Jay-Z, Oscar De La Hoya Bet $100K on Miguel Cotto-Canelo Alvarez Bout

Miguel Cotto, Oscar De La Hoya, Saul Canelo Alvarez
The Associated Press

Miguel Cotto and Canelo Alvarez fight on November 21 to determine the best middleweight not named Gennady Golovkin. Their heavyweight promoters lay down a heavy bag of change on a bet on the fight.

Oscar De La Hoya and Jay-Z, promoters of Alvarez and Cotto, respectively, wagered $100,000 on the match. An Alvarez win provides $100K from Jay-Z’s account to the the White Memorial Medical Center’s cancer unit. De La Hoya’s mother died of breast cancer two years before he won Olympic gold in Atlanta. A Cotto win gives $100K of De La Hoya’s money to the Shawn Carter Foundation, started by Jay-Z and his mom to “help individuals facing socio-economic hardships further their education at post secondary institutions.”

Cotto, though holding the linear middleweight title through a demolition of Sergio Martinez last year, enters the fight as the decided underdog. His edge in experience in marquee fights means a disadvantage in age. Alvarez also fights as the naturally larger man. The 25-year-old Mexican boxes fresh off an impressive third-round knockout of James Kirkland and owns victories over Cotto’s younger brother Jose, Austin Trout, and shells of Shane Mosley, Kermit Cintron, and Carlos Baldomir. The 35-year-old Puerto Rican boasts quality wins over Martinez, Mosley, Antonio Margarito, Paulie Malignaggi, Joshua Clottey, and Zab Judah.

Bettors win $100 on a $300 bet on Canelo Alvarez. They cash out at $235 on a $100 bet on Miguel Cotto. Smart money likes the underdog. But Jay-Z’s wager on Cotto not utilizing odds strikes as a not-so-smart way to lose money. But he’s worth $550 million, according to Forbes, and it’s for a good cause, so maybe he can absorb the loss painlessly.

A bigger payday, and bigger punches, await the winner—of the fight, not the bet—should he opt to risk health and belt against the 34-0 knockout machine Golovkin.