Brianne Tracy
August 22, 2017 08:00 AM

Sean ‘Diddy’ Combs and Mark Wahlberg are putting their money where their mouths are.

After first making a $250,000 bet on the outcome of the Floyd Mayweather Jr. vs. Manny Pacquiao fight in May 2015, the two Hollywood heavyweights are facing off in the boxing ring themselves to bet “double or nothing” in a fight dubbed, “Diddy vs. Wahlberg,” for a commercial promoting the highly anticipated Mayweather vs. Conor McGregor fight airing August 26.

Courtesy Combs Enterprises

“[Are] you sure you want to do this?” Wahlberg, 46, quips in the clip shared exclusively with PEOPLE, as Combs, 47, responds, “I’ve been waiting for this a long time.”

As the two walk towards the ring, Wahlberg jokes, “We’re not going to dance in there, you know that right?”

Courtesy Combs Enterprises

Combs says with a smile, “We’re not going to act in there, you know that?” Then, he brings up the fact that Wahlberg owes him money after losing their bet in 2015 when Mayweather famously defeated Pacquiao.

[youtube=https://www.youtube.com/watch?v=A8m5unx56GM&w=640&h=390]

“I gave that to charity,” Wahlberg says. “We can go double or nothing right now.”

Courtesy Combs Enterprises

While taking their fighting stances, Combs says he’s once again betting on Mayweather’s “Money Team” for the fight this time around as Wahlberg displays his green and white boxing gloves with a shamrock on them — which seems to be a sign of his support for Dublin-native McGregor.

Though we don’t get to see how the fight plays out between Combs and Wahlberg, the longtime friends are all smiles — and even shared a hug — in behind the scenes shots of filming.

Courtesy Combs Enterprises

To seal the deal of “double or nothing,” the two cheers with bottles of AQUAhydrate water — an electrolyte-enhanced beverage that they’re both investors of — in hand.

Mayweather vs. McGregor airs Aug. 26 at 9 p.m. ET on Showtime pay-per-view.

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