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Professional athletes like Michael Jordan are known for their affinity to make high-stakes wagers. With so much disposable income, oftentimes those bets involve amounts and items worth tens of thousands of dollars. Several years ago Dwyane Wade made such a bet with a teammate and lost his Porsche in the process.

Dwyane Wade and the 2012-13 NBA championship season 

Coming into the 2012-13 NBA season, expectations were high for the Miami Heat. A year earlier, the Heat had won the organization’s first NBA championship defeating a tough Oklahoma City Thunder squad that included Kevin Durant, James Harden, and Russell Westbrook.

Many in the NBA believed the defending champions from Miami were the team to beat with returning players including LeBron James, Chris Bosh, and Dwyane Wade. The Heat endured some early-season struggles, but turned it up a notch in February winning 37 out of 40 games to finish the season including a 27-game winning streak.

In the playoffs, the Heat dominated the first two rounds sweeping the Milwaukee Bucks and knocking out the Chicago Bulls in five games. In the Eastern Conference Finals, Miami outlasted a tough Indiana Pacers squad in seven games to earn a berth in the NBA Finals against the San Antonio Spurs.

The Heat defeated the Spurs in another tough seven-game series highlighted by an incredible 13-point comeback in the fourth quarter of Game 6 that was capped off by a miracle three-pointer by Ray Allen that sent the game into overtime. That three happened to be the second-best shot that season by a Heat player. 

Wade loses bet and Porsche to teammate Norris Cole

Earlier in the season after a game on the road, Dwyane Wade and teammate, Norris Cole, a second-year player out of Cleveland State University, made a friendly bet following a game. The two former teammates relived the moment on the Platform Basketball Podcast.

According to Cole, the two were standing near mid-court when he asked Wade what he was willing to bet if Cole sank the half-court shot. After giving it a few seconds of thought, Wade told him he would bet his Porsche.

“You make that you got the keys to the Porsche as soon as we land,” Cole recounted on the podcast. “As you know, I stepped up and made that shot.”

Wade said he called back to Miami and told his friend to gas up and wash up the Porsche. He had lost it in a bet with Cole. They arrived later that night and Wade gave him the keys to the car.  

Dwyane Wade is known for his generosity

In Dwyane Wade’s 17 seasons in the NBA, the 13-time All-Star earned $196 million for his career. During that time, Wade developed a reputation for his generosity and willingness to give away his money. 

In fact, during Wade’s final season, Budweiser released a commercial highlighting Wade’s generosity in the community. The future Hall of Famer, who was known for exchanging jerseys after games with other players, was presented with special jerseys from people who Wade’s generosity and kindness had directly affected their lives.

The emotional spot included a woman who Wade had paid for a shopping spree after her house had burned down, a young woman who he paid for her college tuition, a young man who had struggled with low-income and Wade inspired, and his mother, who once went to prison but he never gave up on her.

Norris Cole wasn’t in the commercial, but he learned that night how Wade is willing to part with his money and cars. He discovered when Dwyane Wade says he’s going to do something, he will live up to his end of the deal. Wade’s word has value, and that’s worth more than anything money can buy.