Jake Paul and Eddie Hearn had to cancel a $1m bet on Katie Taylor against Amanda Serrano, but they came up with a new wager

EDDIE HEARN & Jake Paul had to cancel their $1million charity wager on Katie Taylor's fight with Amanda Serrano.

Both were confident that their fighter would win the wager, and they made it earlier in the week.

Taylor defeated Serrano before a packed Madison Square Garden crowd on a historic night of women's boxing.

Hearn will not walk away with Paul’s money after it was revealed that promoters aren’t allowed to place bets on their fights.

They do have an alternate plan.

Hearn, 42-year-old Matchroom chief, stated prior to Taylor's victory: "I would love to sit there, be billy large balls, and go 'he' can keep it'." However, we were advised by promoters that we shouldn’t be betting on our fights. This made me feel terrible because it would have been wonderful to make a million from him.

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"But, we are coming up with another charity.

"So Jake and I came up with an alternative that will make you smile a lot.

"It will probably involve me being knocked out but that's only if Katie loses.

"If Jake Paul doesn't get knocked out, it will be."

The Problem Child stated after the fight: "He backed off of the bet yesterday, and he said that legally he could not do it for some reason."

"Now, I think we are going try to figure that out behind-the scenes to help charity. But obviously I lost the wager."

Hearn was cordial with Paul throughout the week and struck up a good rapport in the lead-up to the fight.