Bobby Jones, the amateur golf great, profited handsomely from his unprecedented exploits in 1930, the year in which he completed the Grand Slam of his era. Thanks to his improbable sweep of the Open and Amateur championships in the U.S. and Britain, Mr. Jones cashed in with a lucrative motion-picture deal, among other opportunities…

Gambling in golf—or on it—might not be as old as the gutta-percha ball that became popular with golfers in the 19th century (though then again, it might), but wagering on the sport is about to explode in ways that will make your office pool seem quaint, confining and, potentially, relatively paltry.