Simon Cowell Loses $20,000 Bet on "X-Factor" Outcome

Posted Sunday December 23, 2012 12:32 PM GMT

It looks as though Tate Steven’s win on “The X-Factor” cost Simon Cowell a cool $20,000.

The show's creator made a bet with fellow judge, L.A. Reid, over which of their final contestants would take home the top honors.

“It was a double or quits bet from last year,” a rep for Cowell said, referring to the 53-year-old Brit's Season 1 win with Melanie Amaro.

With Reid’s man raking in the final win, Cowell was forced to cough up the large chunk of change on Thursday night (December 20).

Photo Credit: Getty Images

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