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Rory McIlroy's Dad Cashes In

PHILADELPHIA (CBS) -- Rory McIlroy was not the only member of his family who took home some cash for his victory at the British Open on Sunday. The 25-year old golfer took home $1.66 million for his third major victory and his father also walked away with over $170,000.

Ten years ago, McIlroy's father Gerry, placed a bet with the British betting firm, Ladbrokes. The bet was that within ten years, or before McIlroy turned 26 years old, he would win the British Open.

The elder McIlroy put 200-pounds ($341) on his son to win at 500/1 odds. Two friends of McIlroy's father also placed bets. Those bets were for the same amount at 250/1 odds for him to win the tournament by 2015 and at 150/1 odds for him to win the tournament by the age of 50.

Those two bets will total out to over $130,000.

Ladbrokes' Rachel Bridge spoke with about the bets and the win for McIlroy and his friends.

"We take the chance on bets like these," Bridge said. "We can make a lot money, but it's a big risk if one comes through. Unfortunately, on this one, we have egg on our face. Rory's father and his friends are having champagne on us tonight."

The folks over at Ladbrokes turned out to be good sports and they Tweeted out congratulations to the McIlroy's.

Sometimes it truly pays off to believe in your children.

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