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Business

Meta CEO Mark Zuckerberg is betting on ‘work in the metaverse’

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Meta’s (META) shares sank this week after its disappointing third-quarter earnings report and as the company’s pivot to the metaverse draws increasingly negative sentiment.

In the year since Facebook became Meta, the company has spent billions investing in its metaverse plans. That investment has yet to pay off. For one, the division that oversees the company’s metaverse efforts, Reality Labs, has been losing money, clocking a loss of $3.7 billion last quarter alone.

CEO Mark Zuckerberg told analysts this week that he expects those losses to continue year-over-year. Still, as the company’s shares have suffered, Zuckerberg has this month begun touting something unexpected as a major opportunity. He says the future of work may lie in the metaverse and through the company’s newest virtual reality headset, the Meta Quest Pro.

“Work in the metaverse is a big theme for Quest Pro,” Zuckerberg told analysts in the company’s Wednesday earnings call. “There are 200 million people who get new PCs every year, mostly for work. Our goal for the Quest Pro line over the next several years is to enable more and more of these people to get their work done in virtual and mixed reality, eventually even better than they could on PCs.”

This month at Meta Connect, the company highlighted its new partnerships with enterprise tech giant Microsoft (MSFT) and professional services giant Accenture (ACN). It’s a surprising angle. After all, thinking about Meta still evokes images of a Facebook profile or, just maybe, a VR headset that we’d normally associate with gaming.

However, Needham Senior Analyst Laura Martin said there’s a lot about the future of work move that makes sense. Getting into the future of work, for one, “doubles their total addressable market,” Martin told Yahoo Finance. She added that the company’s new emphasis on mixed reality is also a “smart pivot” linked to the newly minted Microsoft and Accenture partnerships.

“My gut feeling is that the pivot towards mixed reality is informed because Microsoft and Accenture, who believe it’s more likely to succeed,” she said.

An image of Microsoft Teams in VR, from Meta Connect.

There’s certainly precedent out there for the work-metaverse conversation. For example, Autodesk (ADSK) this year acquired The Wild, an XR platform built specifically for architecture and construction professionals. There’s also a world of startups that includes companies like Virbela, which specifically brings VR to professional and educational environments.

To metaverse experts, there’s a chance Meta’s on to something — with caveats. Adam Voss and Josh Rush, co-founders at VR platform Surreal, believe that all companies will eventually have some sort of metaverse presence, but that not all workflows or trainings will be suited to that 3-D world.

“We believe that every company will eventually have a metaverse website,” Rush said. “That website will be a social, three-dimensional channel through which you can, say, run engagement events or their offices virtually… There’s also, of course a lot you wouldn’t want to replicate in a metaverse, because you need that hands-on experience.”

Human resources could be one example of work that could lend itself to the metaverse “from a branding perspective, as you’re recruiting for top talent,” Voss said.

It’s likely that Voss and Rush are right, that work applications in the metaverse will become more widespread, according to Forrester Vice President and Principal Analyst J.P. Gownder. It’s unclear when that will happen — and if it will come in time for Meta to reap the benefits, he said.

“Metaverse for business is eventually going to be really important, but will it be two years? 10 years? That’s going to be the challenge,” Gownder said.

An image of the Meta Quest Pro, at Meta Connect.

Beyond the time crunch, the company’s work-metaverse push has other problems. Reports that Meta’s own employees aren’t interested in using the company’s VR products should give us pause, said Oscar Mattsson, founder and CEO at startup Allwhere, which offers tech-based tools, equipment, and services to company workforces.

“The future of work is about people having a say in how and where they want to do their best work,” said Mattsson, an early WeWork employee. “For me, I think the future of work is about focusing on improving the reality we currently inhabit, instead of creating an odd facsimile.”

He’s also not sold on Meta’s headsets as being key to future work environments long-term — and certainly not in the near-term.

In the near-term, VR in the workplace en masse isn’t viable, said Adam Riggs, a former president of Shutterstock (SSTK) and current CEO of online workspace platform Frameable Spaces.

“Right now, based on what is available now or in the near future, VR is not a serious, inclusive, or sustainable way to enhance a remote or hybrid team’s performance,” he said. “The exceptions to this are specialized training applications, but for general office applications VR is not a viable path to better results.”

Mattsson voiced, perhaps, one thing we can all agree on: “Legless torsos are not the future of work.”

Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Follow her on Twitter at @agarfinks.

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World

Vladimir Putin Just Seized One-Fifth of Ukraine But Biden’s Still Betting Sanctions Can Stop Him

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Faced with mounting economic costs from sanctions on the Russian government and increasingly explicit nuclear threats from the Kremlin, the Biden administration still believes that a war of attrition is the only way to beat Vladimir Putin.

The newest tranche of sanctions punishing Russia for its illegal annexation of four Ukrainian provinces won’t turn the tide in the war, administration officials said on Friday, but are the safest way to continue backing the Ukrainian resistance without risking direct American involvement.

“The sanctions element of our strategy, the economic pressure that we are placing on Russia, and the denial of their ability to gather what they need to be able to regenerate their war machine, this has been a critical element to how we have prosecuted our strategy so far,” National Security Advisor Jake Sullivan told reporters in the White House briefing room. “The impacts of it will continue to be felt month on month as we go forward and put us in a stronger position, and Russia in a more disadvantaged position.”

Sullivan’s remarks came hours after the Commerce, State and Treasury departments announced new economic, diplomatic and financial actions against Russia and its leadership in response to Putin’s announcement on Friday morning that four Ukrainian provinces are now Russian territory.

“People living in Luhansk and Donetsk, Kherson and Zaporizhzhia are becoming our citizens. Forever,” Putin said in a speech from the Kremlin on Friday morning, naming the four Ukrainian provinces, which make up nearly one-fifth of Ukraine’s territory. The annexation—which is illegal under international law and was met with a range of sanctions, visa restrictions and other economic measures by allied governments around the world—was widely expected by U.S. officials in the months leading up to Putin’s announcement, though the debate over the Biden administration’s response was a matter of internal dispute.

“That’s a B.S. answer. There is no more apt time to support fast-tracking NATO membership than when half the country has been stolen.”

“What is a proportionate response to the illegal seizure of one-fifth of an ally’s territory?” one senior U.S. official told The Daily Beast before a series of sham elections in the occupied provinces that were used to justify Putin’s annexation address. “Russia waited seven years after annexing Crimea to mount another pretext-less invasion of Ukraine—without a proportionate response, whatever that looks like, there is no disincentive to discourage them from another invasion seven years from now.”

In the first hours after the annexation, the administration’s counteroffensive was focused primarily on the economic front: sanctions against the head of Russia’s central bank, more than two hundred members of Russia’s Federal Assembly, and on companies that feed Russia’s military supply chains.

“These sanctions will impose costs on individuals and entities—inside and outside of Russia—that provide political or economic support to illegal attempts to change the status of Ukrainian territory,” President Joe Biden said in a statement. “We will rally the international community to both denounce these moves and to hold Russia accountable.”

Despite those measures, the debate over a proportionate response continues, with some senior State Department officials pushing for the U.S. to more aggressively back Ukraine’s bid to join the North Atlantic Treaty Organization, a proposal Ukraine President Volodymyr Zelenskyy has called for and which Sullivan sidestepped.

“The best way for us to support Ukraine is through practical on-the-ground support in Ukraine,” Sullivan said, adding that the question of hastening Ukraine’s entry into NATO’s mutual-defense pact “should be taken up at a different time.”

“That’s a B.S. answer,” one senior U.S. diplomat told The Daily Beast when sent a transcript of Sullivan’s remarks. “There is no more apt time to support fast-tracking NATO membership than when half the country has been stolen.”

The U.S. support for Ukraine’s resistance is not entirely in the form of punitive measures taken against the Kremlin, of course. Earlier this week, the Pentagon announced an additional $1.1 billion in additional security assistance for the country, which includes artillery rocket systems, armored vehicles, drones and body armor, and Biden on Friday signed a stopgap spending bill that included nearly $12 billion in additional aid for Ukraine.

But while limited military assistance for Ukraine has helped Kyiv make major gains in Eastern Ukraine against Russian forces, one national security official said, the White House and National Security Council are constantly aware that backing Putin into too tight a corner risks provoking increasingly desperate counter-responses.

“There are two apex priorities: 1) support Ukraine’s attempts to expel Russian forces and reclaim its occupied territory; and 2) do not do so in a way that sparks World War III,” the official said. “Those two priorities are not in definitional conflict, but the margin is narrowing.”

One need only look at the apparent sabotage of the Nord Stream 1 and Nord Stream 2 gas pipelines in the Baltic Sea, the official said, as an indicator of how far Putin may go as the invasion falters and inexperienced Russian conscripts replace tens of thousands of dead soldiers on the front. The pipelines, which were discovered on Monday to have massive leaks of methane gas following underwater explosions, supplied nearly 20 percent of Europe’s natural gas before the invasion.

