Ivey vs. Corey Pavin golf bet

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oh yeah...this thread reminds me of this story i heard somewhere (details may be off so no flaming!)
Apparently, ivey was golfing with Chip Reese (?) and was around 75 yrds from the hole when he asked chip, what do you think the odds are that i hit this shot in the hole. Chip said i dunno, 300-1 and ivey replied with, "common, gimme 500-1". Chip agreed and they put down 10k on it. Ivey proceeded to knock it in. Now THATS balla. Ship it.

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Ivey bet 10k or Ivey bet 20 getting 10k if he won?

10k at 500/1 is 5million, I don't see Chip betting that much