Mark Davis accuses winner Georgiou of stealing 2,000 Euros
The cash prize is available for the highest break of the revolutionary tournament, where frames are just 10 minutes long and players are on a tight shock clock to speed play up.
With centuries very rare in the format, Davis looked to have the money in the bank after making 102 in his first-round win.
But with just four games to go of the tournament, Cypriot Georgiou made a stunning 109 to go into pole position for the £2,000.
Asked his thoughts ahead of his semi-final with Graeme Dott, Davis said: "My thoughts are I need to win now because Michael has just stolen £2,000 of me. That's it."
Dott then joked: "I've got him at the best time because he's raging - and he will be raging for weeks probably!"
Georgiou played some stunning shots in the incredible break and took Davis' comments in good heart.
He laughed: "I don't know how half the balls went in. The crowds have been amazing here all weekend.
"Mark's not going to let me forget taking that £2,000 off him for a long time."
Georgiou went on to win the tournament after beating Dott in the final. He said: "It hasn't quite settled in yet. I didn't expect this."
Snooker Shoot Out prize money
The total prize fund for the 2018 Snooker Shoot Out is £146,000.
The winner’s share is £32,000 - not bad for seven frames of snooker.
Players who crash out at the first hurdle will earn £250.
The runner-up banks £16,000.
Snooker Shoot Out controversy
The Snooker Shoot Out made an ill-fated debut in 1990 and only returned to World Snooker in 2011.
Players are generally said to enjoy the tournament, with its vocal crowds, ticker tape and shot clock making it very different from the other major events.
However, there has been a struggle at times to attract major interest in the Snooker Shoot Out.
World No 1 Shaun Murphy is the highest-ranked player in this tournament, with the likes of Ronnie O’Sullivan, Judd Trump and John Higgins staying away.