The threat of continued implausibly deniable sabotage is far from the topmost concern, however. That would be Putin’s increasingly explicit threats of nuclear war in the event that Russian territory—which now includes much of Eastern Ukraine, at least in the Kremlin’s eyes—is threatened.

Biden called the leaks a “deliberate act of sabotage,” although he later hedged on directly blaming the Russian government for an attack on the pipeline. “At the appropriate moment when things calm down, we’re gonna send the divers down to find out exactly what happened.”

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Sports

2022 British Open picks, odds: Expert predictions, favorites to win from betting field at St. Andrews

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With the 2022 Open Championship fast approaching, the key question everyone’s asking is the same across the golf world: Who are you picking to survive the Old Course at St. Andrews? With a tremendous field featuring most of the best professionals in the world for the historic 150th playing of The Open, the final major of 2022 should be an epic ride from Thursday’s first round onward as the R&A returns to this site for the first time since 2015.

This year’s Open may have a stellar field, but there’s a lot of momentum behind a finite list of names to capture the Claret Jug. Most notable among them is Rory McIlroy, who enters having played some of the best golf of his career this season as he seeks to capture of the most coveted trophies in the sport at the Home of Golf. Englishman Matthew Fitzpatrick is attempting to pull off the rare U.S. Open-Open double, while Xander Schauffele is coming off a Scottish Open win that provides him with plenty of confidence. And then there’s Tiger Woods, who despite having long odds is looking to win his third Claret Jug at St. Andrews in what may be his last legitimate opportunity to again conquer the Old Lady.

Add it all up, and it would appear that we’re in for a wild Open Championship full of unexpected twists and turns but also a lot of familiar names atop the leaderboard. Be sure to check out our Open TV schedule and coverage guide so you do not miss a second of the action all week.

So what is going to happen this week at St. Andrews? Let’s take a look at a full set of predictions and picks from our CBS Sports experts as we attempt to project who will win and what will happen at the final major of the season. Odds via Caesars Sportsbook

2022 Open expert picks, predictions

Kyle Porter, senior golf writer

Winner — Jordan Spieth (16-1): Does Spieth have his best stuff going into this Open? No, he does not. In his last 20 rounds, he ranks just 37th in this field in ball-striking. Since Jan. 1, he’s 31st overall in strokes gained. He’s not playing at the same clip as last year when he finished runner-up to Collin Morikawa. However, the golf being played at St. Andrews is not the same as the golf he’s been playing most of the year, and Spieth has crushed at Opens over the course of his career. His game and mind were made for this tournament, and while Renaissance Club last week is not a good facsimile for the Old Course, Spieth finds freedom with his game on this side of the pond and has been waiting seven years to redeem the five he made on the Road Hole in 2015 to kick away a shot at the grand slam.

Sleeper — Seamus Power (80-1): This is perhaps a bit too deep on the odds board (I wanted to go with Sam Burns at 40-1), but it’s hard to ignore what Power has done at the majors this year. He ranks sixth in aggregate score out of the 13 golfers to have made every major cut and is coming off back-to-back top 20s at the PGA Championship and U.S. Open. At age 35, this is his first Open Championship during a stretch where he’s playing the best golf he’s ever played in his life. Majors are so different from other events, and even though Power’s overall numbers are not great compared to other top players, it’s clear that he can play at the big boy events. At 80-1, the risk is worth the reward.

Top 10 lock — Rory McIlroy: The four-time major winner has never finished in the top 10 at all four majors in the same year, but that’s in play after he threatened but ultimately came up short at the first three in 2022. Nobody has more top 10s at the last five Opens than McIlroy, and rarely is he this confident in the state of his game. He could get the wrong side of the draw, of course, but it would be stunning to me if he didn’t finish in the top 10 come Sunday.

Star who definitely won’t win — Bryson DeChambeau: He has a sneaky-bad record at major championships (two top 10s in 23 starts), and it’s even worse at Opens where he has failed to crack the top 30. For as much as he alludes to his golf genius, he has yet to come even remotely close to finding the answers at the courses that pose the most complicated problems in the sport.

Surprise prediction — Scoring is not as outrageous as people think: There have been fears of somebody scaring 59 this week, but that’s not going to happen. The course is as crispy as it is brown, and as long as the R&A lets the greens cook a little bit and the wind stays up like it is on Tuesday, scoring is going to be higher than folks have opined.

Tiger Woods prediction — Contention: Big Cat is striking it fairly well, and I believe that somewhere in the place that only the most triumphant champions can access, he’ll draw from sort of reserves that carry him into Sunday. He’s brilliant enough to contend with his mind alone, and in his last shot at an Open at St. Andrews, he will. “I think the way the golf course is and the way the conditions are, I could certainly see [him contending],” said McIlroy. “It’s going to be a game of chess this week, and no one’s been better at playing that sort of chess game on a golf course than Tiger over the last 20 years.”

Lowest round: 64 (-8)
Winning score: 272 (-16)
Winner’s Sunday score: 68 (-4)

Patrick McDonald, golf writer

Winner — Dustin Johnson (35-1): The move to LIV Golf has sent Johnson’s name under the radar, but make no mistake, the two-time major winner is playing some fine golf. Top-10 finishes in the first two LIV Golf events sandwiched a top-25 effort at the U.S. Open where he found some touch on the greens. Since 2010, Johnson has captured six top-15 finishes in 11 Open appearances, including a T8 last season at Royal St. George’s. He finished T14 at St. Andrews in 2010, and while his T49 result in 2015 doesn’t jump off the page, he was the 18-hole and 36-hole leader in that tournament.

Sleeper — Max Homa (50-1): I have been looking at Homa for this championship since the winter, and the only concern is that he’s paired with Tiger the first two days. If he’s able to get past the allure of playing the oldest championship in golf alongside his hero, Homa should be a perfect fit for St. Andrews. A tremendous striker of the golf ball, he is coming off a T16 effort at the Scottish Open where he was in with a chance over the final nine. He has been building towards a serious run in a major championship over the last two years, and I believe it could finally be his time.

Top 10 lock — Rory McIlroy: He is one of two players to have finished top 10 in the first three major championships of the season, and I don’t see why The Open will be different. McIlroy is playing some of his best golf since 2014, and St. Andrews is a perfect fit for his game. If his wedge play continues to cooperate, the four-time major winner will surely contend for No. 5. 

Star who definitely won’t win — Collin Morikawa: The reigning Champion Golfer of the Year is simply not the player he was at this point last season. Morikawa just lost strokes in each tee to green metric at the Scottish Open, which marked the first time in his PGA Tour career he has done such. He has continued to struggle finding fairways and subsequently with his irons, which will pose problems for him at St. Andrews.

Surprise prediction — Brooks Koepka contends: I am giving off serious Benedict Arnold vibes, but I truly believe a trio of LIV Golf players will perform well this week — Louis Oosthuizen being the third. Koepka’s record in the U.S. Open and PGA Championship often get all the hype, but his Open experience is among the best in the game with finishes of T10, T6, T39, T4 and T6 since 2015. Firm, fast and windy conditions should suit the four-time major champion.

Tiger Woods prediction — Backdoor top 20: A shorter venue where strategy is required is exactly in Tiger’s current wheelhouse. The key for his chances will not be his driver but whether he is able to lay up effectively as we saw him miss fairways with iron in hand with some regularity at Southern Hills. If he does this and avoids awkward lies, Woods should make his way through to the weekend and find his name on the second or third page of the leaderboard.

Lowest round: 64 (-8)
Winning score: 260 (-18)
Winner’s Sunday score: 68 (-4)

Who will win The Open Championship, and which long shots will stun the golfing world? Visit SportsLine now to see the projected leaderboard and optimal picks, all from the model that’s nailed eight golf majors, including this year’s Masters.

Chip Patterson, writer

Winner — Cameron Smith (22-1): After a blazing start to 2022, we’ve seen Smith cool off a bit (including a missed cut at the U.S. Open), but he still checks way too many boxes for this event to ignore his ability to contend. You have to be creative and sharp with your wedges and putter in this championship, especially at the Old Course. Smith has an excellent short game and is a plus-value player in windy conditions; he won’t be trying to keep up with the big hitters off the tee. Smith had one bad round at the Scottish Open but still finished T10 thanks to three rounds of 68 or better. That tells me he’s links ready and poised to win his first major championship. 

Sleeper — Robert MacIntyre (80-1): The recent form is not inspiring, I’ll admit, but I’m not as focused on the three missed cuts in the last four starts as much as MacIntyre’s Open Championship experience and performance at majors in general. He’s just 25, but MacIntyre has two top-10 finishes in as many Open Championship starts and has not missed a cut in nine career major championship appearances. Outside of those two top-10s at the Open, MacIntyre’s next-best finishes have been at the Masters (T12 in 2021, T23 in 2022). Strong finishes at those championships bode well for a star on the rise, and I think the Scotland native will have something special for this week at St. Andrews.

