Tiger Woods Bay Hill 3rd Round
Tiger Woods has won the Masters three times. Reuters

It took him two and a half years, but Tiger Woods finally reclaimed his spot as the No.1 ranked golfer with a tournament win in late March.

Woods’ third PGA Tour win in 2013 has him, once again, as the favorite to win the first Major of the year. The Las Vegas Hotel and Casino has named Woods as the most likely player to claim the green jacket this weekend. His betting odds have been set at 3/1 for the event that begins on April 11 and concludes on April 14.

In 2012, Woods had a frustrating four days at Augusta. He didn’t shoot over par in any round, finishing tied for 40th place at +5. He hasn’t won the event since 2005.

Right behind Woods is Rory McIlroy, the No.2 golfer in the world. His odds are set at 8/1 after tying with Woods at last years’ tournament.

McIlroy won the last Major, taking home the title at the 2012 PGA Championship. He has struggled in 2013, failing to make the cut at the Abu Dhabi Championship and leaving Honda Classic after telling reporters that he was in a "bad place mentally."

Phil Mickelson tied for third at the 2012 Masters, and that’s where he’ll finish in 2013, if the LVH is correct. His betting odds have been set at 10/1.

Bubba Watson won last year’s event, claiming his first ever Major victory in the process. Despite his recent success, 13 other golfers have better odds than Watson’s 35/1.

As the No.3 ranked player in the world, Justin Rose comes in at 20/1. Lee Westwood, Adam Scott, Dustin Johnson, Keegan Bradley, Louis Oosthuizen and Charles Schwartzel are all listed at 25/1. Schwartzel is the only one in the group to ever claim the green jacket.

Twenty-two year old Alan Dunbar is set to make his Masters debut after winning the 2012 Amateur Championship. He’s expected to turn professional when the tournament is over, but he’s not likely to have a strong weekend. He has the worst odds of any golfer listed at 2000/1.

Click here to see the complete betting odds for the 2013 Masters.