Drake’s failed Bitcoin Bet on F1; $234k goes for a toss

Sahana Kiran
Source – Wallpaper Access

Canadian rapper Drake has been making news in the crypto-verse for his big Bitcoin [BTC] bets. While the crypto industry isn’t new to celebrities, Drake decided to bring his unique touch to the market. The singer was time and again seen employing BTC for sports betting. However, Drake did not take home profits all the time.

The rapper went on to bet on F1 for the very first time. Drake took to Instagram and unveiled to his followers that he bet on Ferrari’s Charles Leclerc. He reportedly bet $234,000 worth of Bitcoin on Leclerc hoping he would win the Grand Prix 2022 taking place in Spain. Following the match, if the results were in favor of the rapper then he was expected to pocket $350,000 worth of Bitcoin.

The rapper used the Stake app to place his bets on Leclerc.

Source – Instagram

Things did not transpire as planned. Drake’s very first Formula 1 crypto betting was a failure as Leclerc paved the way for Red Bull’s Max Verstappen to victory. The climate in Barcelona caused immense distress to his engine which aided in Verstappen’s win.

Big Bitcoin bets amidst its sluggish recovery

The latest crash that turned the entire crypto market upside down pushed Bitcoin way below $30k. Now, however, the king coin was seen trying to get back on its feet. Amidst this, Drake directed his BTC onto sports betting.

This isn’t the first time that the artists indulged in some crypto-centric gambling. Earlier this year, he bet nearly $1.2 million worth of Bitcoin on a Super Bowl match between the Los Angeles Rams and the Cincinnati Bengals. Following the victory of the LA Rams, Drake bagged $240,000. He also won $435,000 from betting on Odell Beckham Jr. to catch the first touchdown.

In addition to football, Drake also poured his funds into a UFC fight between Jorge Masvidal and Colby Covington. However, just like in the latest F1 race, Drake lost his bet.

Furthermore, at press time, BTC was trading for $30,422 with a 1 percent daily surge.