Rovell reported that the bet, which was made at a William Hill sportsbook in Nevada, would pay out $1.19 million if Woods wins.
Woods, a four-time Masters champion, has 13 top-10 finishes at the major, which is held at Augusta National Golf Club in Augusta, Georgia.
The 43-year-old has only participated in the Masters twice since 2014 due to injuries. He finished tied for 17th in 2015 and tied for 32nd in 2018.
However, Woods enjoyed a remarkable comeback season last year that included his first PGA Tour win since 2013 at The Tour Championship and a second-place finish at the PGA Championship.
Woods has played in five tournaments this season, making all cuts and finishing no worse than tied for 30th. His best mark was a 10th-place finish at the WGC-Mexico Championship.
Woods could certainly wear his fifth green jacket on Sunday, but a loaded field has other ideas.
Per Oddschecker, Rory McIlroy is the clear favorite at 7-1 at most books. He's followed by Dustin Johnson, who is near-universally listed at 9-1 or 10-1 depending on the book. Justin Rose, Jon Rahm, Rickie Fowler and Justin Thomas are all placed around Woods' odds range.
However, Woods has better course history than anyone he's facing, which goes a long way. He's also feeling confident ahead of the Masters, per his Masters press conference with reporters:
“I feel like I can win," Woods said per Mark Cannizzaro of the New York Post.
“I’ve proven that I can do it, and I put myself there with a chance to win the last two major championships of the year last year. I was right there and just needed to have a couple more things to go my way and not throw away a couple shots here and there, which I was able to do at East Lake (for the Tour Championship).
“I just feel like that I’ve improved a lot over the past 12, 14 months, but I’ve more than anything just proven to myself that I can play at this level again. I’ve worked my way back into one of the players that can win events.
"I know that I can play this golf course; I’ve had some success here."
Bettors have confidence in Woods as well based on figures from the DraftKings Sportsbook. DraftKings contributor and Fantasy National Board of Governors member Pat Mayo posted the latest ticket and money numbers as of 3:22 p.m. ET on Tuesday.
Woods tees off on Thursday at 11:04 a.m. ET with Jon Rahm and Haotong Li. That group starts the second round on Friday at 1:49 p.m. ET.