Jay Z Loses $100,000 Bet on Alvarez Vs Cotto Fight
Jay Z said it best, sometimes you gotta learn to live with regrets. Especially when those regrets involve a huge financial loss. Hov will have to heed to his own rhetoric as he lost $100,000 betting on the Canelo Alvarez vs Miguel Cotto fight last night at the The Mandalay Bay Events Center in Las Vegas. Luckily for him, money aint a thang.
So who did Jigga have to settle up with? Oscar De La Hoya. Cotto is managed by Jay Z's Roc Nation Sports and Alvarez is represented by De La Hoya's Golden Boy Promotions. According to TMZ, the two bosses made a small gentleman's bet of six figures on the much-hyped match up. The WBC middleweight title bout ended up going the distance. In the end, the judges awarded Alvarez a comfortable win with a unanimous decision, scoring the match 117-111 (John McKaie), 119-109 (Burt Clements) and 118-110 (Dave Moretti). Jay and Beyonce were in attendance and had to see the loss first hand. Now Hov will have to pay the 100 racks to a charity of Oscar's choice. So at least the money should go to a good cause.
While this business venture might have just cost the music mogul a pretty penny, Jay looks to be expanding his label's viability. Roc Nation recently strengthened it’s roster by partnering with management company Philymack, the firm that represents pop stars Demi Lovato and Nick Jonas.