Tiger Woods' win resulted in $1.19 million payout to bettor, 'biggest loss ever' for Vegas sportsbook

Sunday was a very good day for Tiger Woods, who won the Masters for the first time in 14 years, his first major tournament win in 11 years.

It was also a great day for the daring bettors who placed a wager on Woods winning it all at Augusta National. But that also means that it was not a great day for bookmakers across the land, who had to pay out all those Woods bets.

One sportsbook that felt it the most was William Hill U.S. in Las Vegas. In the days before the Masters, someone placed an $85,000 bet on Woods donning the green jacket. Nick Bogdanovich, the director of trading, had to call his boss to clear the bet, which was the largest golf bet in the company’s history. He got the nod, and the money was laid down at 14-1 odds.

The payout for that bet? $1.19 million. And William Hill U.S. is feeling it. Here’s part of their statement about the payout, via ESPN:

“It's great to see Tiger back. It's a painful day for William Hill — our biggest loss ever — but a great day for golf.”

It was the first time that individual had placed a bet at William Hill U.S., and Bogdanovich summed it up perfectly: “Pretty good first bet.”

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AUGUSTA, GEORGIA - APRIL 11: Tiger Woods of the United States looks on from the 15th green during the first round of the Masters at Augusta National Golf Club on April 11, 2019 in Augusta, Georgia. (Photo by Andrew Redington/Getty Images)
AUGUSTA, GEORGIA - APRIL 11: A gallery of patrons look on while Tiger Woods of the United States walks across the 16th green during the first round of the Masters at Augusta National Golf Club on April 11, 2019 in Augusta, Georgia. (Photo by Andrew Redington/Getty Images)
AUGUSTA, GEORGIA - APRIL 11: Xander Schauffele of the United States chips to the 13th green during the first round of the Masters at Augusta National Golf Club on April 11, 2019 in Augusta, Georgia. (Photo by Mike Ehrmann/Getty Images)
AUGUSTA, GEORGIA - APRIL 11: Tiger Woods of the United States plays a shot from a bunker on the second hole during the first round of the Masters at Augusta National Golf Club on April 11, 2019 in Augusta, Georgia. (Photo by Andrew Redington/Getty Images)
Jon Rahm, of Spain, hits out of the bunker on the 16th hole during a practice round for the Masters golf tournament Wednesday, April 10, 2019, in Augusta, Ga. (AP Photo/Matt Slocum)
Billy Horschel flips his club on the fourth hole during the first round for the Masters golf tournament Thursday, April 11, 2019, in Augusta, Ga. (AP Photo/Matt Slocum)
Rory McIlroy, of Northern Ireland, hits from the rough on the first hole during the first round for the Masters golf tournament Thursday, April 11, 2019, in Augusta, Ga. (AP Photo/Marcio Jose Sanchez)
AUGUSTA, GEORGIA - APRIL 12: Tyrrell Hatton of England reacts to a putt on the 18th green during the second round of the Masters at Augusta National Golf Club on April 12, 2019 in Augusta, Georgia. (Photo by Andrew Redington/Getty Images)
AUGUSTA, GEORGIA - APRIL 12: Rory McIlroy of Northern Ireland jumps across Rae's Creek on the 13th hole during the second round of the Masters at Augusta National Golf Club on April 12, 2019 in Augusta, Georgia. (Photo by Kevin C. Cox/Getty Images)
AUGUSTA, GEORGIA - APRIL 11: Bryson DeChambeau of the United States reacts on the 15th green during the first round of the Masters at Augusta National Golf Club on April 11, 2019 in Augusta, Georgia. (Photo by Kevin C. Cox/Getty Images)
AUGUSTA, GEORGIA - APRIL 11: Tyrrell Hatton of England reacts on the 13th green during the first round of the Masters at Augusta National Golf Club on April 11, 2019 in Augusta, Georgia. (Photo by Andrew Redington/Getty Images)
AUGUSTA, GEORGIA - APRIL 14: Tiger Woods of the United States plays a shot from the 12th tee during the final round of the Masters at Augusta National Golf Club on April 14, 2019 in Augusta, Georgia. (Photo by David Cannon/Getty Images)
AUGUSTA, GEORGIA - APRIL 14: Tiger Woods of the United States plays his shot from the third tee during the final round of the Masters at Augusta National Golf Club on April 14, 2019 in Augusta, Georgia. (Photo by Andrew Redington/Getty Images)
AUGUSTA, GEORGIA - APRIL 14: Brooks Koepka of the United States crosses the Sarazen Bridge on the 15th hole during the final round of the Masters at Augusta National Golf Club on April 14, 2019 in Augusta, Georgia. (Photo by Andrew Redington/Getty Images)
AUGUSTA, GEORGIA - APRIL 14: Tiger Woods of the United States celebrates after sinking his putt to win during the final round of the Masters at Augusta National Golf Club on April 14, 2019 in Augusta, Georgia. (Photo by Andrew Redington/Getty Images)
Tiger Woods reacts as he wins the Masters golf tournament Sunday, April 14, 2019, in Augusta, Ga. (AP Photo/Chris Carlson)
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ESPN reported that Sunday’s $1.19 million payout was just the fourth six figure payout in the history of William Hill U.S. And other sportsbooks are feeling the pain of Woods’ win. The SuperBook at Westgate Las Vegas had a net loss in the high six-figure range, which will almost certainly be their largest loss on a golf event ever. ESPN also reported that an offshore sportsbook posted its biggest loss ever, eclipsing not just golf but also the Super Bowl.

The attitude of sportsbooks leading up to Woods’ come-from-behind win can be summed up by Matthew Primeaux, senior vice president of strategy and operations for BetStars. BetStars ran a promotion allowing people to bet $10 on Woods at 100-1 odds, and that contributed to an overall $360,000 loss, the largest in BetStars’ history. Here’s what Primeaux told ESPN:

"I believe my direct quote was, 'Guys, there's no way Tiger is winning this tournament.' Whoops."

“Whoops” is right.

Of course, sportsbooks losing on Woods bets means bettors came out big. But this win almost guarantees that Woods won’t have odds as long as 14-1 again. Because he’s not an underdog anymore. Woods is back.

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