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Federal auditors investigating golf star Phil Mickelson’s role in an insider trading scheme found his gambling losses totaled more than $40 million (U.S.) from 2010 to 2014, according to an excerpt from Alan Shipnuck’s forthcoming biography. Per Fire Pit Collective...
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Mickelson’s love of gambling is fundamental to understanding his style of play as a golfer. It might also explain the Saudi seduction. Based on his comments to me, he clearly enjoyed the idea of sticking it to the PGA Tour, but the real motivation was plainly the funny money being offered by the Saudis. Why was Phil so eager to cash in, at the risk of alienating so many fans and endorsement partners? The massive scale of Mickelson’s gambling losses has never before been made public, but, as noted in the book, during the Billy Walters insider trading investigation, government auditors conducted a forensic examination of Phil’s finances. 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. In those prime earning years, his income was estimated to be just north of $40 million a year. That’s an obscene amount of money, but once he paid his taxes (including the California tariffs he publicly railed against), he was left with, what, low-20s? Then he had to cover his plane and mansion(s), plus his agent, caddie, pilots, chef, personal trainer, swing coaches and sundry others. Throw in all the other expenses of a big life—like an actual T. Rex skull for a birthday present—and that leaves, what, $10 million? Per the government audit, that’s roughly how much Mickelson averaged in annual gambling losses. (And we don’t know what we don’t know.) In other words, it’s quite possible he was barely breaking even, or maybe even in the red. And Mickelson’s income dropped considerably during his winless years from 2014 to ’17.
Filed Under: Golf
18 Comments
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ApexTiger23 months
His net worth is near 400 million according to a few publications
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SLAP9924 months
Roughly going double or nothing and losing 25 straight times.
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BigWillyMetry24 months
I love how he was sponsored by a major accounting firm but was busted for financial fraud lol
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BigWillyMetry24 months
FIGJAM When is this fat slob going to retire?
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When he stops winning majors maybe? Or stops getting paid to play golf?
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bdavids0924 months
Thats like someone who makes 60k a year lose 100 bucks gambling. Phil has a massive net worth.
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BGLAVI224 months
He earned 40 million per year those 4 years. Nil.
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Wrong it would be the equivalent of losing 20% a year for 5 years straight. That would be a 12K loss a year on a 60K salary.
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LSUfanNkaty24 months
Phil is NOT hurting for money... this whole thing is dumb
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ThatTahoeOverThere24 months
That's a bad week at the casino for Daily
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Black n Gold24 months
Been evident for years now that he has a gambling problem. You can see it in the business decisions he's made, especially of late.
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jpcajun24 months
Is gambling illegal? Is having gambling debt illegal?
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TeddyPadillac24 months
Phil Mickelson has been making well over $40M/yr for over a decade. His career earnings from winnings and sponsorships is over a BILLION dollars. He's not in the red.
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PeleofAnalytics24 months
You think the only way you can lose money is gambling? Making shite investments is an excellent way to lose a boatload of money. Involving yourself in illegal activities too. Sounds like Phil manages to do that as well. Google bankrupt billionaires.
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GoRuckTiger24 months
My God what a dumb arse. Never understood the point of gambling if you’re already wealthy.
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TheWalrus24 months
The thrill? Entertainment?
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rar24 months
Shipnuck a professional bullshtr yelling loud to get attention...full of crap.
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StizzyWizz24 months
Gamblers gonna gamble
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