DUBLIN, (Reuters) – Tiger Woods has turned down a  $75 million sponsorship offer from Paddy Power, the Irish  bookmaker said yesterday, adding it would make an improved offer  to the golfer.

The 14-times major champion winner was dumped by sports  drink brand Gatorade last week, the third major corporate  sponsor to abandon the American since details of his adulterous  affairs surfaced late last year.
The Dublin-based company said its initial offer to Woods,  who was estimated to have earned $100 million annually in  endorsement deals before taking an indefinite break from golf in  December, covered a five-year period.
Woods did not set a date for his return to competition when  he spoke to media last month for the first time since the  scandal over his private life erupted.

Paddy Power lost 1.5 million euros ($2.04 million) by paying out to those who had gambled on Woods after just 36 holes of last year’s U.S. PGA Championship, which the world No.1  eventually lost to South Korea’s Yang Yong-eun.