Doug Kezirian breaks down the news that Tiger Woods is the betting favorite in Las Vegas to win the Masters. (1:15)

Tiger Woods climbed to the top of two boards Thursday morning.

Woods birdied three of his first nine holes to take an early lead at the Arnold Palmer Invitational in Orlando, Florida, before double-bogeying his 12th hole to fall back.

During his hot start, Las Vegas moved Woods to the top of the odds boards, making him the favorite to win the Masters.

The Westgate SuperBook on Thursday moved Woods from 10-1 to 8-1, putting him slightly ahead of Dustin Johnson and Justin Thomas, who are each 9-1.

Woods also is the Masters favorite at Caesars Palace and William Hill sportsbooks.

After finishing in a tie for second at last week's Valspar Championship, Woods entered this week's tournament at Bay Hill as the betting favorite. It's the first time he has been the favorite to win a PGA Tour event since the 2014 Honda Classic. At the Westgate, more bets were placed and more money was wagered on Woods to win the Arnold Palmer than on any other golfer.

With Woods off to a fast start again this week, Jeff Sherman -- golf odds specialist at the SuperBook -- said he adjusted Woods' odds with anticipation of more support to come in for him to win the Masters.

At Caesars Palace, more money had been bet on Woods to win the Masters than on any other golfer. Only Rickie Fowler had attracted more Masters bets than Woods.

Woods has not won a PGA tournament since 2013. He has won the Masters four times, most recently in 2005.

The Masters takes place April 5-8 at Augusta National Golf Club.