Eddie Hearn and Jake Paul did not move forward with their planned $1 million bet on the outcome of Saturday night's showdown between Katie Taylor and Amanda Serrano.

Taylor retained her undisputed lightweight crown with a very tough ten round split decision win over Serrano at Madison Square Garden in New York City.

During the week of the fight, Hearn (who promotes Taylor) and Paul (who promotes Serrano) made a hefty wager on the outcome of the fight.

Even before the two boxers stepped in the ring, Hearn revealed that he was forced to back out of their bet - after being advised, likely by his legal team, that he shouldn't be placing wagers on the fights he promotes. 

"I'd love to sit here, be billy big balls and go 'he can keep it' but we were actually advised as promoters that we shouldn't be betting on our own fights which I feel dreadful about because it would have been beautiful to take a million off of him," Hearn stated prior to the fight.

"But we are coming up with something else for charity. So myself and Jake have been coming up with an alternative which is going to make you laugh a lot. It probably involves me getting knocked out, but that’s only if Katie loses. If not, it’s going involve Jake Paul getting knocked out."

Paul acknowledged that Hearn withdrew from their wager before the contest took place - but says they are going to come together to do something related to charity.

"He backed out of the bet yesterday and he said that legally he couldn't do it for some reason. Now I think we are going to try and figure that out behind the scenes to help charity, but obviously I lost the bet," Paul said.