In a wild trip of high-stakes playing and cryptocurrency, rap icon Drake has discovered himself on the flawed aspect of a seven-figure Bitcoin betting spree.
The Canadian celebrity, recognized for his love of sports activities betting, has now misplaced over $1 million in Bitcoin (BTC) after two ill-fated wagers on the NBA Finals and Stanley Cup Finals.
Earlier this month, Decrypt reported that Drake had misplaced a cool half one million in Bitcoin on the Dallas Mavericks to take the NBA title. The Mavs have been finally defeated by the Boston Celtics in a five-game sequence that left Drake’s digital pockets just a little lighter.
However that was just the start of Drizzy’s Bitcoin betting woes. The “God’s Plan” rapper had additionally put down one other $500,000 in BTC on the Edmonton Oilers to hoist the NHL’s Stanley Cup. On Saturday, the Oilers fell to the Florida Panthers in Recreation 5, sealing Drake’s second main crypto betting L in as many weeks. Then final night time, the Panthers beat the Oilers in Recreation 7 to safe their first championship within the franchise’s historical past.
By no means one to cover his bets, Drake had taken to Instagram to share his betting slips, writing “Dallas trigger I am a Texan. Oilers are self explanatory. Picks in are @stake.” Stake, for these not within the know, is a well-liked cryptocurrency on line casino and sports activities betting platform. The Toronto rapper has been intently linked with Stake since 2020, when he partnered with the corporate and finally turned a co-owner.
Drake’s very public losses shine a light-weight on the rising intersection of celeb, sports activities betting, and cryptocurrency. Crypto playing has exploded in recognition in recent times, with a number of Bitcoin casinos and betting websites now vying for a bit of the motion.
However it’s not simply sports activities betting that is drawing within the crypto crowd. Political betting markets like Polymarket have additionally seen a surge in exercise, notably round high-stakes occasions just like the 2024 U.S. presidential election.
Polymarket, which permits customers to guess on outcomes utilizing cryptocurrency, has seen buying and selling volumes within the hundreds of thousands for markets like “Who will win the 2024 U.S. presidential election?” The platform has been praised for its potential to harness the “knowledge of the gang,” but additionally criticized (and fined) for its lack of regulation. However the controversy hasn’t dampened curiosity from the business. The platform simply raised $70 million in Could. The spherical was led by Ethereum founder Vitalik Buterin and Peter Thiel’s Founders Fund.
Drake’s high-profile losses function an enchanting case research within the evolving world of crypto betting. As digital currencies proceed to achieve mainstream acceptance, their integration into conventional betting markets appears inevitable.
Whereas for Drake, the $1 million Bitcoin betting bust is probably going a drop within the bucket. The rapper, who has an estimated web price of $250 million, is undoubtedly bringing extra consideration to the world of crypto playing. As this area continues to evolve, it will likely be fascinating to observe the way it shapes the way forward for on-line betting, celeb engagement, and even the broader crypto ecosystem.
Edited by Stacy Elliott.
