Bobby Jones once bet $1,200 on himself
The greatest amateur of all time, placed a $1,200 bet with a British bookie he would win Golf's Grand Slam.
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Hey Golfers -
In 1930, a 28-year-old American Lawyer placed a $1,200 bet with a British bookie that he would win Golf’s Grand Slam. In 1930, four events were consisting of the Grand Slam.
British Open
United States Open
British Amateur
United States Amateur
The British bookie took the bet at 50 - 1 odds; the total payout would be $60,000.
Who was the 28-year-old American Lawyer? Bobby Jones.
Bobby Jones went on to win the Grand Slam in 1930 and collected his bet from a British bookie of $60,000. Adjusted for inflation, that $60,000 would be equal to $975,000 today.
Here is the kicker, Bobby Jones was an amateur golfer. As an amateur golfer, the USGA does not allow a player to receive prize money. Bobby never competed as a professional golfer and never won a penny from his golf career, except for betting on himself, thanks to the British bookie.
Born in 1902 in Atlanta, Georgia, as Robert Tyre Jones Jr., Bobby was small and undersized growing up. A physician recommended he play golf and that he did. Bobby went on to win his first U.S. Open in 1923 at 21 years old. Bobby was so dominant in golf; he won 13 majors in only 21 attempts, a staggering number.
Bobby’s career major wins:
U.S. Open (1923, 1926,1929, 1930)
British Open (1926, 1927, 1930)
U.S. Amateur (1924, 1925, 1927, 1928, 1930)
British Amateur (1930)
It is worth noting that Bobby was brilliant. He graduated with an engineering degree from Georgia Tech, a degree from Harvard, and his law degree from Emory University. Bobby practiced law to earn money to support his amateur golf career and eventually retired from competitive golf at 28 years old after he completed the Grand Slam.
Nearly 100 years later, the professional golf payouts are much different. The winner of the 1923 U.S. Open won $500, which would be $8,000 in today’s money - Bobby Jones wouldn’t be able to receive this money legally, so it went to second place. For comparison, Jon Rahm, the winner of the 2021 U.S. Open, won $2,250,000.
Nonetheless, Bobby left a significant amount of money on the table as an amateur in prize money and exhibition matches.
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After Bobby retired in 1930, he put his entrepreneurial hat on. He made instructional golf films, was a golf instructor, and founded golf courses. One I am sure you are familiar with.
Ever heard of Augusta National? Bobby purchased the land with business partner Clifford Roberts for $70,000 in 1931. Bobby co-designed Augusta National with Alister MacKenzie, and it eventually opened in 1933 for play. Bobby then founded the Masters in 1934, formerly known as the Augusta National Invitational; the tournament became an instant success.
It wasn’t all roses for Bobby in the first 15 years of founding Augusta National. During World War II, Augusta struggled financially for a myriad of reasons. Interestingly, Augusta decided to bring in 200 head of cattle and 1,000 turkeys to offset financial costs. The problem was that the cattle ran out of grass to graze and ate the flowers and tree bark. Needless to say, Augusta ended up having a short-lived career in the agriculture industry.
An absolutely wild thought is cows running down the 13th fairway at Augusta, chewing up the turf in the mid-1940s. But, credit to Augusta for trying to get creative to offset financial costs.
Bobby played in the Masters 12 times, with his best finish as a tie for 13th in 1934.
Bobby Jones is the greatest amateur golfer of all time and one of the best golfers ever. Bobby successfully traveled overseas and won while practicing law full-time in Georgia in an era of trains and steamships. Truly remarkable.
Have yourself a Tuesday, talk to you next week!
Every Monday, I write a newsletter breaking down the business in golf. If you would like to read Perfect Putt in your inbox, subscribe below.