Rex Chapman discloses losing $20 million in gambling and bets after contract extension with Hornets

During his tenure with the Charlotte Hornets, Rex Chapman was regarded as one of the most promising young players in the league. Selected as a lottery pick, Chapman achieved impressive statistics in his initial three seasons. His time with the Hornets also resulted in a contract extension as a reward for his performance.

Despite his passion for basketball, gambling held just as much significance for him as it was an activity he shared with his father, strengthening their bond. Their mutual love for horse racing was evident. During an interview with DJ Vlad, the former Phoenix Suns player disclosed the significant losses he incurred after signing a contract extension with the Hornets.

According to reports, the ex-NBA player agreed to a $10 million contract extension with his team. However, he was unable to pay off his gambling debt, resulting in Chapman losing a significant sum of money.

“My gambling went from, it probably jumped ten-fold, five-fold, anyway,”Chapman said. “I was betting $500 a race, I’m betting $1,500 a race. It just didn’t make any sense.

“Cars all the time, going on vacations. There’s just no end to how frivolous and irresponsible that I was.. .. Had I not signed another contract after those first three years, I wouldn’t have any money left, I don’t think, or it wouldn’t have lasted very long.”

Chapman discussed it at the 45:10 timestamp.

Despite being asked about the approximate amount he had lost through gambling, Chapman replied with a definitive answer of “$20 million.”

Despite retiring, he continued to be troubled by his gambling debts. In 2014, he was apprehended for shoplifting at an Apple Store in Arizona. Sources claim that the stolen item was pawned in order to help him settle his debts.

Chapman was a member of the Hornets from 1988 to 1992 before being traded to the Washington Bullets (now the Wizards). Despite high hopes from fans for him to become an All-Star, injuries ultimately hindered his career and prevented him from reaching his full potential.

Bribery Scandal: Rex Chapman offered money to delay NBA career

Prior to showcasing his abilities in the NBA, Rex Chapman had already established himself as a standout player in college while playing for the University of Kentucky. As with many other successful college players, Chapman chose to pursue his aspirations of playing in the NBA rather than staying in college for an extended period of time.

Despite not yet reaching the major leagues, Chapman disclosed that he had been earning money while in college and was enticed with a $700k offer to remain there.

“Before I left, I was offered $700,000 to stay another year at Kentucky… the next year, I signed my [rookie] contract, and it was for $675,000.”

Despite his gambling troubles, it was still a wise choice for Chapman to elevate his skills to the next level as it allowed him to earn a higher income in the NBA.