Richard Branson makes one ugly stewardess -- which is probably why he should've made a better bet with a pal.

Back in 2010, the billionaire Virgin mogul made a friendly wager with AirAsia owner Tony Fernandes about whose racing team would win the Formula One Grand Prix in Abu Dhabi.

The stakes? The loser would have to dress like a female flight attendant on the rival's airline.

Suffice it to say Branson lost, but he always makes good on his wagers -- so this is how he served cocktails aboard an AirAsia flight from Australia to Malaysia on Sunday (May 12).

Even though it's not his first time in drag, he was fired after his first day on the job after "accidentally" spilling drinks all over Fernandes and generally being "rubbish." (Branson's just happy he can go back to normal clothes and unshaven legs.)

On the upside, the flight itself did more than provide a few chuckles: It also raised money for hospitalized children in Australia.