5:07 PM PT -- Phil might have lost the battle but he did NOT lose the war ... 'cause he's walking away with $9 MILLION after beating Tiger!!! Phil needed a sudden-death playoff to fend off Tiger in the winner-take-all match. Mickelson won 3 side bets worth $600k while Tiger won 1 side bet worth $200k. That money will go to a charity of each player's choice.

Well, it's already been a pretty costly day for Phil Mickelson ... that $200,000 bet with Tiger Woods didn't exactly go his way.

Remember, earlier this week, Phil bet Tiger $100,000 that he would birdy the 1st hole at the big pay-per-view golf match on Friday. Tiger was so confident, he told Phil to "double it."

Phil didn't completely botch the hole -- he had a perfect opportunity to win the bet ... but when he hit the putt that woulda given him the birdy, it stopped short.

He hit the next shot for par -- but the damage had already been done.

Tiger smirked and commented, "That hurts the pocket."

The two tied on the first hole. They've been super friendly throughout the match so far, talking about everything from their kids to how cool Samuel L. Jackson is.

They're expected to make more side bets during the match as they compete for that $9 million winner-take-all grand prize.

Good luck!