TIger Woods has rejected an offer of $75 million to enter into a sponsorship deal with a publicly-traded company that has a market value of $1.6 billion.

The company is Paddy Power, which is the largest legal bookmaker in Ireland, according to a report from Bloomberg’s Business Week.

According to the report, “ ‘We went into it quite honorably, it’s absolutely not a publicity stunt,’ Paddy Power spokesman Ken Robertson said by phone. ‘Tiger as a brand is up there with Coca-Cola and Pepsi. It’s something we are quite serious about.’ ”

Furthermore, according to the report, “Paddy Power remains keen to work with Tiger Woods, and will re-engage with” sports management company IMG, the Dublin- based company said today in an e-mailed statement. “An enhanced offer will be made.”

Since the news of Woods’ various sexual encounters broke in the days and weeks after Thanksgiving day in 2009, he’s lost a number of sponsorship deals, including ones wtih Accenture and AT&T.

Besides the usually betting on sports contests, Paddy Power is well-known for taking a wide-range of novelty bets. For example, you could have bet who was going to be the next Pope the last time that position was open. And Paddy Power once took bets about which egg, among 10 in an incubator, would hatch first.

Thus taking them at their word that this effort to land Tiger Woods as a spokesman is not a publicity stunt, I’ve emailed Paddy Power the following note:

"Hi there. I’ve read that Paddy Power is trying to land Tiger Woods in a sponsorship deal. I want to bet on whether or not you’ll end up signing him. What odds have you set so I can decide what my bet will be?"

No response so far. I’ll let you know if and when I hear from them.

–Chuck Ross