On April 30, 2013, Barack and George entered into a bet on the outcome of the 2013

Question:

On April 30, 2013, Barack and George entered into a bet on the outcome of the 2013 Kentucky Derby. On January 28, 2014, Barack, who bet on the winner, approached George, seeking to collect the $3,000 George had wagered. George paid Barack the $3,000 wager but now seeks to recover the funds from Barack. Result?