of putts inside 10 feet.

All of those are specialties in Poulter's game. Other than the WGC-Accenture Match Play event, he hasn't played particularly well this season.

His long game has been lackluster thus far in 2013, as he ranks 172nd in greens in regulation. After the final round of the Valero Texas Open, however, the aforementioned confidence was on display from the social media savvy golfer:

As long as he can swing those irons with relative consistency, Poulter has as good of a chance as anyone to capture his maiden major title by week's end.

Steve Stricker: 50-1

A light schedule has produced phenomenal results for the cagey veteran, who is hitting greens with stunning regularity at a 75.76 percent clip in his limited action.

Speaking of limited, Stricker hinted at his shortcomings in the past at this event, as logged by Sky Sports:

"

Or I've gotten in my own way, I think, a few times here, too.

I've just not been committing to shots, not committing to lines. You know, feeling a little overwhelmed about this place at times, I think.

"

After Monday's practice round, though, he did indicate that he's hitting it great, and that he doesn't feel any pressure due to being more relaxed and refreshed.

As incredible of a putter as Stricker is—and Woods can attest to that—conventional wisdom states that he should make a strong run at his first green jacket. That's in spite of having only two top 10s in his career at this venue.

Stricker will have to hope that weather doesn't figure too prominently into the equation due to his limited distance, but he has the experience and wise course management to hang in contention.

Jim Furyk: 66-1

A spectacular eagle from the fairway on the final hole in San Antonio gives Furyk a shot in the arm heading down Magnolia Lane.

Furyk isn't the longest player, which doesn't necessarily help his cause. However, his putting improved significantly this past week, and he hit 71 percent of fairways and 73.6 percent of greens in regulation over the four rounds, per ESPN.

A tie for third has to feel good for Furyk, since it was his best finish of the year and just his second top 10.

2012 was kind to Furyk after a down season, and he nearly pulled off a second U.S. Open victory before faltering down the stretch. He is eager to prove he still has something left in the tank, and based on his most recent showing, Furyk definitely has a chance to contend.

Since finishing fourth in 2004, the 42-year-old has placed in the top 10 just one time. As many times as he's been in contention in majors, it seems odd that Furyk hasn't won more than once. That could easily change after 72 holes at Augusta National.

Most intriguing prop bets (courtesy Bovada) 

Tiger Woods (-135) vs. Rory McIlroy (+175)

Who wouldn't want to see the two friendly Nike teammates in the heat of competition, coming down the stretch of Amen Corner?

The only pseudo-showdown in stroke play competition came at the 2012 Honda Classic in which McIlroy held off a furious rally by Woods to reach the No. 1 ranking for the first time.

It may be too much to ask for both players to be at their best all week, then play in the final group on Sunday. But it would likely draw one of the highest Masters TV ratings of all time, that's for sure.

Woods seems to be ready to retake the mantle as the game's unquestioned best player, yet McIlroy has time and again shown how resilient he is. It never seems to matter how putrid his game looks at times compared to what he's fully capable of—McIlroy finds a way to get it done.

What's important to remember about this bet is that McIlroy hasn't proven he can win a major unless he's in his very best form. Meanwhile, Woods has pulled out a win from the jaws of defeat so many times.

McIlroy won't be intimidated by Woods, but do remember that Woods has far more experience and know-how with respect to closing the deal in tight situations.

What score will the winner shoot in the final round?

69 or higher: -165

68 or lower: +125

Bubba Watson fired a 68 to close out the tournament last year and qualify for the playoff, thanks to four consecutive birdies from No. 13 to 16. The year before that, Charl Schwartzel capitalized on a collapse by the 54-hole leader McIlroy, birdieing the final four holes to shoot a six-under 66.

In 2010, Mickelson roared to a five under-par round of 67, as he shot 32 on the back nine—highlighted by an outstanding recovery shot from the pine straw on the par-five 13th hole.

If the trends of the past three years are any indication, take the longer odds on this bet. Parity in golf is an increasing theme, as fields are becoming as deep as ever and technology is largely helping to narrow the gap between the best pros.

A historic shot by Mickelson, a historic finish from Schwartzel and one of the best shots in golf history by Watson have defined the past few Masters.

Look for someone to do something extraordinary down the stretch, capitalizing on the birdie opportunities on the back and surviving Amen Corner well enough to secure a victory.

Note: All statistcs obtained from PGATOUR.com.