The Waste Management Phoenix Open begins Thursday at the Tournament Players Club in Scottsdale, Arizona. Phil Mickelson leads the odds after finishing as a runner up in the Farmers Insurance Open last week. The purse for this event is $1.08 million.

Mickelson was tied for the lead after the third day at Torrey Pines, but he couldn’t hold off Bubba Watson lost by one stroke. Still, he should have plenty of confidence going into this golf event as a two-time winner at the Phoenix Open. He won it in 1996 and 2005, and lost a playoff in 2008. He jointly holds the course record round of 60.

Tiger Woods is sitting this PGA Tour event out to prepare for next week’s Dubai Desert Classic. Hunter Mahan has great value with his long odds considering he is the defending Phoenix Open champion. He has finished in the top six twice in his first three starts this year, and hasn’t missed a cut in his last 13 tournaments. He is at least worth a bet to place.

Another golfer with decent value is Jhonattan Vegas, who surprised all with a win at the Bob Hope Classic. The rookie from Venezuela showed that he wants to be a contender by following that up with third place finish at the Farmers Insurance Open. He has shot 10 straight scores in the 60s, so he is also worth a bet to place.

Dustin Johnson is on his game as well. He finished 2010 well and has continued so with two top 10 finishes in 2011. Rickie Fowlers is still looking for his first PGA Tour win and finished one shot behind Mahan last year in the Phoenix Open. However, he finished in a tie for 20th at Torrey Pines. J.B. Holmes won this event in 2006 and 2008, but placed 27th last year.

Phoenix Open Outright Odds (provided by William Hill)

Phil Mickelson: 15/2

Dustin Johnson: 9/1

Rickie Fowler: 16/1

Nick Watney: 20/1

Anthony Kim: 22/1

Charles Howell: 25/1

Hunter Mahan: 25/1

Bill Haas: 28/1

Bubba Watson: 28/1

J.B. Holmes: 33/1

Ryan Moore: 33/1

Ryan Palmer: 33/1

Jhonattan Vegas: 33/1

Kevin Na: 35/1

Geoff Ogilvy: 35/1

Ben Crane: 40/1

Brian Gay: 40/1

Jonathan Byrd: 45/1

Marc Leishman: 50/1

Brandt Snedeker: 50/1

Camilo Villegas: 50/1