Top 10 lock — Rory McIlroy: When a generational golf talent is having one of his best years in nearly a decade, you don’t overthink the prediction. A top 10 finish is the floor for McIlroy this week, and given his form there’s lots of different ways to get there. He could make his now-patented Sunday charge up the leaderboard or be sitting in one of the final groups with a shot to win on the weekend. Either way, it’s pacing towards McIlroy finishing in the top 10 of all four majors in a single year for the first time in his career.  

Star who definitely won’t win — Patrick Cantlay: Fading the No. 4 golfer in the world isn’t usually a safe position to take, but we just haven’t seen enough consistency with Cantaly’s finishes at majors to buy stock in him winning. In seven major starts since the beginning of 2021, Cantlay has no top-10s and three missed cuts, including one at the last Open.

Surprise prediction — The 150th Open heads to a playoff: In 2005 and 2010, it was Woods and Oosthuizen running away with the Claret Jug at St. Andrews, but I think our finish will be much tighter this year and even match the thrilling playoff finish in 2015. There’s great depth among the game’s top stars right now and the way the course concludes with No. 17, especially, and even No. 18 providing potential disasters there’s a great chance that anyone within a stroke or two of the lead is still in the mix even late into Sunday afternoon.  

Tiger Woods prediction — Early Sunday tee time with coffee golf thrills: I think we see Tiger grind his way to a made cut on Friday then ping-pong between birdies and bogeys throughout Saturday before making a mini-charge as he empties the tank on Sunday. It might not be a full round of vintage Tiger, but I think a solid Sunday gets him inside the top 30 on the final leaderboard. 

Lowest round: 65 (-7) 
Winning score: 277 (-11)
Winner’s Sunday score: 69 (-3)

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Sports

2022 U.S. Open picks, odds: Expert predictions, favorites to win from betting field at The Country Club

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The 2022 U.S. Open is fast approaching its start, so everyone in the golf world is left asking one key question: Who are you picking to win at The Country Club in Brookline, Massachusetts? A tremendous field headlines the third major of the year as the list features most of the best professionals in the world. The U.S. Open should be an epic ride from Thursday’s first round onward as the USGA returns to this site for the first time since 1988.

This year’s U.S. Open may have a massive field, but there’s a lot of momentum behind a finite list of names to capture the national championship. Rory McIlroy enters on a heater after defending his RBC Canadian Open title. Justin Thomas is looking to go back-to-back at majors coming off his second such title at the PGA Championship. Scottie Scheffler’s play has cooled off, but he’s attempting to join rarified air with a Masters-U.S. Open double. All of that is not to mention Jon Rahm hanging around and Brooks Koepka’s usual dominance at this event where he’s only been defeated by four golfers, combined, at U.S. Opens since 2017.

And then, of course, there is the Phil Mickelson and Dustin Johnson storyline. What do you do with a couple of big-time names and multiple major winners who are not playing good golf but continue to generate headlines entering a major championship? With no Tiger Woods, even more attention than usual will be on Mickelson in particular this week.

Add it all up, and it would appear that we’re in for a wild U.S. Open full of unexpected twists and turns but also a lot of familiar names atop the leaderboard. Check out our full U.S. Open TV schedule and coverage guide so you do not miss a minute of the action.

So what is going to happen this week in Brookline? Let’s take a look at a full set of predictions and picks from our CBS Sports experts as we attempt to project who will win and what will happen at the third major of the season. Odds via Caesars Sportsbook.

2022 U.S. Open expert picks, predictions

Kyle Porter, senior golf writer

Winner — Justin Thomas (11-1): He’s playing the best golf of his career and has paired an ever-present confidence that nobody in the world is better than him with a wisdom that can only be attained with age and experience. J.T. is one of the three best iron players on the planet, and his hot putter has translated to wins and near wins for the last two months. That’s not going to change this week as he pulls even with Jordan Spieth with three career major championships.

Sleeper — Davis Riley (60-1): Quietly playing some of the best golf in the world, Riley’s swing reeks of one that could claim a U.S. Open trophy. What he does best (smash irons) is exactly what you need to do best at major championships and especially at U.S. Opens. Five straight top 20s for Riley (including the PGA Championship) that I expect him to make six. 

Top 10 lock — Brooks Koepka: I’m banking on getting U.S. Open Brooks instead of “rest of the year” Brooks. He’s finished 1-1-2-T4 consecutively at this tournament and understands its rhythms perhaps better than anyone in history. Is he playing well? Not really, but he missed three of four cuts heading into last year’s U.S. Open and then nearly won it. 

Star who definitely won’t win — Dustin Johnson: The reasons here are multiple. The first is that he’s not playing particularly great golf. He also doesn’t have a win since the 2020 Masters and only has one top 10 in a PGA Tour stroke play event so far this year. Furthermore, this week has been such a circus that even D.J. has to be feeling it. He’s among those spearheading the rival LIV Golf league, and though his exterior seems to be impermeable, the din has become so loud that I’m not even sure he can ignore it. 

Surprise prediction — Thomas and Rory McIlroy duel on Sunday: I don’t know if it’s a surprise that two of the five best golfers in the world would jab each other for one of the four most coveted titles, but the dream scenario (a redux from last weekend’s Canadian Open) rarely plays out like this. It would be the perfect ending to a fortnight of madness in the golf world.

Phil Mickelson prediction — Relevance has already passed this week: We’ve already heard what we will get from Mickelson this week. He’s not playing good golf right now, and he’s certainly not going to make the cut at a U.S. Open. He hasn’t finished at the top 25 at this tournament since he nearly won in 2013.

Lowest round: 65 (-5)
Winning score: 278 (-2)
Winner’s Sunday score: 70 (E)

Patrick McDonald, golf writer

Winner — Patrick Cantlay (25-1): The major championship record is poor, but take out his missed cuts at the PGA Championship and The Players Championship, and Cantlay has unbelievable this year. In those 10 starts, he has a win, two playoff losses, three top-five finishes and another top 10. I love the reigning PGA Tour Player of the Year when we get him on a golf course where off the tee prowess will be influential in determining the winner. He has the complete package, and it is time for him to shed the monkey off his back.

Sleeper — Corey Conners (45-1): He was a semifinalist at the 2013 U.S. Amateur, which is nice, but the current state of the Canadian’s game is tailor made for a U.S. Open. Accurate off the tee and deadly with his irons, Conners has experienced an uptick in his short-game numbers the past three months. If he can convert enough of those crucial up-and-down saves, he should be right there come Sunday.

Top 10 lock — Shane Lowry: Lowry’s first taste of major championship contention was the 2016 U.S. Open at Oakmont. Ever since, I have believed his game to be perfect for the sternest examination in golf. He is in the midst of some of the best form of his life, and the consistency in which he hits fairways and greens in regulation will allow him to be a factor at The Country Club. 

Star who won’t win — Cameron Smith: Accuracy hasn’t mattered all too much in recent U.S. Opens, but this year will be different. If this theory holds substance, the Australian will struggle as he regularly loses strokes off the tee due to his waywardness with driver in hand. Smith has contended in the first two majors of the year so this comes with a high level of risk, but I could see the world No. 6 playing defense from the start.

Surprise prediction — Rory McIlroy misses the cut: I have McIlroy missing the cut one out of every five times, so there is some value in his prop if you choose to indulge. The four-time major champion was runner-up at the Masters, first-round leader at the PGA Championship and all signs point to him grabbing No. 5 at The Country Club. It was an exhausting week in Canada, and while his play is beginning to mirror that of 2014, the occasional mental lapse and inaccuracy off the tee could spell trouble for him. 

Phil Mickelson prediction — Missed cut despite positive fan response: With two spicy takes out of the way, we now go to something much more bland. The perception around Phil isn’t great at the moment, but I expect the Boston fans to welcome him with open arms — outside of the occasional heckler. Despite this, let us remember that this is a 52-year-old who has only played three competitive rounds in the last four months and showed considerable rust in London.

Lowest round: 66 (-4)
Winning score: 278 (-2)
Winner’s Sunday score: 70 (E)

Who will win the U.S. Open, and which long shots will stun the golfing world? Visit SportsLine now to see the projected leaderboard and best bets, all from the model that’s nailed eight golf majors and is up over $9,500 since the restart.

Kyle Boone, writer

Winner — Cameron Smith (18-1): Brookline is going to demand precisely what Smith can bring: a killer short game for its lightning-quick greens and precision off the tees for the numerous blind shots golfers will be making this week. Smith is third on the PGA Tour this season in strokes gained approach and 11th in strokes gained with the putter. If he plays his game, he’ll be in the mix, and we’ve already seen him this season hang with the big dogs with wins at The Players Championship and the Sentry Open plus top-five finishes at the Masters and the RSM Classic.

