When the day started Cabrera and Perry were listed at +200 to win, even with Tiger Woods (+1400) and Phil Mickelson (+1600) lurking in the distance.

Chad Campbell, who was listed at +750, was eliminated on the first playoff hole after he made bogey, while the other players saved par.

Woods, who at one point pulled to within one shot of the lead, stumbled to a bogey-bogey finish to card a 4-under 68. Woods finished at 8-under par for the tournament.

Cabrera is the first player from Argentina to win the Green Jacket. It's his second career major title, following his triumph at the 2007 U.S. Open at Oakmont, Pennsylvania.

But this makes the most dominant player in golf a bad bet if you are looking to make some real money.

Woods is ideally suited to the par-72 Augusta National layout, which was stretched to a formidable 7,445 yards for the 2006 Masters.

The wet conditions this week will lengthen the course even more and cause problems for some of the shorter hitters in the early rounds.

Trevor Immelman (+8000) defends the title he won by three shots in tricky, swirling winds last year.
Phil Mickelson (+800), Padraig Harrington (+1600) and Geoff Ogilvy (+1600) are all ready to take the title from Tiger. Get your Masters Tournament odds in the Bodog Sportsbook today.

Trevor Immelman of South Africa won the 2008 Masters golf tournament. (AP Images)

Trevor Immelman fired a respectable 75 on Sunday at Augusta and held on to win the Masters by three shots over four-time champion Tiger Woods. Woods earned a second-place spot, finishing at five-under with fellow Americans Stewart Cink and Brandt Snedeker tied for third a further stroke back.

"I just didn't make any putts all week," Woods said. "I hit the ball well enough to contend … but I just didn't make any putts today."

With the win, Immelman became the second South African to don the coveted green jacket at the Masters, the other being Gary Player.

"I knew I had to just be as tough as I can and hang in there. And I’m so proud of myself. I actually still can’t believe that I got that done," Immelman said in a post-match interview.

The 28-year-old suffered a stomach parasite at last year's Masters and didn't play for nearly four months. Soon after, he underwent surgery to have a non-cancerous tumor removed underneath his ribs. He didn't touch a golf club for six weeks after that. Immelman began playing golf when he was five. His father, Johan, put in a practice bunker and green at the family home in Cape Town.

Get all your golf futures in the Bodog Sportsbook.

Tiger Woods has some catching up to do on Sunday at Augusta. (AP Images)

The world's best golfer had his best round of the 2008 Masters on Saturday, yet still finds himself well behind on the leaderboard. Tiger Woods shot 68 at Augusta National and stands fifth at five-under, a significant six shots behind the leader, Trevor Immelman.

Immelman, the 28-year-old South African whose swing many this week have been comparing with Ben Hogan's, completed his third consecutive sub-70 round with a 69 on Saturday, good for an overall score of -11.

"His swing is absolutely the closest that I have seen to Ben Hogan, and I've always thought that Ben Hogan was the best striker of the ball from tee to green that I saw," said Gary Player on Friday.

High praise from a great golfer.

Brandt Snedeker is second at nine-under followed by Steve Flesch and Paul Casey, at eight-under and seven-under, respectively.

Of course, the big question is whether or not the four relatively inexperienced golfers – so far as majors are concerned – ahead of Woods can handle the pressure of Sunday at the Masters, especially with Tiger breathing down their necks.

"I've put myself right back in the tournament," Woods said after his round "I hit the ball well all day. I hit a lot of good putts that didn't quite have the right speed or right line. It was a touch off and you pay the price."

It's worth noting that Woods has never won a major when trailing after three rounds.

Check out the new revised odds to win the Masters! Immelman's at 6/5, Woods 7/2.

Tiger Woods will need all his magic this weekend if he still hopes to win the Masters. (AI Wire photo)

It was a struggle all day for Tiger Woods at the Masters. He struggled to make putts and he struggled to hit fairways. The key word: struggle. At the end of the day's second round, he sat at one-under, seven shots back of the leader, Trevor Immelman.

