Gavin and Joe Maloof don’t do things by half measures: the former owners of the NBA’s Sacramento Kings have bet a staggering $880,000 on Floyd Mayweather to win his upcoming bout with Conor McGregor this Saturday. This incredible amount actually required the bet be processed as two separate $440,000 bets, as the South Point Casino where it was placed has a rule that it can’t give out payments exceeding $1 million.
Despite the enormous amount of money being placed, due to the odds on the Mayweather v McGregor fight, the Maloof’s are expecting to receive a profit of just $160,000, which, combined with their stake, means they’re set to walk away with $1.04 million! Nothing to be sneezed at. The profit is based on the odds the duo received when placing the bet because, at the time, Mayweather was the clear favourite and McGregor the underdog. Despite this, the majority of bets coming in have been on McGregor, which may have something to do with the sheer difference in their odds.
As Mayweather has odds ranging from 1:10 to 1:5, any bet placed on Mayweather will win less than wagered. Whereas any bet for Conor McGregor will give a healthy double or triple to your stake should he manage to pull off an upset win, though most see this as unlikely. Knowing the odds at the time of the bet and having it protected against change is one of the big perks in Fixed odds boxing, though depending how confident you are you can always go for a bigger win.
If the duo had placed a more precise bet than simply on Mayweather to win, they could walk away with a much better payout. Betting on things like which round they believe he’s going to win, how the victory is decided and even how many hits he’ll take off McGregor before the win are all fair game to put some money on. Due to the sheer volatility of the matchup, a fair few unique bets are also up for taking including McGregor being disqualified for throwing a kick and the referee being knocked out!
The Maloof Brothers are placing this bet with a somewhat personal stake in the fight; Mayweather lives on the same street as the brothers in an exclusive Las Vegas Suburb and Gavin has been to his last dozen fights in person. After he attended Mayweather’s gym for a workout, Gavin was convinced of the undefeated champ’s skills and went to place a bet on him to put his money where his mouth is. Going by the views of officials and the odds on offer, it seems like most people agree with him!
The super-wealthy Madoof’s aren’t planning to keep the money though, despite the high bet and the million they’d get back on a win, the brothers are planning to donate all of their winnings to local charities in Las Vegas and Los Angeles, having the fun of the flutter while also being able to do some good in the world if they win. They have the capital for it after selling the Sacramento Kings for $534 million in 2013.