Thorne–Hawking–Preskill bet. . .

The Thorne–Hawking–Preskill bet was a public bet on the outcome of the black hole information paradox made in 1997 by physics theorists Kip Thorne and Stephen Hawking on the one side, and John Preskill on the other.. .

Another older bet – about the existence of black holes – was described by Hawking as an "insurance policy" of sorts:

This was a form of insurance policy for me. I have done a lot of work on black holes, and it would all be wasted if it turned out that black holes do not exist. But in that case, I would have the consolation of winning my bet, which would win me four years of the magazinePrivate Eye. If black holes do exist, Kip will get one year of Penthouse. When we made the bet in 1975, we were 80% certain that Cygnus X-1 was a black hole. By now, I would say that we are about 95% certain, but the bet has yet to be settled.

— Stephen Hawking, A Brief History of Time (1988)^[6]

In the updated and expanded edition of A Brief History of Time, Hawking states that "Although the situation with Cygnus X-1 has not changed much since we made the bet in 1975, there is now so much other observational evidence in favour of black holes that I have conceded the bet. I paid the specified penalty, which was a one year subscription toPenthouse, to the outrage of Kip's liberated wife."