AUGUSTA, Ga. (CBSMiami) – Fresh off another win at the Arnold Palmer Invitational on Monday, Tiger Woods has vaulted to the top of the world rankings and become the favorite at the annual Masters Tournament.

Woods is an 11-4 favorite to win the 2013 Masters, or he has better than 3-1 odds to win the championship, according to Woods had been a 5-1 favorite as recently as January.

The next two closest favorites of betters are former number one player in the world Rory McIlroy at 9-1 and Phil Mickelson, a three-time Masters winner, at 11-1.

Tiger hasn’t won the Masters since 2005 when he finished 12 under par. Woods has won four Masters Championships. The last three champions at Augusta are Phil Mickelson, Charl Schwartzel, and last year’s champion, Bubba Watson.