Mickelson won his third nearest-the-pin contest on the 13th, a victory worth $300,000 dollars (£234,000), and also converted the birdie putt from nine feet to get back on level terms, before edging in front on the 15th after Woods failed to get up and down from short of the green.
Mickelson jokingly made it be known to Woods that he'd bring up this victory whenever he saw him, not to mention wear the gaudy belt that was also presented to the victor.
Phil was so confident in his ability to birdie on the first hole, that he made a decision to wager some money out of his own pocket.
Woods humbly sat by, taking the good-natured trash talk he knew would be coming if he did not prevail.
To that end, Mickelson spent considerable time at Shadow Creek in recent weeks, including most of this week.
Well, cut to the day of the match, and it looks like Phil is out $200,000 - he missed his putt to birdie, giving Tiger the W. Woods practiced at the course only before a news conference Tuesday.
Both players were short of their best from the outset, particularly on the slick greens, with Mickelson's birdie at the 13th the only putt of note finding the bottom of the cup in a battle that eventually lasted a shade under five hours.
The tone for the match was set on the opening green as both players missed good birdie chances from around 10 feet, with Mickelson finding himself $200,000 down after one hole having failed to make good on his promise to start with a three. Mickelson made three birdies.
No player ever led by more than 1 hole.
Tiger and Phil are tied after 11 holes.
Tiger smirked and commented, "That hurts the pocket".
"We were there to play head-to-head and do something that's never been done before", Woods said. Going from a potential putt for $9 million, Mickelson instead pulled the putt left of the cup, squaring the match going to the 18th hole.
Woods and Mickelson's 18-hole matchplay event in Las Vegas has provided golf fans with a heavy dose of entertainment at a time when the golf calendar is usually void. "It was back and forth and very competitive on a golf course that was playing on the tricky side".