When it's hot, Jay-Z gets his money's worth, but he's also apparently willing to pay when the time comes. Retired boxer Oscar De La Hoya recently recalled the time Jay lost a six-figure bet on him in a fight and quickly cleared his debt.
De La Hoya joined Shannon Sharpe's Club Shay Shay earlier this week, where they replayed the November 2015 bout between Miguel Cotto and Canelo Alvarez, which saw Canelo emerge victorious and reminded him of the bet he made with Hov.
“So we're promoting Canelo at that time, Golden Boy and [Jay-Z’s] promoting Cotto,” he said. “So I said, 'You know what? Why don't you bet $250,000 here? But it goes to charity.”
De La Hoya, 51, said Jay paid on the spot and there were no problems transferring money after his loss, with a portion going to charity.
“So Canelo wins, my charity wins two-fifths, and it definitely paid off on the spot,” De La Hoya continued. “I think the next day the check was in the bank. Jay-Z loves boxing, he knows his boxing. But he's a guy who pays his bets.”
Now, there is a discrepancy in the amount of the six-figure bet. De La Hoya remembers it as a payment of a quarter of a million while TMZ reported in 2015 that it was only a $100,000 bet.
“Thanks to Jay-Z, thousands of patients at White Memorial Medical Center will also be winners,” Oscar said at the time. “I can't imagine [Jay’s] excited to lose $100,000, but can take solace in knowing it's going to a good cause.”
Canelo Alvarez walked away the unanimous winner at the end of the 12-round fight. The official scorecards gave Canelo the lead 119–109, 118–110 and 117–111.
Watch the clip below.
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