Known for his charismatic personality, darling style of play, and philanthropy, Phil Mickelson has set remarkable records with six major titles and 45 PGA Tour victories in golf. But beneath his radiant smile and remarkable achievements, Mickelson concealed a grim secret: a gambling addiction that drained his wealth and damaged his reputation.
According to a recent biography by Alan Shipnuck, Mickelson’s gambling losses totaled more than $40 million from 2010 to 2014. This was revealed by federal auditors who investigated Mickelson’s role in an insider trading scheme involving his friend and fellow gambler Billy Walters.
Mickelson was accused of using insider information from Walters to make a profit of nearly $1 million from trading shares of Dean Foods in 2012. He was never charged with a crime, but he had to repay the money plus interest as a relief defendant.
According to Shipnuck’s book, Mickelson would often wager millions of dollars on single games or tournaments, sometimes with other celebrities or athletes. He was also involved in high-stakes poker games with other gamblers like Walters, who was known as the “most dangerous sports bettor in the world”.
What did Phil Mickelson say about gambling?
Mickelson admitted that he had a gambling problem that became “reckless” and “embarrassing” about a decade ago.
“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. Amy has been very supportive of it and with me and the process. We’re at a place after many years where I feel comfortable with where that is,” he added.
He also said that his gambling was not a threat to his financial security or his family. However, some sources suggest that Mickelson’s gambling habit was more serious than he let on.
How It Cost Him His Fans, Sponsors, and Reputation
Mickelson’s gambling losses have not only affected his finances but also his legacy. He has been criticized for his association with the Saudis, who are funding the LIV Golf League, a rival tour to the PGA Tour. Mickelson has signed a lucrative deal with LIV and has defended his decision by saying that it gives him leverage to get what he wants from the PGA Tour. However, many have questioned his ethics and morals for partnering with a regime that has been accused of human rights violations and murder.
Mickelson has also lost some of his fans and sponsors over his gambling scandal. He has been absent from the public eye for months, skipping major tournaments like the Masters and the PGA Championship.
He has also lost endorsements from companies like Callaway, Rolex, KPMG, and Amgen. Some have speculated that he is facing financial difficulties or legal troubles because of his gambling debts.
A Statement from Phil Mickelson pic.twitter.com/2saaXIxhpu
— Phil Mickelson (@PhilMickelson) February 22, 2022
He has also apologized for offending and hurting people with his comments about Saudi Arabians. However, it remains to be seen if he can regain his reputation and glory as one of the greatest golfers ever.
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