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Drake loses a fortune in BTC

 


Drake, the Canadian rapper, lost more than $230,000 worth of bitcoin betting on Charles Leclerc to win the Spanish Grand Prix.


The Spanish Grand Prix that took place last Sunday did not end well for Leclerc and the Ferrari fans. Although he started from pole position, the Monegasque had to retire due to an engine problem.


Leclerc's closest rival, Red Bull's Dutchman Max Verstappen, won the Grand Prix to secure the overall lead.


$230,000 loss - no big deal

We can only assume that Drake cried profusely after losing so much money. Before the race, he revealed on his Instagram story that he bet $230,000 on Leclerc winning. The bet was placed via the sports betting platform Stake. Stake is known to also accept cryptocurrencies. Drake's story about his stake bet appears to be a commercial. But that doesn't make the story any less gripping with its ups and downs.


Had Leclerc come first, the music star would have received $353,000 in Bitcoin , the currency used in the transaction.


By normal standards, that's an enormous amount. For Drake, however, the loss is nothing special. The artist's net worth is estimated at $200 million as of last year. Also, he has already won some bitcoin in previous bets .


Drake and his betting history

Drake caught the attention of the crypto world when he placed three bets on the last Superbowl . In total, he bet 28 bitcoins , worth $1.3 million at the time.


Two of his bets were successful: the Los Angeles Rams won the NFL Finals and one of their key players, Odell Beckham Jr., scored a touchdown. As a result, the rapper earned more than $ 2 million.


He then bet more than $200,000, again in cryptocurrencies, on Jorge Masvidal's UFC victory. However, Masvidal lost to Colby Covington. Despite the last loss in Formula 1, the musician is still in the black in his betting hobby.


F1 and the crypto world

It was Drake's first Formula 1 Grand Prix bet and it looks like it won't be his last. The singer is good friends with Lewis Hamilton, the seven-time world champion at the tournament. Drake will be able to count on his friend in Grand Prix this season.


Formula 1 itself has evolved into an increasingly crypto-friendly tournament. Several teams are sponsored by crypto exchanges and projects. For example, OKX is the official sponsor of McLaren. The Red Bull team wears the Tezos logo on their uniforms and has already released an NFT in collaboration with the network. Even Formula 1 itself has Crypto.com as one of its main sponsors.


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