Mickelson made a four-foot birdie putt on a special 93-yard par-3 hole.
The players then agreed a bet of $100,000 on whose tee shot would finish nearer the pin on the par-three fifth hole and Mickelson won it comfortably after an approach to 10 feet was followed by a mediocre effort from Woods.
Mickelson was 1 up after 16 holes, but Woods tied it with birdie from the fringe of the green on the par-3 17th.
Hayne charged over sexual assault
Welfare officers from the Eels are understood to have been in contact with Hayne about the allegations which have rattled him. Hayne began his career with the Paramatta Eels in 2006 but left to play in America's National Football League in 2015.
Both players missed the green on the second but, after Mickelson got up and down for par, Woods missed from three feet to lose the hole.
Turner Sports set the pay-per-view price at $19.99 and will be available through Turner's B/R Live platform, DirecTV, AT&T U-verse, and others. Turner and Bleacher Report representatives sent out links on social media allowing people to view it for free on their computers and mobile devices. Woods won $200,000 when Mickelson failed to birdie the first hole, with that money going to the Tiger Woods Foundation. Woods countered by telling Mickelson to double the bet. Money from side bets will also be donated to charity.
Mickelson eventually birdied the 22nd hole to beat Woods.
Woods' shot at 17 pumped some much-needed life into the match as the players headed to the 18th where Mickelson had a 32-foot putt for the win but failed to convert.
Kyrie Irving thrives on ‘peaceful’ feeling of being in the zone
Despite the offensive talent in their roster, the Celtics are just ranked 20th in the league in points per game (106.7). The Celtics finish their home back-to-back when they seek revenge against the Utah Jazz Saturday night.
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.
"You've been doing that to me for 20 years, I don't know why I am surprised now, " he said.
Mickelson, the three-time Masters champion, won 1-up with a last-hole birdie.
But Mickelson responded by winning his third nearest-the-pin side-bet out of three at the short 13th and holed from seven feet to level, and a clumsy pitch and another mis-read putt from Woods at the 15th put the left-hander back into the lead with three holes to play.
Players strongly considering not playing on Azteca Stadium field
The Rams (9-1) will host the Chiefs (9-1) at the Coliseum instead, in a game that could be a rehearsal for the Super Bowl in 2019. The stadium, which also hosts games for Cruz Azul and Club America, has endured a heavy rainfall this season as well.