There was a time that Woods started every tournament as favourite but in the last couple of years the 36-year-old has failed to produce the kind of form that won him 14 Major titles.
Although there have been signs that the Californian is beginning to turn his game around, he has struggled with his putting and bookies clearly see his rivals, in particular Rory McIlroy at the Honda Classic, as more of a threat.
McIlroy heads the betting at the Honda Classic as 7/1 favourite despite losing out in the WGC-Accenture Match Play Championship final last week to Hunter Mahan.
Meanwhile, Woods and Lee Westwood share the betting next up at 10/1.
With a top quality field lined up to begin play on Thursday Ladbrokes will also be paying out on six places.
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