Boxing Promoter Calls State Regulation to Prohibit Jake Paul’s $5 Million ‘Side-Bet’ Against Mike Tyson

Jake Paul and his antics are in the limelight again. This time, they have evoked serious questions about the state regulations and their effectiveness in controlling what happens in a fight. And it all started with a harmless gig and a hilarious wager.

Paul, 27, had turned to his social media handles and had agreed to pay Mike Tyson $5 million if the latter went past the fourth round in their fight. But if that didn’t happen, then the former world champion might have to get a hilarious tattoo. The Problem Child had declared, “If you last more than 4 rounds with me, I’ll give you an extra $5 million. But if you don’t, then you have to get a tattoo that says ‘I love Jake Paul’.” However, the question that is now being raised is—Is this wager legal under the sports commission who is overseeing the event? And who is asking this question?

Canadian lawyer, Erik Magraken first attracted attention to it and mentioned that such an agreement would have incurred regulatory checks and impositions, in essence, since it affected the fight’s outcome and how it would be played out. He wrote, “Jake Paul b–ting Mike Tyson $5 million if he makes it past the 4th seems like Jake saying- Don’t try to KO me in the early rounds. If I was a regulator I’d have questions.” This is what prompted a veteran promoter to jump in.

Lou DiBella joined the fray and asked how the Texas Department of Licensing and Regulation, the organization overseeing the bout, would allow such a wager. In addition, the boxing Hall of Famer demanded its prohibition, given the bout’s professional nature. He noted, “C’mon now! Is there no state regulation? If this is a professional bout, with legal sportsbooks taking action on it, this kind of “side b-t” has to be prohibited. PERIOD. #boxing”

Notably, the fight is being held in Arlington, Texas and the Texas Commission would have taken any necessary step if it felt it so. However, when enquired by Magraken about the same from the Commission, the Commission gave a green light to Paul’s actions and deemed it a private agreement not regulated by any rules or the Commission itself.

Jake Paul gets a clean chit!

Magraken, who wrote to TDLR about the wager, added another comment to the thread, pointing out their take on the matter. He also attached a response by the Commission. They stated that no program statute or rule regulates “private agreements made by a licensed contestant.”

However, according to the Canadian lawyer, the resulting optics were still not good. He noted, “Texas says this is a professional bout. Not an exhibition. You can (wager) on it. If you have a real sporting event with attempted side deals that can impact its outcome that’s not a good look.”

Therefore, the wager between Tyson and Paul would withstand and add another layer of excitement to the event. But who will win the wager is something that fans will find out this November 15.

What do you make of this situation concerning Mike Tyson and Jake Paul? Let us know in the comments below.