Juan Rodriguez was arrested after his stunt at an outdoor Democratic Party rally Sunday evening.
British businessman Alki David, 42, promises the big cash prize to the first person who streaks in front of the president with his interactive reality TV channel and community Web site, Battlecam.com, written across his or her chest and shouting it six times within earshot and sight of Obama.
"This is the first time anybody has attempted it. I still don't know if he was successful. If he has done it, I'll pay him in cash," David told the New York Daily News.
"I'm very clear about the rules. I'm still waiting to get conclusive proof he [Rodriguez] did it."