P. Diddy loses $1.26m bet to fellow rapper Rick Ross

When you've been named the wealthiest hip-hop mogul of 2013, a million bucks must be small change.

US rapper Sean "P. Diddy" Combs, 43, lost US$1 million (S$1.26 million) to US rapper Rick Ross in a dice game when the two hung out last Saturday morning, just hours before heading to the Ultimate Fighting Championship boxing match between Floyd Mayweather and Canelo Alvarez.

In the video footage posted on Instagram, Combs is seen rolling dice before presenting Ross a handwritten note that reads: "To Rr, I owe you $1,000,000. Sean Combs".

Ross, 37, is heard saying, "Double or nothing right now live... I'm gonna sell that (note) as a piece of art."

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