Gavin and Joe Maloof are known as many things, casino owners, two of the most hated owners in the history of the NBA, and the two men who placed a $880,000 bet on the upcoming Floyd Mayweather and Conor McGregor fight next Saturday night in Las Vegas.
The brothers are laying the nearly $1 million dollar bet that Floyd Mayweather Jr. will beat Conor McGregor on August 26th. And if the Maloof brothers and Mayweather come out the winners they are giving the proceeds of their whopping wager to charity.
The wealthy entrepreneurs and former Sacramento Kings owners revealed themselves to The Associated Press on Sunday, two days after they placed the wager at the South Point Hotel and Casino in Las Vegas. The bet is thought to be the biggest yet made on the fight, which is expected to be Vegas’ biggest spectacle in recent years.
The Maloofs will make a $160,000 profit if Mayweather — a minus-550 favorite Friday — remains unbeaten against McGregor, the UFC champion making his pro boxing debut.
Mayweather and Gavin Maloof are longtime neighbors, both making their home in Las Vegas. Gavin went to a recent workout at Mayweather’s gym and emerged with overwhelming confidence that age hasn’t eroded the 40-year-old unbeaten champion’s skills, even after a two-year layoff.
The Maloofs spoke to the South Point sportsbook and settled on an $880,000 bet — a number that was initially too big to display properly on a betting ticket. The casino rewrote the bet into two $440,000 tickets that will pay out a total of $1.04 million if Mayweather wins.
The Maloofs are going against the betting trends, which may surprise many people in what some think is a one-sided fight. Over 90 percent of the tickets and 85 percent of the money has been bet on the UFC Champion in recent weeks, and the sportsbooks may be hoping that more fight fans will follow the Maloofs’ lead to offset their extraordinary liability in the event of a shocking upset win by McGregor.
The brothers conceived the bet purely for the gambling thrill of it, but quickly realized they could make it even more important. They decided to select several charities to distribute their profits to charity on behalf of Never Too Hungover.