Sleeper — Mito Pereira (55-1): With eight top 25 finishes in 21 events on the season, the 27-year-old Pereira is quietly putting together a breakout year in what is effectively his rookie campaign. Three times he’s finished among the top 10, including twice in his last three outings. One of those ended in heartbreak, as he held the lead walking to hole No. 72 at the PGA Championship before giving up the lead thanks to a bungled drive. Nonetheless, Pereira is a name who could — but should not be — overlooked this week given his play to this point. At 55-1, he qualifies as one of the most capable underdog contenders in this year’s U.S. Open field.

Top 10 lock — Rory McIlroy: It feels like this week is setting up to be a Rory coronation. On top of a win at the Canadian Open last weekend, he’s got top-10 finishes at three of his last four events: the Masters, Wells Fargo Championship and PGA Championship. At this point, it’s not a fluke: McIlroy has found his form and is hitting stride at the right time. He’s the favorite for a reason this week and finishing top 10 should be the floor.

Star who definitely won’t win — Dustin Johnson: If you haven’t caught the news lately, D.J. these days may be a tad, well, distracted. He became the first major domino to join the LIV Golf tour for a reported $125 million, and he subsequently withdrew his PGA Tour membership. There’s a lot going on in his world. On the course, there’s reason to suggest the former world No. 1 won’t win. He finished six strokes off the leader at LIV’s first event, which featured a weak field. And in the PGA Tour season, he had more missed cuts than top 10s on the year.  

Surprise prediction — Sam Burns finishes in the top five: Burns is 25-1 to win straight up. Do not hate those odds one bit, but a top-five finish is a much safer wager. Since winning at the Valspar Championship in March, he has two top-five finishes and another win (at the Charles Schwab two weeks ago). He’s also coming in to the weekend with a T4 at the Canadian Open where he was able to hang tough with the likes of Thomas, Shane Lowry and Scottie Scheffler.

Phil Mickelson prediction — Missed cut: Lefty shot 10 over in three rounds last weekend, his first competitive action since a months-long hiatus that began in February. There’s no reason to expect he’ll do anything but miss the cut. Even before his time away, he missed cuts in his last two outings. He’s a long ways away from finding the same form that helped him win at the PGA Championship in stunning fashion a year ago.

Lowest round: 64 (-6)
Winning score: 267 (-13)
Winner’s Sunday score: 68 (-2)

Jacob Hallex, First Cut producer

Winner — Rory McIlroy (10-1): The oddsmakers have McIlroy pegged as the favorite. I think they’re right on. We’ve seen glimpses of his greatness throughout this season: the Sunday 64 at Augusta National, his first-round statement at the PGA Championship. Rory is generational driver of the golf ball who was able to win last week at another classic course, albeit that one had less penal rough. Another major win is coming for McIlroy at some point; it just has to, right? The last player to win on the PGA Tour and follow it with a major victory was McIlroy himself back in 2014 where he won WGC-Bridgestone ahead of his PGA victory at Valhalla.

Top 10 lock — Cameron Smith: You can write it in ink that Smith will be on my betting card for the foreseeable future. The driver is always a concern, which is why I’m less bullish on the outright win, but his iron-game, putting and ability to get the ball up and down from seemingly anywhere makes me think a top 10 is in play. He’s had his fair share of struggles at U.S. Opens in the past with only a T4 as the standout finish. That came in 2015 at Chambers Bay, a course quite different from the typical U.S. Open venue. Still, I will stick to my conviction. I believe he is the best player in the world without a major, so let’s take him for a top-10 finish.

Star who definitely won’t win — Brooks Koepka: Brooks might be past his prime in the majors. Please nobody show him this because this is the exact thing he would use as motivation to go out win another U.S. Open. The reality is that the results just haven’t been there for him this year, and he hasn’t been playing much at all. He might have played some competitive rounds during his bachelor party, but since I can only see what he did at the PGA and Masters this year, I’ll pass on Koepka as a legitimate contender.

Surprise prediction — Louis Oosthuizen makes a run: Oosty might come into the week as LIV Golf’s top contender. Driving accuracy is an asset at classic courses the USGA loves, and you won’t find many more accurate drivers than Louis. He’s finished inside the top 10 each of these past three seasons. While he is 65-1 to win this week, it be worth a tiny sprinkle if you’re inclined. 

Phil Mickelson prediction — Missed cut: This won’t be much of a surprise, but it feels like Phil is going to miss the cut. His press conference Monday looked like an obligation of which he hated every minute. Showing up this week and playing feels like another obligation, but he can’t exactly miss the U.S. Open given it’s the lone hole in his stellar career. The weight of the golf world is on his shoulders, and it’s a burden he went out of his way to carry. That much external pressure can’t bring success on the golf course, especially considering his previous kerfuffles with the USGA.

Lowest round: 66 (-4)
Winning score: 264 (-6)
Winner’s Sunday score: 69 (-1)

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Sports

Expert picks and betting tips for the 2022 U.S. Open

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7:00 AM ET

  • ESPN staff

The 2022 U.S Open Championship returns to Brookline Country Club in Brookline, Massachusetts, for the first time since 1988, with a loaded field of 156 golfers vying for the top 60 spots to advance. 2011 U.S. Open winner Rory McIlroy enters the weekend as the favorite after winning the RBC Canadian Open last weekend. McIlroy will have to beat out a tough field including defending champion Jon Rahm, PGA Championship winner Justin Thomas and Masters winner Scottie Scheffler.

Where is the betting value? Will the favorites prevail? Our golf and betting experts break down the field for the third major of the year.

Jump to a section:
Experts’ picks to win | Betting value picks to win | Notable golfers odds | Props and more

Expert picks

Matt Barrie, ESPN
Winner: Rory McIlroy

Charlotte Gibson, ESPN.com
Winner: Will Zalatoris

Andy North, ESPN
Winner: Justin Thomas

Mark Schlabach, ESPN.com
Winner: Shane Lowry

Marty Smith, ESPN
Winner: Tony Finau

Curtis Strange, ESPN
Winner: Cameron Smith

Wright Thompson, ESPN.com
Winner: Dustin Johnson

Paolo Uggetti, ESPN.com
Winner: Rory McIlroy

Tom VanHaaren, ESPN.com
Winner: Rory McIlroy

Scott Van Pelt, ESPN
Winner: Will Zalatoris

Kevin Van Valkenburg, ESPN.com
Winner: Will Zalatoris

Josh Weinfuss, ESPN.com
Winner: Scottie Scheffler

Betting value picks to win

Our betting experts give you picks to win based on value. We look at the betting board and tell you who has the best chance to cash your ticket.

Michael Collins, ESPN senior golf analyst
Winner: Sam Burns (25-1)

Why he’ll win: Burns has three wins already this season and is hot coming off his past three starts. At 25-1, he has plenty of value in a stacked field.

Anita Marks, ESPN betting analyst
Winner: Sungjae Im (40-1)

Why he’ll win: Im plays well on the big stage (T-2 and T-8 at the Masters, T-17 at the PGA Championship). He checks many of the boxes when looking at the metrics needed to win at Brookline, ranking 29th in driving accuracy, seventh in greens in regulation and third in scrambling this season.

David Bearman, sports betting deputy editor, ESPN.com
Winner: Justin Thomas (11-1)

Why he’ll win: Thomas turned in another incredible performance last week in Canada with a 63-64 weekend to almost chase down Rory McIlroy. He is third on tour tee-to-green and shots gained overall, 6th on approach and 14th off the tee. Thomas is arguably the hottest golfer on tour right now and finally got past the “second major” drought last month. No. 3 should be in the cards this weekend.

Chris Fallica, ESPN betting analyst
Winner: Dustin Johnson (40-1)

Why he’ll win: Johnson is a past U.S. Open champion and has enjoyed a stretch of five top-six finishes in seven years. This course will mandate long, accurate play off the tee, and that’s right up DJ’s alley. He hasn’t had the best of years, but at this price, he’s absolutely worth a play.

Tyler Fulghum, ESPN betting analyst
Winner: Xander Schauffele (22-1)

Why he’ll win: Schauffele has never won a major but has always been in contention at the U.S. Open. He’s played the event five times in his career and has a T-5, T-6, T-3, 5 and T-7. Schauffele always seems to play his best when the conditions are most treacherous and the field is the deepest. It’s time for the X-Man to breakthrough with his first major win.

Joe Fortenbaugh, ESPN betting analyst
Winner: Shane Lowry (35-1)

Why he’ll win: Lowry just produced a T-10 in Canada to go with his T-3 finishes at both the Masters and RBC Heritage and outright second-place result at the Honda Classic. He currently ranks ninth on tour in strokes gained: approach the green, which is integral at a track like Brookline with postage stamp greens.

