The Floyd Mayweather vs. Conor McGregor fight is drawing bettors from all walks of life. And you can add the billionaire Maloof brothers to this list because they’re wagering $880,000 on Mayweather to win.
If the Maloofs are successful, they’re set to win a $160,00 profit on their wager.
It may seem that Gavin and Joe Maloof are trying to cash in on what seems like a sure victory. But the truth is that they’re only making the bet for fun, and proceeds will go to various charities in Las Vegas and Los Angeles, where they own businesses.
“We have a huge opportunity to help a lot of people in charities, so we decided to do it,” Gavin Maloof told the Associated Press. “It’s a neat way to enjoy the fight, and it’s a fun way to promote our product.” According to Forbes, the product that they’re referring to is Never Too Hungover, a hangover prevention drink.
In addition to helping charity, the Maloofs are also helping Las Vegas’ South Point sportsbook. Given that 85% of money has been wagered on McGregor in recent weeks, South Point needs some help in balancing out the books. The Maloofs large wager will help in this department.
News broke that somebody had bet $880k on Mayweather to win just days ago. However, the identity was originally unknown at the time. But this has now been cleared up thanks to the Maloofs going public with their bet.
Maloofs not Worried about Growing McGregor Trend
When it was originally announced that Mayweather and McGregor would fight back in the spring, “Money” Mayweather was a huge favorite. Our GTBets sportsbook had him sitting at -800 odds, compared to +500 for McGregor.
But it seems that analysts and the press tour have somehow swung the odds towards McGregor. Here’s a look at our updated odds on McGregor and Money:
- Mayweather -455
- McGregor +320
- Fight at 10:30pm EST on Aug 26
On paper, it doesn’t seem like McGregor had much of a chance. He’s experienced lots of success in the UFC as the current Lightweight and Featherweight champion. However, boxing is a different sport than mixed martial arts. And Conor has never fought a fight at the professional or amateur level.
Meanwhile, Mayweather is a perfect 49-0 in boxing and has beaten some of the greatest the sport has ever seen, including Oscar De La Hoya and Manny Pacquiao.
Gavin Maloof didn’t put McGregor’s chances at zero. But he also points out more valid points on why he and his brother are betting the favorite.
“Floyd is the greatest counterpuncher that probably ever lived,” Maloof said. “I know Conor is a great puncher, and I’m not taking anything away from the UFC. Conor is probably going to be the aggressor.
“Floyd will wait until he punches. You have a guy switching sports, and that’s not easy, and then you’re taking on the greatest boxer of all time. Now on the reverse side, you have Conor who’s much younger, and maybe that will affect Floyd. It’s a good fight.”
The Maloof brothers don’t stand to win much by their standards. But if they lose, it’s not like they’ll be foreclosing their homes. The brothers have an estimated $1 billion fortune. And they made $534 million when they sold the NBA’s Sacramento Kings in 2013, which was previously a league record.
Maloofs’ Original Ticket had the Wrong Numbers
ESPN showed an original slip from the Maloof brothers that featured the wrong numbers. Here’s what they wrote on the matter:
“The original ticket showed only a $120,000 profit, instead of the correct $160,000 that would come from the wager. The misprint was caused by a rule in South Point’s bookmaking system that does not permit payouts of greater than $1 million, according to sportsbook director Chris Andrews. The total payout, should Mayweather prevail, would be $1.04 million. The book rewrote two separate bets for $440,000 each to rectify the issue.”
Even with the correct bump up to $160,000, the money isn’t a lot to the Maloof brothers. But it would certainly help the charities that they intend to donate to if Mayweather comes through. And with a perfect 49-0 boxing record, this shouldn’t be hard.
— Mitch Moss (@MitchMossRadio) August 11, 2017