The U.S. Masters begin on Thursday at August National in Georgia as the first major of the golf season. Reigning champion Phil Mickelson leads the odds to win it and build on his victory from last week. Tiger Woods is second in the odds to get back on track and reclaim the green jacket.

Mickelson passed Woods in the world rankings to No. 3 with a win at the Houston Open last week. It was his first tournament win since the 2010 Masters. In addition to last year, he won the Masters two other times in 2004 and 2006. If he wins this year, he would become the first repeat Masters champion since Tiger Woods did it in 2001 and 2002. With 11 top 10 finishes in 12 appearances at Augusta, his chances look good.

Woods is a four-time champion himself at Augusta. He will be looking for his first Masters win since 2005 and first tournament win since the Australian Masters in November of 2009. Though Augusta National brings out the best in Woods, his remodeled swing doesn’t have him looking comfortable.

Third in the odds are Lee Westwood and Nick Watney. Westwood finished second at the Masters last year for his first top 10 finish in five times at Augusta. But, the last British player to win the Masters was Nick Faldo in 1996 and the last time a European player won it was 1999. Westwood has just two top 25 finishes this year. Watney is up in the odds for his first major title because his game off the tee and on the green suits this course.

2010 top money earner Luke Donald has decent value despite playing only four tournaments so far in 2011. He has three top 10 finishes in those events, including an Accenture Matchplay win. Some other golfers of interest are Martin Kaymer, despite missing four cuts at Augusta, and Justin Rose, who finished third in the Arnold Palmer Invitational.

Masters Outright Odds (provided by Eurobet)

Phil Mickelson: 6/1

Tiger Woods: 12/1

Lee Westwood: 14/1

Nick Watney: 14/1

Martin Kaymer: 22/1

Luke Donald: 25/1

Dustin Johnson: 28/1

Hunter Mahan: 28/1

Justin Rose: 28/1

Matt Kuchar: 28/1

Rory McIlroy: 28/1

Bubba Watson: 33/1

Paul Casey: 33/1

Anthony Kim: 45/1

Graeme McDowell: 45/1

Padraig Harrington: 45/1

Aaron Baddeley: 50/1

Ian Poulter: 50/1

Steve Stricker: 50/1