Odds of winning the 2022 U.S. Open

Props and more

Our betting experts have more than just bets to win. Here are some props to target for the entire event, from top 10s to made cuts to tournament matchups.

Dustin Johnson top-10 finish (+400)
Bearman: This pick isn’t about the LIV Tour, but about getting 4-1 top-10 value on a former No. 1 player in the world, who has a strong résumé of playing well on Northeast courses. He has six top 10s at the U.S. Open, including a win in 2016. He hasn’t been great this year at all, but if he brings his A-game and golfs with a chip on his shoulder, this could cash as well as the 40-1 payout to win.

Collin Morikawa top-10 finish (+175)
Bearman: I’ll be playing Morikawa to win and top-10 as he is arguably the tour’s premier ball-striker and this course demands that type of game. His struggle has always been the putter, but Morikawa figured it out at the two previous majors. This course is tailor-made for a guy fifth on approach and 20th off the tee, and a third leg of grand slam is not out of the question.

Bryson DeChambeau top-5 finish (+800)
Collins: DeChambeau is healthy and surprisingly under the radar this week. This is a literal “bang for the buck” bet. He’s going to try to do what he did at Winged Foot to win that U.S. Open.

Playoff to Decide the Winner (+310)
Collins: Media members hate hearing the word playoff in golf, but this week has all the potential for a three- to four-man playoff. A lot of guys look like their games are peaking right now.

Xander Schauffele top-10 finish (+225)
Fallica: While Schauffele hasn’t broken through for a major championship win, he’s excelled on U.S. Open courses. He has posted five Top 10s in each of his five appearances, with three top-fives. Schauffele ranks seventh in strokes gained: tee-to-green and ninth in strokes gained: total. That well-rounded game should yield another strong weekend at the U.S Open.

Viktor Hovland to miss cut (+225)
Fallica: Hovland doesn’t have a Top 20 in a stroke play event since March and has never finished in the Top 10 in a major. He’s also terrible around the green — 204th in strokes gained around the green — and given the small size of these greens, that could spell trouble for him this weekend.

Max Homa top-20 finish (+160)
Marks: Homa’s first two tour wins were both on major championship quality courses. He T5 at the Memorial — where he only needed 99 putts that week, and T-13 at the PGA Championships last month.

Adri Arnaus top-40 finish (2-1)
Marks: Arnaus has the distance to compete this week. He has dominated the DP World Tour, finished T-30 at the PGA Championship, and is the second-best player from Spain, behind Jon Rahm.

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Business

Cryptoverse: The early birds betting bitcoin’s bottoming out

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A bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo

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June 7 (Reuters) – As the crypto winter creeps into June, the first signs of a thaw are emerging.

Some investors are now betting that bitcoin is bottoming out, judging by the money heading into listed cryptocurrency funds, which represent just a slice of the market yet are popular among institutional and retail players alike.

Overall flows into such funds turned positive last month, with a weekly average inflow of $66.5 million, a reversal from a dismal April when they saw a weekly average outflow of $49.6 million, according to data provider CryptoCompare.

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“It’s largely institutional, and to a degree retail investors, recognizing that the pain is already endured, and we’re closer to the bottom than we are to the top,” said Ben McMillan, chief investment officer of Arizona-based IDX Digital Assets.

“If you’re getting into crypto at these levels, a little near-term volatility could be worth a long-term payoff,” he added. “A lot of institutional investors are starting to look at crypto as a source of longer-term growth potential.”

It’s hard to know whether the tentative flows will last, though, or if the nascent trend will be replicated across the wider market.

Many people will also think twice before piling into the market again, having been mightily clobbered as crypto was buffeted by worries over global monetary tightening and rising inflation. Bitcoin has lost roughly half its value since a November peak, it is down by a third in 2022 and has been languishing at around $30,000 for a month.

The data from funds nonetheless indicate some investors are returning to crypto, albeit into the perceived safety of exchange-traded products (ETP) with their promise of greater liquidity and security.

The assets under management of several bitcoin-futures ETFs have risen in the past week, according to Kraken Intelligence. The assets of the ProShares Bitcoin Strategy ETF’s have grown 6%, while those of the Global X Blockchain & Bitcoin Strategy ETF (BITS.O) and VanEck Bitcoin Strategy ETF have climbed over 3%.

BY comparison, ProShares’ bitcoin fund saw outflows of over $127 million in April.

The bullish trend has extended into June, with global bitcoin ETP holdings jumping to an all-time high of 205,008 bitcoin in the first two days of the month, Norway-based crypto research firm Arcane Research found.

“This is a promising sign for what’s to come,” said Arcane analyst Vetle Lunde.

In an indication investors are being selective and cautious, only bitcoin funds have received inflows while funds focused on ethereum and other crypto still experienced outflows.

Reuters Graphics
Reuters Graphics

STILL IN THE RED

But let’s not forget, while the fortunes of some funds may potentially be turning up, most have posted poor returns this year as the crypto market has tanked.

U.S. digital assets funds have lost 46% on average so far in 2022, posting losses of 22% in May, according to Morningstar.

All listed digital asset investment products tracked by CryptoCompare lost money in May, with the worst performer being Grayscale’s Digital Large Cap Fund product, with a 38.5% fall.

“Bitcoin has been rangebound in concert with the broader market activity of late, investors are looking for a bottom and are uncertain where that is,” said Jack McDonald, CEO of PolySign, which specializes in digital asset custody solutions for institutional investors.

Shares of the Grayscale Bitcoin Trust (GBTC.PK) one of the biggest bitcoin funds with over $19 billion in assets, are trading at a 29% discount to net asset value, around its steepest discount since inception and indicative of low demand for the product.

And despite the pick up in May, many market watchers expect inflows to crypto funds to remain subdued until macroeconomic and regulatory risks become more clear.

“We’re waiting for a high conviction bid to come back into the markets,” added McMillan at IDX. “There’s still a lot of wood to chop on the macro front.”

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Reporting by Medha Singh and Lisa Pauline Mattackal in Bengaluru
Editing by Vidya Ranganathan and Pravin Char

Our Standards: The Thomson Reuters Trust Principles.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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Sports

2022 PGA Championship picks, odds: Expert predictions, favorites to win in betting field at Southern Hills

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With the 104th PGA Championship fast approaching, the key question everyone’s asking is the same across the golf world: Who are you picking to win at Southern Hills? With a tremendous field featuring most of the best professionals in the world, the second major of 2022 should be an epic ride from Thursday’s first round onward as the PGA returns to this site for the first time in 15 years.

This year’s PGA Championship is as wide-open as any recently, especially since there’s no defending champion in the field. There are no single-digit favorites entering Round 1, and perhaps only Scottie Scheffler enters as the player to beat given his tremendous, career-making start to the season. With Jordan Spieth and Jon Rahm recently making waves, both will surely be popular picks as the event gets underway.

And then, of course, there is the Tiger Woods conundrum. What do you do with a 15-time major champion who flashed over 18 holes at Augusta National only to post his two worst rounds at the course over the weekend in the last golf he has played entering the PGA? Woods is set to tee it up in a superstar field alongside Spieth and Rory McIlroy, so you can bet plenty will have action on him. Check out when those three will hit the course as part of the complete Round 1 tee times.

Add it all up, and it would appear that we’re in for a wild PGA Championship week full of unexpected twists and turns but also a lot of familiar names atop the leaderboard. Follow live coverage of Round 1 from the PGA Championship.

So what is going to happen this week in Tulsa, Oklahoma? Let’s take a look at a full set of predictions and picks from our CBS Sports experts — along with a full slate of PGA Championship odds and a ranking of the top of the field — as we attempt to project who will win and what will happen at the second major of the season. Odds via Caesars Sportsbook

2022 PGA Championship expert picks, predictions

Kyle Porter, senior golf writer

Winner — Shane Lowry (28-1): I’ve been trying to push away the idea of Lowry stealing a major championship out from underneath Jordan Spieth, Rory McIlroy and Justin Thomas, but I can’t resist it any longer. Lowry has been a top-five ball-striker so far in 2022 (Jon Rahm, Viktor Hovland, Will Zalatoris and Justin Thomas are the other four), and he’s an elite iron player with a tremendous short game who played quite well at the Masters. The only thing not to like is that he’s not often talked about as a star or superstar of the sport. This week might change that.

Sleeper — Max Homa (55-1): Am I concerned about the fact that he hasn’t even sniffed a top 10 throughout his career? I am. Am I encouraged by the fact that he’s never played golf this well in his entire life and comes in off the momentum of a win at the Wells Fargo? I am. The 55-1 number is compelling, especially since Homa has been a top-seven ball-striker since Jan. 1. If the short game complies, he’s going to be in it.

