Phil Mickelson, Who Has a $300M Net Worth, Once Lost Half His PGA Tour Earnings Due to a Severe Gambling Problem

Published 07/13/2022, 11:00 AM EDT

Gambling is not considered illegal in sports, as there are many platforms to place bets according to one’s wish. However, the 6-time major winning champion, Phil Mickelson, was interested in it for a long time. And according to reports, the golfer had once nearly gone bankrupt because of it.

“According to a source with direct access to the documents, Mickelson had gambling losses totaling more than $40 million in the four-year period (2010–14) that was scrutinized.” Alan Shipnuck, the author of the golfer’s biography, revealed this through an article. Notably, Mickelson has a net worth of $300 million in 2022, including around $100 million career earnings.

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Furthermore, Shipnuck is the writer who published Mickelson‘s controversial comments about the Saudi government in another article. The golfer had to take a long break to get over the controversies that the article had created.

The golfer lost a lot more than money

According to Shipnuck, the career earnings of the golfer used to be around $40 million a year. Although it is a good amount, after paying his taxes, taking care of his mansion and private jet, and other expenses, merely $10 million were left with him.

“Per the government audit, that’s roughly how much Mickelson averaged in annual gambling losses,” Shipnuck’s article further read. “In other words, it’s quite possible he was barely breaking even, or maybe even in the red.”

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Notably, the biographer also claims that Mickelson’s longtime caddie, Jim ‘Bones’ Mackay, left him for financial reasons. Bones carried the golfer’s bag for 25 years, including 41 PGA Tour victories. However, the two abruptly ended their relationship in 2017. And according to Shipnuck, Bones left Mickelson “over a series of simmering grievances.”

Phil Mickelson addressed his gambling issue

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Shipnuck published the second article claiming the golfer’s $40 million loss from gambling in May this year. Notably, Lefty was on a hiatus at the time due to his controversial comments regarding the LIV Golf league sponsoring officials.

The golfer addressed the issue in June with Sports Illustrated’s Bob Harig in an interview in June 2022. In the interview, Mickelson explained his gambling issue became “reckless and embarrassing” at one point. He admitted that he took professional help and went through hours of therapy for it. “It isn’t a threat to me or my financial security,” Mickelson added. “It was just a number of poor decisions.’’

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According to Mickelson, he did face issues with his interest in gambling. However, he went to therapy for it. And the 6-time major winner claims that he and his family have been financially secure.

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Written by:

Anjana Prabhakaran is a Golf content writer at EssentiallySports. She has completed her Master's degree in Public Administration and considers researching as one of her hobbies. As her family is interested in sports, Anjana grew up watching every sport on television.

Edited by:

Manaal Siddiqui

Phil Mickelson, Who Has a $300M Net Worth, Once Lost Half His PGA Tour Earnings Due to a Severe Gambling Problem

The golfer lost a lot more than money

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Phil Mickelson addressed his gambling issue