Drake’s Hit and Miss Cryptocurrency Gambling
As one of the most prominent musicians of this era, Drake has built a reputation not just for his hit songs but also for his gambling habits, particularly on sports. His most recent successful bet on Jon Jones in the UFC has made headlines. The singer is reported to have won about $1.7 million on the MMA fighter’s weekend submission win against Ciryl Gane. Aside from the staggering size of Drake’s wagers, he interestingly uses cryptocurrency to gamble, which has its positives and negatives.
However, not all of Drake’s gambles pay off. Reportedly, he lost a bet worth $400,000 in Bitcoin after Jake Paul was defeated by Tommy Fury in their highly-anticipated boxing match. Before the fight, the Canadian rapper had placed another massive bet on Paul winning by knockout. Despite Drake’s confidence, Paul was unable to come out victorious and ultimately lost by a close split decision.
Moreover, Drake won over $1 million worth of Bitcoin by betting on the Los Angeles Rams to defeat the Cincinnati Bengals in the Super Bowl LVI finals in 2022.
More recently this year, although rapper Drake won just one out of his seven bets on the Super Bowl game between the Kansas City Chiefs and Philadelphia Eagles, he still managed to make a profit of £425,000.
In the world of soccer, Drake suffered a significant loss of $833,000 after placing a massive bet on Arsenal and Barcelona to win their matches against Leeds and Real Madrid, respectively, in October 2022. Drake’s gamble came amid the announcement that Barcelona would sport Drake’s owl logo from his label OVO on their shirts for the El Clasico match as a sponsor. Furthermore, avid soccer fan Drake gambled and lost $1 million on Argentina beating France in normal time at the World Cup final, only for the game to go to extra time and the French lose.
Another example of the Canadian’s hit and miss gambles is his $230,000 lost wager in 2022, when Drake bet on Formula 1 driver Charles Leclerc to win the Spanish Grand Prix. Drake wrote on his Instagram that it was his first F1 bet – ‘a learning curve’, some critics said.
One compelling aspect of Drake’s betting habits is his use of cryptocurrency in recent years. This is not surprising given the rise in popularity of cryptocurrency as a legitimate form of payment and investment.
Cryptocurrency has several advantages over traditional forms of payment when it comes to betting. Transactions can be processed quickly and securely, and there are often lower fees involved. Additionally, the use of cryptocurrency allows for greater anonymity, which can be appealing to some bettors.
However, cryptocurrencies are highly volatile, which means that their value can fluctuate rapidly and unpredictably. This can lead to significant losses for gamblers. Another question mark over cryptocurrency gambling is that it is largely unregulated, making it difficult to protect users from fraudulent or unethical operators.
Drake joined the crypto casino Stake under the name DeepPockets6 in December 2021 and it will be interesting to see what other bets he places in the future, and whether he continues to use cryptocurrency as a form of payment as the financial world develops.