Eddie Hearn backs out of million dollar bet he made with Jake Paul

Eddie Hearn has backed out of the million dollar bet he made with Jake Paul for Amanda Serrano and Katie Taylor bout.

Instead, Hearn proposed they could come up with an alternative bet – if there’s a possibility  Jake Paul gets knocked out.

Jake Paul promoted Amanda Serrano – who ended up dropping a split decision to Katie Taylor.  During the promotional interviews, Paul had made a big bet with Hearn about the outcome of the boxing match.

After Serrano lost via split decision, Jake complained that she was robbed. He also revealed that Hearn had renegotiated their bet.

“He backed out of the bet yesterday and he said that legally he couldn’t do it for some reason. Now I think we are going to try and figure that out behind the scenes to help charity, but obviously I lost the bet.” Jake said.

Eddie Hearn revealed that the reason he backed out was due to legal issues. The 42-year-old said that promoters aren’t supposed to bet on their athletes. However, he added that he was disappointed he couldn’t get the winnings.

“I’d love to sit here, be billy big balls and go ‘he can keep it’ but we were actually advised as promoters that we shouldn’t be betting on our own which I feel dreadful about because it would have been beautiful to take a million off of him. But we are coming up with something else for charity.” Hearn said.

Hearn said they are planning to make a new wager – one where Jake Paul might be getting ‘knocked out’ but didn’t explain further.

He added,

“So myself and Jake have been coming up with an alternative which is going to make you laugh a lot. It probably involves me getting knocked out, but that’s only if Katie loses. If not, it’s going to involve Jake Paul getting knocked out.”