Phil Mickelson reportedly had $40 million in gambling losses

May 23, 2021; Kiawah Island, South Carolina, USA; Phil Mickelson gives a thumbs up to the fans while walking on the 2nd hole fairway during the final round of the PGA Championship golf tournament. Mandatory Credit: David Yeazell-USA TODAY Sports

Phil Mickelson is notorious for his love of sports betting, and now we have an idea of just how much he loves it.

Alan Shipnuck, who is writing a biography about Mickelson, published an excerpt from the book on The Firepit Collective Thursday.

In the excerpt, Shipnuck says some documents reviewed by the government showed that Mickelson lost $40 million during a four-year span from 2010-2014. Shipnuck also says that money contributed to the notorious split between Mickelson and caddie Bones Mackay. Mickelson apparently owed McKay hundreds of thousands of dollars in back pay by the time Mackay fired the golfer in 2017.

The case that drew scrutiny came in 2012 when Mickelson was investigated for using a stock tip to profit massively. He reportedly used the money to pay off a $2 million debt to a pro gambler. Mickelson was also reportedly tied to a money laundering scheme.

The gambler, Billy Walters, was found guilty on all counts, fined $10 million, and sentenced to prison time. Mickelson was ordered to pay back money from the trading profits but avoided charges.

Mickelson was said to be making around $40 million per year around 2010-2014. But as Shipnuck points out, once you factor in taxes, an agent, support staff (coaches, caddies, chefs), massive gambling losses could have resulted in someone as rich as Mickelson having money problems.

Mickelson’s big betting losses serve as a reminder of Charles Barkley’s legendary quote: it’s not a problem if you can afford it. Could Lefty afford all his reported losses?