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

During his time with the Charlotte Hornets, Rex Chapman was considered one of the best young players in the league. As a lottery pick, Chapman put up incredible numbers in his first three seasons in the league. His stint with the Hornets even saw him got rewarded with a contract extension.

Although he loved playing basketball, gambling was just as important because it was something that he did with his father. It bonded them. They loved horse racing in particular. In an interview with DJ Vlad, the former Phoenix Suns guard revealed how he lost quite a lot of money after signing a contract extension with the Hornets.

According to sources, the former NBA star signed a $10 million contract extension with the team. Unfortunately, his gambling debt took over, and Chapman lost an incredible amount 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 talked about it at the 45:10 mark.

When asked about the rough estimate of the amount he lost through gambling, Chapman said, "$20 million."

His gambling debts haunted him until the day he retired. In 2014, he was arrested for shoplifting from an Apple Store in Arizona. According to sources, the item he stole was pawned for him to pay his debts.

Chapman played with the Hornets from 1988 until 1992. Then, he was traded to the Washington Bullets (now the Wizards). At that time, fans were waiting for him to blossom into an All-Star. However, that never happened in his career as injuries derailed his career.

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Rex Chapman was offered money to stay in college

Before he displayed his talents in the NBA, Rex Chapman was a star in college. He played for the University of Kentucky. Like other stars in college, Chapman didn't stay long and opted to pursue his dreams of making it in the NBA.

However, before making it to the big leagues, Chapman revealed that he was making money during his college days and was offered $700k to stay.

"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."

Still, it was a good decision for Chapman to take his talents to the next level. He was able to make more money while in the NBA, despite his gambling troubles.