Top 10 lock — Rory McIlroy: McIlroy is playing great from tee to green, but it’s actually his touch around the greens that has caught my attention. He ranks No. 1 of everyone in this field since the start of the year in strokes gained around the greens and is coming into this tournament off a pair of top-five finishes (Masters and Wells Fargo Championship). I don’t know that he’s going to win, but I feel extremely confident that McIlroy is in for a big week.

Star who definitely won’t win — Jon Rahm: Picking Bryson DeChambeau or Tiger Woods would have been cheating here, so I’ll go with Rahm, which might be flying a bit too close to the sun. From tee to green, he’s been tremendous, but the short game has fallen off this year, and that’s concerning going into a major championship that’s going to demand a lot of it.

Surprise prediction — Spieth’s putter costs him: This won’t be surprising to those who have been paying attention for the last few months, but if you haven’t, you might be surprised to find out that Spieth is not a good putter right now. Though he’s going to hit the ball well, it’s the magical Scotty Cameron that’s going to let him down in his bid for the career slam.

Tiger Woods prediction — Finishes slightly better than at Augusta National: Big Cat created the bar at this year’s Masters when he made the cut and finished in the top 50, and now that’s what will (rightly) be expected going forward. I still don’t think he has any chance of winning this championship, but he does look stronger and fitter than he did at the Masters, and I think the result will end up being a bit better as well.

Lowest round: 64 (-6)
Winning score: 270 (-10)
Winner’s Sunday score: 67 (-3)

Patrick McDonald, golf writer

Winner – Hideki Matsuyama (28-1): Firm and fast conditions — where iron play and around-the-green prowess are required — scream Matsuyama to me. The 2021 Masters champion already has two wins on the season and finally looked like his normal self at the AT&T Byron Nelson after suffering from a neck injury. The key will be his putter — as it so often is — but these bent grass greens should be to his liking. He has nine top-26 finishes in his last 10 major championship appearances and possesses one of the higher floors among the game’s elites. Deki grabs major No. 2 this week.

Sleeper — Talor Gooch (100-1): He’s a former Oklahoma State Cowboy, so we have that narrative crossed off the list; but in all seriousness, Gooch’s statistical profile should fit Southern Hills. A top-notch iron player and a capable scrambler, the 30-year-old ranks seventh in this field in total strokes gained over his last 50 rounds. He finished in a tie for 14th at Augusta National in his Masters debut and has played long difficult golf courses like Torrey Pines, Quail Hollow and Memorial Park well.

Top 10 lock — Dustin Johnson: I honestly like him to win, but Johnson will be the name at the top odds board, which will drift as the week progresses. Patience is a virtue as no one will touch him when sandwiched between Collin Morikawa and Spieth. It’s been a quiet year for the two-time major winner however that is not to say it has been an unproductive one. The 37-year-old looked sharp at Torrey Pines, tied the course record at TPC Sawgrass and made a deep run in the match play at Austin Country Club. He is consistently a factor in the U.S. Open and this week should play like one.

Star who definitely won’t win — Viktor Hovland: The term “star” implies a top-10 player in the world, and Hovland is the one I’ll be picking on. Could he ball-strike his way to victory? Absolutely. Yet, when he inevitably does miss a green in regulation, his chipping deficiency will rear its ugly head. The world No. 6 ranks 210th out of 210 players on the PGA Tour this season in strokes gained around the green, so if he is able to win with that in his arsenal, I will gladly tip my cap to him.

Surprise prediction — Brooks Koepka contends for major No. 5: The artist formerly known as “big game hunter” has gone missing in 2022. His four missed cuts have come at arguably the four most notable courses the PGA Tour travels to in the spring when looking at Torrey Pines, Riviera, TPC Sawgrass and Augusta. It doesn’t matter where it takes place, though, Koepka is always a factor at the PGA Championship. In nine appearances, he has two wins, three top-fives and two top-15 finishes. Injuries and final round woes are a concern but that hasn’t stopped Koepka from contending in the past.

Tiger Woods prediction — Misses the cut: This ought to go over well. The PGA Championship is far different from the Masters where only 70 players had a realistic chance to make the cut. I’ve read the quotes. I know he’s getting “stronger.” Still, difficult major championship setups have eaten Tiger’s lunch in recent memory. Since 2018, he has missed the cut in four of eight major appearances when removing his play at Augusta. Southern Hills is going to be a stern examination and I’m not sure Woods will convert enough momentum-saving pars to pass the test. *ducks for cover*

Lowest round: 65 (-5)
Winning score: 275 (-5)
Winner’s Sunday Score: 69 (-1)

Who will win the PGA Championship, and which long shots will stun the golfing world? Visit SportsLine now to see the projected PGA Championship leaderboard, all from the model that’s nailed eight golf majors, including this year’s Masters.

Kyle Boone, writer

Winner — Jon Rahm (12-1): Rahm hasn’t quite played at the level this season that maybe he did the last few seasons, and yet … last we saw of him he was winning on Mexico’s soil. He’s still got it. He ranks first on the PGA Tour this season in strokes gained off the tee, which should serve him well at Southern Hills, and he should be in the mix down to the end if the other nuances of his game come together. If I can bet on his putter to break through, I’ll happily do that.

Sleeper — Jason Day (70-1): It’s been a rollercoaster season for 34-year-old Day, but he enters the week having played some really strong golf of late with two top-15 finishes in his last three outings. He’s been a notoriously fast starter in that span, too, and if he can continue that trend, it wouldn’t be totally surprising to see him keep that pace up on a course that may be gettable with favorable conditions leading into the weekend.

Top 10 lock — Scottie Scheffler: The tourney favorite? 11-1 odds? Winner in four of his last eight outings? Yes, please! Sure, it’s probably a cop-out, but Scheffler feels like a lock to be in contention this week. He’s said in the past that Southern Hills is one of his favorite courses, and it sets up well for him this week.

Star who definitely won’t win — Brooks Koepka: He’s something of a wild card entering the week — we’ve not seen him since the Masters — but based upon that appearance, it’s hard to feel confident in his chances this week. He turned in matching 75s and missed the cut at Augusta, and after that showing, it wouldn’t be surprising to see him again this week eject before the weekend. 

Surprise prediction — Bryson DeChambeau makes the cut: He’s coming off surgery, and who knows in what form he’ll arrive back on the scene? Still, I can’t imagine he’d dive back in — even at a major — unless he felt well enough to really compete. His distance off the tees could be a big edge on a course like Southern Hills, too.

Tiger Woods prediction — Finishes outside the top 20: If we learned anything from his Masters appearance, it’s that physically it gets more challenging for him as the week goes on. I think he’ll start strong and make the cut but again wear down as the weather warms up and as the grind of walking this course catches up to him. 

Lowest round: 63 (-7)
Winning score: 267 (-13)
Winner’s Sunday score: 68 (-2)

Jacob Hallex, The First Cut producer

Winner — Cameron Smith (22-1): The knock against Smith has always been his lack of control off the tee. Guess what? This course has wide fairways and short rough that should mitigate disaster. He’s won a big-time event in The Players in challenging conditions. The metrics are off the page, too. After Scheffler, might be able to make the argument Smith is the second-best golfer of the calendar year. He’s a top-10 player in stroke gained approach and putting. The guy is great at scrambling around greens, which will come in handy when winds blow approach shots off-target. He leads the tour in par-5 scoring, which is crucial when it comes to major championships. What’s buoyed that is his fantastic approach game from long distances. The Aussie is 3rd on the PGA Tour in approaches from 150-175 yards and eighth in approaches from 175-200 yards. You’re telling me I can bet this guy and get “2” in front of his odds? Sign me up!

Sleeper — Alex Noren (100-1): You want a Scandinavian Oklahoma State player not named Viktor to contend this week? Let me sell you on Noren. The Swede is an excellent wind player with a super favorable draw. He goes off No. 10 first thing on Thursday morning, and it won’t be shocking to me if he’s able to get out there, post a score and coast into the weekend as conditions get tough for afternoon players. He’s coming off a T12 at the AT&T Byron Nelson and gained shots in all categories. Noren has gained strokes in every single individual event played this year except The American Express.

Top 10 lock — Matt Fitzpatrick: I love me some Fitzpatrick this week. He is a player that always thrives in tough conditions, especially when winds kick up. This course seemingly sets up great for him with an emphasis on great approach play. I love the fact he is coming off a T2 at the Wells Fargo Championship in what was also a grind of an event. A top 10 ticket would have cashed in five of his past eight events played. I.gave out a top-20 pick at +170 on The Early Edge this week; if you want to bet him inside the top 10, you can get a tasty +350 payout. 

