Mickelson allegedly paid gambling debt of nearly $2M

Phil Mickelson may have paid a renowned bettor a hefty sum to settle a gambling debt.

The veteran PGA golfer transferred $1,950,000 to William "Billy" Walters in 2012, court documents in the trial of the Las Vegas businessman revealed Thursday, according to ESPN.com's David Purdum.

Federal prosecutors said that an independent business management firm, if called to testify, would state that Mickelson was one of its clients and that the large amount the golfer paid to Walters was related to sports gambling.

The firm's records show Mickelson owed the debt to Walters in July 2012 and paid him the aforementioned amount about two months later, according to prosecutors.

Here's more from Purdum about the alleged specifics of their dealings:

The government alleges that Walters passed on inside information he received from a former executive at a dairy production company to Mickelson, before the golfer purchased approximately 200,000 shares of Dean Foods through transactions on back-to-back days in late July 2012. According to prosecutors, Mickelson sold the shares just over a week later for a $930,000 profit.

Mickelson has agreed to pay back the proceeds he made from the transactions with interest.

Mickelson has not been charged in the case. Walters, who's widely acknowledged as the most successful sports bettor in American history, has been indicted multiple times in the past but never convicted.

Walters is facing multiple counts of securities fraud.