Latest Masters 2016 odds: Jason Day emerges as betting favorite over Rory McIlroy, Jordan Spieth

With two straight tournament wins, Jason Day has taken over the No. 1 spot in golf’s world rankings and is clearly in top form. Day will try to carry his momentum into a win at the Masters in Augusta this week.

Day is a +700 favorite on the odds to win the Masters at sportsbooks monitored by OddsShark.com. The Australian pro enjoyed a career year in 2015 with four wins including two playoff events and a win in the PGA Championship, which was his first career major championship.

With two tournament wins already under his belt in 2016, Day looks poised to have an even stronger season in 2016, and he comes into the Augusta National Golf Club this week as the one to beat.

Rory McIlroy (+950 to win the Masters) was sensational in 2014, winning both the Open Championship and the PGA Championship as two of his three wins and finishing with 12 Top 10 finishes overall.

Last season was a step back for McIlroy with only seven Top 10 finishes and no major wins, but he is now healthy and should make a run at a major or two here in 2016.

Jordan Spieth (+1000) could have a chip on his shoulder after falling out of the No. 1 spot in the world rankings coming into the Masters. En route to a remarkable six-win season in 2015, Spieth won this event, the U.S. Open and the TOUR Championship.

At just 22 years old, Spieth has earned a target on his back with his sensational play last season, and will need to adjust to playing with those expectations in 2016. If his play in the second half of 2015 was any indication, he’ll be up to the task.

Other top contenders to win this year’s Masters include Bubba Watson (+1200), Adam Scott (+1200), Rickie Fowler (+1600), Phil Mickelson (+1800) and Dustin Johnson (+2000).

Watson has won two of the last four Masters tournaments, winning at Augusta in both 2012 and 2014. Mickelson is a three-time winner at the Masters with wins in 2004, 2006 and 2010. Scott won this tournament in 2013.