On a wild ride of high stakes and cryptocurrencies, rap icon Drake found himself on the wrong end of a seven-figure Bitcoin betting spree.
The Canadian superstar, known for his love for sports bettinghas already lost more than $1 million in Bitcoin (BTC) after two ill-fated bets on the NBA Finals and the Stanley Cup Finals.
Earlier this month, Decrypt reported that Drake had lost half a million in Bitcoin on the Dallas Mavericks to take the NBA title. The Mavs ended up being defeated by the Boston Celtics in a five-game series that left Drake’s digital wallet a little lighter.
But that was just the beginning Drizzy’s Bitcoin Betting problems. The “God’s Plan” rapper also invested another $500,000 in BTC in the Edmonton Oilers to hoist the NHL’s Stanley Cup. On Saturday, the Oilers fell to the Florida Panthers in Game 5, sealing Drake’s second-largest crypto L bet in as many weeks. Then last night, the Panthers beat the Oilers in Game 7 to clinch their first championship in franchise history.
Never one to hide his bets, Drake decided Instagram to share his betting slips, writing “Dallas because I’m a Texan. Oilers are self-explanatory. Picks are @stake.” Stake, for those who don’t know, is a popular cryptocurrency casino and sports betting platform. The Toronto rapper has been closely linked to Stake since 2020, when he partnered with the company and eventually became co-owner.
Source: Instagram
Drake’s public losses shine a light on the growing intersection between celebrities, sports betting and cryptocurrencies. The popularity of crypto gambling has exploded in recent years, with a number of Bitcoin casinos and betting sites now competing for a piece of the action.
But it’s not just sports betting that attracts the crypto crowd. Political betting markets such as Polymarket have also seen an increase in activity, especially around high-stakes events such as the 2024 US presidential election.
Polymarket, which allows users to bet on outcomes using cryptocurrencies, has seen trading volumes in the millions for markets such as “Who will win the US presidential election in 2024?” The platform has been praised for its potential to harness the “wisdom of the crowd”, but also criticized (and fined) due to its lack of regulation. But the controversy hasn’t dampened industry interest. The platform just raised US$70 million in May. The round was led by Ethereum founder Vitalik Buterin and Peter Thiel’s Founders Fund.
Drake’s high-profile losses serve as a fascinating case study in the evolving world of crypto betting. As digital currencies continue to gain widespread acceptance, their integration into traditional betting markets seems inevitable.
While for Drake, the $1 million drop in Bitcoin betting is likely a drop in the bucket. The rapper, who has an estimated net worth of $250 million, is undoubtedly bringing more attention to the world of crypto gambling. As this space continues to evolve, it will be fascinating to watch how it shapes the future of online betting, celebrity engagement, and even the broader crypto ecosystem.
Edited by Stacy Elliott.
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