Phil Mickelson reveals staggering amount of money he has lost gambling

Phil Mickelson debuted at the inaugural invitational tournament of LIV Golf in June. The star player has been making headlines since he defected to the Saudi-backed league. Amid the raging PGA Tour-LIV Golf debate, Mickelson recently came out to back the newly introduced controversial circuit, for which he has received harsh criticism.

The pro golfer bagged a hefty sum to participate in the LIV Golf series. Phil Mickelson reportedly signed a contract worth $200 million. According to Forbes, the player received around half the sum upfront, making him the highest-paid golfer of the year.

However, Phil Mickelson hasn't always been among the wealthiest golfers. According to Alan Shipnuck, the author of Phil Mickelson's upcoming biography, the star golfer lost around $40 million gambling from 2010 to 2014.

In Phil: The Rip-Roaring (and Unauthorized!) Biography of Golf's Most Colorful Superstar, Shipnuck explores the athlete's gambling problem and debt. According to an excerpt from the book, Mickelson was also investigated for insider trading in 2016, revealing his huge debts.

Meanwhile, the 2021 PGA Tour champion stunned many by admitting that he had suffered huge losses due to gambling addiction. In an interview with Sports Illustrated's Bob Harig, Mickelson elaborated on his money-related issues. He said he suffered from a "reckless" and "embarrassing" gambling problem and admitted that he had lost around $40 million.

"My gambling got to a point of being reckless and embarrassing. I had to address it. And I’ve been addressing it for a number of years. And for hundreds of hours of therapy. I feel good where I’m at there. My family and I are and have been financially secure for some time.”

"Gambling has been part of my life ever since I can remember. But about a decade ago is when I would say it became reckless. It’s embarrassing. I don’t like that people know. The fact is I’ve been dealing with it for some time."

Notably, the Securities and Exchange Commission had earlier charged Mickelson for clearing off gambling debts illegally. According to reports, the former PGA Tour champ had cleared a debt of around $1 million using a stock tip.

Mickelson was also called out for being active in betting during practice rounds of competitions. He later stated that the gambling addiction added "competition" to the golf course.

Phil Mickelson becomes world's highest-paid golfer

Having signed on as the star name for the inaugural LIV Golf series, Mickelson made his official debut in London in June. The pro golfer joined 47 others as part of the series. Ahead of his debut, multiple reports surfaced claiming that the ace player was paid over $200 million by LIV Golf.

Golf Channel's Brentley Romine backed this and stated that Mickelson bagged around $200 million with his LIV contract. He further noted that the golfer also received over half the amount upfront from the Saudi-backed league. Meanwhile, Forbes released a report listing Mickelson as the highest-paid golfer in the world.

According to the business magazine's list, Phil Mickelson overtook his rivals by earning over $138 million on the pitch. It is pertinent to note that Mickelson is currently suspended from the PGA Tour. His earnings are solely from the Saudi-backed league and corporate endorsements.