Star who definitely won’t win — Jordan Spieth: Don’t let Kyle see this … I’m not buying the Spieth hype this week. It’s really tough to make a call on a star that won’t win, because let’s be honest, everyone in the top 20 of the odds board is worth a solid argument. Spieth still scares me with the putter. It feels like we’re always going to get at least nasty three-putt per round. He’s been a negative or neutral putter in the vast majority of rounds this season. 

Surprise prediction — Patrick Cantlay will be in contention: It’s time for Cantlay to compete in a major. He is an excellent PGA Tour player … but that doesn’t make him great at major championships. His last top-10 finish at a major came at the 2019 PGA Championship. Since then, he’s racked up three great victories since June of last year including two playoff events and the Memorial — all elevated events. 

Tiger Woods prediction — Misses the cut: This is what I call a classic hedge against happiness. I’ll take Big Cat to miss the cut entirely. I think the reports of hot weather look over the wind chill we’ll see this week. Last week on The First Cut podcast. Rick Gehman mentioned eventually we’ll see cyborg pitchers in MLB. Golf already has a cyborg in Woods with how much metal is in his body. Tiger is coming off a made cut at Augusta National, but I don’t put much stock in it as he could play that course blindfolded and break 80.

Lowest round: 66 (-4)
Winning score: 272 (-8)
Winner’s Sunday score: 68 (-2)

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Sports

Kentucky Derby sets record for betting handle

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The most-heavily-bet Kentucky Derby ever was won by the biggest long shot in the field.

A record $179.0 million was bet in the pari-mutuel pool on Saturday’s Kentucky Derby, a 17% increase over last year and 8% greater than the previous record set in 2019, according to the Churchill Downs. Only $501,135 of the total amount wagered on the win pool was on Rich Strike, the lowest of any horse in the field, according to figures released by the track.

Rich Strike, who went off at 80-1, sprinted past favorites Epicenter and Zandon in the final moments to pull off the second-largest upset in the race’s 148-year history Saturday at Churchill Downs.

Rich Strike was an even bigger long shot in Nevada, where sportsbooks had offered odds on the Kentucky Derby winner since early in the year. Rich Strike could be found as long as 300-1 in March and at 200-1 on Saturday at Las Vegas sportsbook Circa. The long odds attracted a flurry of late bets on Rich Strike, turning what was a big win for most Nevada bookmakers into a small loser for Circa.

“People love the longest shots on the board, so we took a lot of little bets [on Rich Strike], $25, $50, here and there,” Paul Zilm, a risk supervisor who oversees Circa’s horse racing offerings, told ESPN. “It turned it into a small loss for us.”

Rich Strike wasn’t even in the Derby field until Friday after a late scratch. Circa re-added the colt to its post-draw pool on Friday morning. Zilm estimated that he took 75-100 bets on Rich Strike, many placed in the last 15 minutes prior to the race in 125-1 to 150-1 range, nearly double what the track odds were.

“That added up quickly, but if I did it all over again, I probably wouldn’t change much,” Zilm said. “Long-shot bettors got their wish.”

Jim “Mattress Mack” McIngvale, the Houston furniture store owner known to make big bets, wasn’t as lucky. McIngvale told the Las Vegas Review-Journal that he lost $2.6 million betting on the Derby, $1.5 million of it on a straight bet on favorite Epicenter to win. McIngvale used his big bets on the Derby to mitigate at promotion at his furniture store, Gallery Furniture, that offered to refund purchases of at least $3,000 if the favorite won the Kentucky Derby.

While Circa Sports came up on the short end, other Las Vegas sportsbooks did well on Rich Strike’s upset. The SuperBook at Westgate Las Vegas said it took “maybe 10” bets on Rich Strike to the win the Derby in its futures pool.

“[We] held almost the whole pool,” Ed Salmons, vice president of risk management at the SuperBoook, told ESPN.

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Business

Buffett Is Betting Big On Oil And Gas Stocks

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For decades, Berkshire Hathaway (NYSE:BRK.B) Chairman and CEO Warren Buffett maintained a pretty conservative approach to investing, favoring retail and banking stocks while giving a wide berth to more volatile sectors such as tech and energy. In fact, big American banks have been Warren Buffett’s favorite investment because they are part of the infrastructure of the country, a nation he continually bets on. 

As recently as late 2019, Berkshire had large stakes in four of the five biggest U.S. banks, with Wells Fargo remaining Buffett’s top stock holding for three straight years through 2017.

But Buffett appears to have changed his investing ethos quite dramatically over the past couple of years, taking new multi-billion dollar stakes in energy and computer corporations while shunning the banking sector.

After the onset of the coronavirus pandemic in early 2020, Buffett unloaded Wells Fargo (NYSE:WFC), JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) on the cheap, despite many stocks in the sector becoming significantly cheaper to own.

“I like banks generally, I just didn’t like the proportion we had compared to the possible risk if we got the bad results that so far we haven’t gotten,” Buffett told investors at last year’s shareholder meeting.

Various analysts have shared their takes on Buffett’s banking divestments.

“What this is telling you is, he thinks we need to batten down the hatches because we’re looking at a long cycle of inflation and probably stagnation. Banks are very cyclical, and all indications are that we’re in a high inflation, high rate environment for a while. What that typically means is that lending activity is going to be compressed and investment activity is going to be depressed,” Phillip Phan, a professor at the Johns Hopkins Carey Business School, has told CNBC.

Despite rising interest rates this year, which typically boost banks because lending margins improve, the banking sector has been hammered: WFC is down 14.0% YTD, JPM has cratered 26.2% while GS has lost 22.7% on concerns that the U.S. economy could stall as the Fed combats inflation with interest rate hikes.

Buffett’s Energy Investments

Buffett has been doubling down on his energy investments while trimming his banking holdings despite oil and gas stocks being at multi-year high valuations.

To wit, the legendary investor has added new shares in red-hot E&P companies Occidental Petroleum Corp. (NYSE:OXY) and Chevron Inc. (NYSE:CVX) despite both currently trading at multi-year highs.

According to Berkshire’s latest 13F filing, the company bought 118.3M OXY shares in multiple transactions from March 12 to March 16, bringing its stake in OXY to 136.4M shares, or ~14.6% of its shares outstanding. Berkshire also owns OXY warrants granting the right to acquire some 83.9M additional common shares at about $59.62 each plus another 100,000 OXY preferred shares. Earlier, Berkshire revealed that it purchased about 9.4 million shares of oil titan Chevron in the fourth quarter, boosting its stake to 38 million shares currently worth $6.2 billion.

OXY has more than doubled over the past 12 months, while CVX is up 50%, with both stocks trading near multi-year highs. But, obviously, Buffet thinks they still have plenty of upside judging by the huge positions opened by his investment conglomerate.

Buffett is hardly alone.

Related: How 3D Printers Could Transform The Energy Industry

OXY CEO Vicki Hollub has snapped up OXY shares in the open market, even as shares trade near three-year highs. According to an SEC filing, Hollub paid $798K on March 28 for 14,191 OXY shares at an average price of $56.24, raising her holdings to 467,282 shares and an additional 23,390 shares through a savings plan. Hollub last bought OXY shares on the open market nearly three years ago, when she paid $1.8M for 37,460 shares at an average $48.15/share on June 10, 2019.

Wall Street is enthralled by OXY, too.

Raymond James analyst John Freeman recently raised his OXY price target to $85 from $60, setting a new Wall Street high. That’s good for nearly 50% upside.

OXY has 9 Strong Buy ratings; 2 Buy, 13 Hold, 1 Sell and 1 String Sell ratings on Wall Street.

Meanwhile, Shale player APA Corp. (NYSE:APA) has popped to a 52-week high after Mizuho upgraded shares to Buy from Neutral with a $56 price target, up from $38, saying the company is in a “unique spot” among oil and gas producers. 

Mizuho says APA has a “clear plan for 10%-plus cash return 2022-24 at current oil prices along with near-term growth (Egypt) and longer-term development (Suriname) catalysts outside the U.S.“

“Energy is the only sector that is seeing quality, growth, and momentum scores improve simultaneously while maintaining an attractive value and income profile,” JPMorgan’s Dubravko Lakos-Bujas has told Business Insider, adding that current estimates are conservative and understate the strong macro fundamentals going forward.

According to JPM, the energy sector still has considerable upside despite its massive runup over the past year. JPM says that a combination of rapid earnings growth and re-ratings for key multiples will help drive further upside in the sector.

A final note: oil stocks remain undervalued, with the S&P energy sector still lagging far behind its 2014 levels from the last time oil crossed $100 per barrel.

