Who will drop Tiger Woods next?
An Irish bookmaker has been taking bets on which of the golfer's sponsors will stop endorsing him over his infidelities. With video updates.
By Andrea Tse, TheStreet
While some people are happy just reading about the latest news on Tiger Woods' highly publicized personal woes, others are looking to turn his misfortunes into cold, hard cash. Irish bookmaker Paddy Power has been taking bets on which of Woods’ sponsors will drop him next.
The 9-4 favorite to win was Accenture (ACN), which removed Woods from its homepage on Friday and ended its six-year sponsorship agreement him. A $100 wager over an Accenture breakup with Woods translates into a $325 payout from Paddy Power.
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The odds of TAG Heuer cutting loose the world's No. 1 golfer are 3-1, while the odds of Procter& Gamble’s (PG) Gillette is 6-1. Gillette has already said it plans to limit Woods' marketing presence. Electronic Arts (ERTS) is at 12-1 and Nike (NKE) is at 201.
Paddy Power pays only if Woods has an official endorsement deal with the company, and only after a severed deal has been reported by Fox or CNN. All bets are void if deals aren't dropped by 2011.
The bookmaker says it has taken about 300 bets on Woods, with each bet averaging about $15, CNBC reports. Last August, Woods' loss to South Korea's Y.E. Yang in the final round of the PGA Championship cost Paddy Power more than $2 million. The bookmaker is renowned for settling bets early, so bettors received a handsome payout when Woods led the Championships with a four-shot lead before his shocking final round loss.
Paddy Power kept the Woods sponsor bets posted on its Web site during week, but pulled them off by the weekend. It also posted another poll, but took it down shortly after that asked who would be the subject of the next 9-11 call from the Woods home: Tiger; his wife, Elin; his mother-in-law; the nanny; or the gardener.
Who do you think will be the next to drop Tiger Woods from their endorsement deals? Vote in TheStreet’s poll.
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