Canadian rapper and singer Drake lost $400,000 in bitcoin BTC -2.04% after betting that YouTuber-turned-boxer Jake Paul would win by knocking out Tommy Fury. The fight took place in Diriyah, Saudi Arabia on February 26, 2023, and Fury won by split decision despite Paul knocking him down in the eighth round.
Before the game, Drake bet on the cryptocurrency gambling platform Stake, and if Paul won, he could cash out $1.44 million in bitcoin. However, with Fury’s victory, Drake lost his bet and the chance to win a lucrative prize.
Drake is known for making high-stakes sports bets, and his past bets have had mixed success. He won $240,000 in Bitcoin after betting on the Los Angeles Rams against the Bengals in the Super Bowl. However, he also lost $275,000 in Bitcoin when he bet on mixed martial artist Jorge Masvidal, and $234,000 in Bitcoin when Charles Leclerc did not win the Spanish Grand Prix.
There’s a joke circulating online called the “Drake Curse,” which suggests that anyone who backs Drake could lose. After the fight, Paul joked about the curse and took some of the blame for Drake’s loss.
“Drake, bro, why are you doing this to me? No, it’s my fault. $400,000 is nothing to him, he won a lot of money betting on me before. He could be right now. Sorry, Dre Gram, I’ll be victorious in the rematch,” the boxer added.
The match between Paul and Fury was a highly anticipated one, with Paul already on a six-game winning streak ahead of the match. Fury, the half-brother of former heavyweight champion Mike Tyson, is 7-0-1. Although Paul knocked Fury down in the eighth round, it was Fury’s skill and strategy that earned him points to determine the outcome.
Drake’s loss serves as a reminder of the risks and rewards of betting on cryptocurrencies, which have grown in popularity in recent years. The volatility of cryptocurrencies means payouts can fluctuate wildly, so it’s crucial to understand the risks before placing your bets.