By Alex Kimani for Oilprice.com

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Sports

2022 NBA Playoffs – Betting Tips for Saturday’s Game 1 matchups

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Jump ahead: Game of the night | Picks and props | Analytics edge

What you need to know for Saturday’s playoff games

Losing Luka: The Mavericks will be without Luka Doncic for Saturday’s matinee matchup with the Jazz. Jalen Brunson sees his usage and assist rates swell to star levels whenever Doncic is off the floor. The Villanova product has averaged 22.1 points and 7.5 assists per 36 minutes with Doncic off the court this season, compared to 18.4 and 5.4 with him on. In addition to Brunson, scoring microwave Spencer Dinwiddie has shined in such scenarios; his usage rate spikes a team-high 9.1% to go with an uptick of 13 DraftKings points per 36 minutes with Doncic off the floor. Center Dwight Powell, on the other hand, sees his scoring clip dip significantly whenever Doncic isn’t on the court.

Steph Effect: Steve Kerr joked Stephen Curry is not playing 38 minutes in Saturday’s return from a foot injury, but wouldn’t go into specific limitations for his superstar guard. A notable outcome of Curry’s likely return is how extreme Jordan Poole’s splits prove with his teammate this season. The Most Improved Player candidate has averaged 25.1 points, 5.8 dimes and 10.3 3-point attempts per 36 minutes with Curry off the court, but his rates dip to 18.2, 3.5 and 7.6 when they share the floor. If Curry can return to form, it’s relevant that Denver has ceded 50.2 DraftKings points per game to point guards this season, fourth most in the league.

Point Forward: Without a true traditional point guard, the Toronto Raptors often disperse distribution duties between a few key playmakers. Forward Pascal Siakam has been particularly dominant against the 76ers this season, posting his third career triple-double in a victory just a few weeks back. Serving as a creator for Toronto against a Sixers team he has averaged 8.3 dimes against this season makes Siakam’s passing prop of 4.5 assists stand out, as does his potential to flirt with tourney-tilting DFS production.

Swat Watch: The Grizzlies’ Jaren Jackson Jr. paced the entire league by 40 blocks this season. This elite defender posted a dozen swats facing the Timberwolves in four games this season, his most against any single opponent. With a block prop of 1.5 with heavy juice and plus money for 2.5 blocks on most books, “JJJ” heads into Saturday’s opener against Minnesota with value for defensive props as the league’s top rim protector.

— Jim McCormick

Game of the night

Toronto Raptors at Philadelphia 76ers
6 p.m. ET, Wells Fargo Center, Philadelphia

Line: 76ers (-4.5)
Money line: 76ers (-190), Raptors (+160)
Total: 216 points
BPI Projected Total: 212.8
BPI Win%: 76ers (66.2)

Key players ruled out: none

Notable: The Raptors have won four of their past five games as underdogs.

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Erin Dolan shares her favorite bet in the first-round series between the Raptors and 76ers.

Best bet: Tobias Harris under 1.5 made 3s. Harris shot 18.8% from 3-point range in four matchups against the Raptors during the regular season. Toronto’s defense has continued to improve down the stretch and will likely limit Harris. — Erin Dolan

Best bet: Pascal Siakam over 23.5 points. Siakam was big down the stretch, averaging 27.0 PPG in his last 20 games, going over 23.5 points in 14 of the 20 games. He has been even better still against the 76ers in particular, averaging 30.3 PPG on 50.7 FG% with at least 26 points in all three of his matchups with them this season. — André Snellings

Best bet: Scottie Barnes over 0.5 made 3s. Barnes isn’t known for his ability to shoot 3s, but he has averaged 2.6 per game. He has made a triple in five of his past six games and two of his three games against the 76ers during the regular season. — Eric Moody

Breaking down the rest of the slate

Utah Jazz at Dallas Mavericks
1 p.m. ET, American Airlines Center, Dallas

Line: Jazz (-5.0)
Money line: Jazz (-210), Mavericks (+175)
Total: 209.5 points
BPI Projected Total: 216.8 points
BPI Win%: Mavericks (50.7%)

Key players ruled out: Luka Doncic

Notable: The home team has won each of the past seven games between the Jazz and Mavericks.

Best bet: Rudy Gobert over 14.5 rebounds. Gobert’s rebound prop seems high, but he needs to dominate on the glass, and I don’t see the Mavericks having an answer after they traded Kristaps Porzingis to Washington. Gobert has hit this over in five of his past eight games. While he has not hit it in three straight games, the former two against elite competition, he went off with 21 rebounds against Memphis and 20 rebounds against Golden State. You can count on Gobert to step up in big games. — Dolan

Best bet: Jazz -5. With Doncic ruled out, the Mavericks will be without the player responsible for the vast majority of their success this season. The Jazz come in with a distinct advantage, and if they get any hint of the type of “Playoffs Donovan Mitchell” explosion that they typically get from him in the postseason, they should be in better shape still. — Snellings

Minnesota Timberwolves at Memphis Grizzlies
3:30 p.m. ET, FedEx Forum, Memphis, Tenn.

Line: Grizzlies (-7.0)
Money line: Grizzlies (-300), Timberwolves (+240)
Total: 235 points
BPI Projected Total: 227.8 points
BPI Win%: Grizzlies (72.5%)

Key players ruled out: none

Notable: Each of the Grizzlies’ past nine playoff games has gone over the total.

Best Bet: Over 235 points. The Timberwolves rank seventh in points scored per 100 possessions and the Grizzlies rank fourth. Additionally, both teams score a lot of points on transition plays. There will be plenty of possessions in this game, which bodes well for the over. Thirty-six of the Timberwolves’ past 52 road games have gone over the total — Moody.

Best bet: Memphis 1H (-4.5). The Grizzlies were the best team in the league in the first half of the regular season, going 54-27-1. Memphis is also 8-2 ATS in the 1H overall and at home over the past 10 games. Both these teams play at some of the fastest paces in the league. I think the Grizzlies jump out quickly and put up a ton of points. — Dolan

Best bet: Anthony Edwards over 22.5 points. Edwards averaged 24.4 PPG over an 11-game stretch to close out the regular season. The Grizzlies’ defense will be tough to beat, but Edwards scored 23, 27 and 30 points in his three previous games against them this season. This could be his moment to shine. — Moody

Best bet: Desmond Bane over 27.5 points + assists + rebounds. Bane enjoyed a breakout second season in the league. While Ja Morant and Jaren Jackson Jr. get a great deal of attention and rightfully so, Bane has been an integral part of the Grizzlies’ success. He averaged 18.2 PPG during the regular season, and the Timberwolves have allowed 23 PPG, 5.1 APG, and 7.0 RPG. Bane will likely meet or exceed these per-game averages on Saturday afternoon. — Moody

Best Bet: Patrick Beverley under 9.5 points. Beverley had seven points against the Clippers, but boy was he fired up after the Timberwolves’ win over the Clippers. It is only right to fade him in this matchup. He has averaged nine points in his past four games against the Grizzlies and has hit over his points prop in only two of the past 10 games. — Dolan

Best Bet: Karl-Anthony Towns under 24.5 points. Towns has stepped back offensively down the stretch, in part to allow Anthony Edwards to shine. Towns averaged 22.4 PPG in his last 10 regular season games, going under 24.5 points in six of those outings, then managed only 11 points before fouling out in the Wolves’ play-in game victory over the Clippers. Towns has faced the Grizzlies four times this season, averaging 23.3 PPG, and scored 22 points against them in their last outing. — Snellings

Denver Nuggets at Golden State Warriors
8:30 p.m. ET, Chase Center, San Francisco

Line: Warriors (-6.5)
Money line: Warriors (-260), Nuggets (+210)
Total: 223 points
BPI Projected Total: 224.4 points
BPI Win%: Warriors (68.4%)

Key players ruled out: none

Notable: The Warriors have failed to cover the spread in seven of their past eight playoff games as favorites.

Best bet: Nuggets +6.5 points. There’s a good chance that the Warriors get Stephen Curry back for Game 1, marking one of the only times this season that their team would have its five best players playing together. They have huge upside, but could have some growing pains as Curry knocks the rust off and everyone gets used to playing together again. The Nuggets finished the season well, going 25-10 in the last 35 games that Nikola Jokic played in, and went 3-1 outright in their four matchups with the Warriors this season. — Snellings

Best bet: Draymond Green over 23.5 points + assists + rebounds. Green will be the Warriors’ most important player in this series. He has averaged 7.0 PPG, 10.3 APG and 8.0 RPG in his past four games against the Nuggets. Power forwards thrived against the Nuggets during the regular season and averaged 22 PPG, 3.5 APG and 10.5 RPG — Moody

Analytics Edge

BPI highest projected totals

1. Memphis Grizzlies (117.4 points)
2. Golden State Warriors (114.9 points)
3. Minnesota Timberwolves (110.4 points)

BPI lowest projected totals

1. Toronto Raptors (104.1 points)
2. Utah Jazz (108.3 points)
3. Philadelphia 76ers (108.7 points)

BPI top probability to win (straight up)

1. Memphis Grizzlies (72.5%)
2. Golden State Warriors (68.4%)
3. Philadelphia 76ers (66.2%)

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