They are taking bets on whether No.1 Golf player in the world will hit a tree on his first drive or if he'll kiss an anonymous blond before teeing off.
Woods will return to golf next week at Augusta National after months of seclusion following revelations he cheated on his wife.
William Hill spokesman Rupert Adams said, "We'll absolutely certainly take a couple of million (pounds) on it ourselves."
"So far, people are sensibly reluctant to part with their cash until two or three days beforehand... because once you place your bet you can't cancel it, he said.
"We've got a whole host (of markets), the funnies around to the serious," Ladbrokes spokesman Nick Weinberg said.
Hill and Ladbrokes list Woods as the 4-1 favorite to win the Masters, even though he hasn't competed since Nov 2009. The 34-year-old Woods has won the Masters four times.
"Obviously, (we've) priced him up to win the major, to miss the cut, to have a fight with a fan on the first tee, to kiss an anonymous blonde - which doesn't include (John) Daly, we point out," Ladbrokes said.
According to Hill, Phil Mickelson is the second favourite behind Woods at 9-1, and Ernie Els is third at 10-1.
Despite any off-the-course problems, both Adams and Weinberg said that bettors will stand behind Woods with their money.
"He could have 10 years off the sport and there'd be punters backing him," Weinberg said.