Tiger's scorecard included four birdies and three bogeys, the rest pars. The best par was saved for the last hole when his drive went astray, he punched up to 80 yards away, hit a nice wedge and nailed the putt. In fact, Woods was two-under over the last eight holes in what could be a warning for the weekend field.

"I've got to make a few more birdies," Woods said after his round. Never at a loss for confidence, he also added, "You can come back pretty quickly here."

Brandt Snedeker sits alone in second at seven-under followed by Steve Flesch, Phil Mickelson and Ian Poulter at five-under.

Among those missing the cut at Augusta was Fred Couples, his streak of 23 straight Masters cuts over.

Gary Player did just fine in his 51st Masters. (AP Images)

He didn't break his age (72) in either of the first two rounds of the 2008 Masters, but Gary Player acquitted himself just fine. The South African golfing legend, wearing all white on Friday, broke the record that he held with Arnold Palmer for most Masters played and finished +17 in the process.

Player might have ended up last on the leaderboard in his 51st Masters, but that didn't stop the patrons from cheering his every move, especially when he saved par out of the sand on the 18th.

"Well, it's a thrill," Player said yesterday. "It's a thrill now to know that I hold the record. Of course, all records are made to be broken, aren't they?"

Incidentally, oddsmakers had formulated an over/under of +23.5 as the highest score by a player missing the cut. Looks like the under will take that wager, one of the many Masters props in the Bodog Sportsbook.

Tiger Woods isn't sharp at the Masters. (AP Images)

The world's best golfer is struggling to stay in closing distance of the top of the leaderboard at the Masters. Tiger Woods just completed the front nine of his second round at Augusta National and remains at even par, eight shots back of clubhouse leader Trevor Immelman.

Woods made two birdies and two bogeys over his first nine holes. Not terrible, but not great either. On the par-five second – not exactly the toughest hole on the course – Woods hit an awful wedge shot and ended up with bogey.

As for the Masters cut, it looks like it'll be the top 44 and ties heading into weekend play.

Trevor Immelman is the clubhouse leader at the Masters. (Flickr photo by rottinam)

Trevor Immelman went birdie-birdie to close out his second round at the Masters. Consecutive Thursday-Friday scores of 68 put him in the clubhouse with the lead at eight-under, three shots ahead of Steve Flesch and Brandt Snedeker.

Immelman, a 28-year-old from South Africa, only has one PGA Tour victory on his resume, the 2006 Cialis Western Open. He is, however, a two-time winner on the European Tour.

In December, he underwent surgery to remove a growth the size of a golf ball on his diaphragm. Fortunately, tests revealed that it was benign.

"We were real thrilled when we found it was some rare type of benign tumor," Immelman told reporters after his round today.

Ernie Els needs to make some birdies if he wants to play this weekend. (AI Wire photo)

In case you were wondering, at the end of today's second round of the 2008 Masters, the field will be reduced to the lowest 44 scores and ties, plus those within 10 strokes of the leader.

With the leader at six-under, and a very good possibility that someone will go lower today, here are some big names that have to get it going at Augusta National:

• Steve Stricker (+3 through 8)
• Ernie Els (+3 through 6)
• Geoff Ogilvy (+3, yet to tee off)
• David Toms (+4 through 12)
• Aaron Baddeley (+4 through 6)
• Fred Couples (+4, yet to tee off)
• Charles Howell III (+7 through 2)

Wrong lefty, stupid. (AI Wire photo)

He's not the most famous left-handed golfer on the PGA Tour, but Steve Flesch is tearing up Augusta National nonetheless. Flesch is a whopping five-under on the course's four par-fives with three birdies and an eagle. His sizzling second round at the 2008 Masters has vaulted him all the way to third on the leaderboard, one shot behind Trevor Immelman and Brandt Snedeker, both at six-under.

For what it's worth, Phil Mickelson (the most famous lefty) is also playing well, two-under for the day through seven holes and four-under for the tournament.

Tiger Woods tees off at 1:52 p.m. EST.