Canadian rapper has lost $275k worth Bitcoin bet

Bitcoin has garnered mainstream adoption. Following the scenario, Drake, the Canadian rapper had placed one of the largest crypto coin bets on American professional mixed martial artist Jorge Masvidal. The rapper expected that Masvidal would be able to defeat Colby Covingto during the seismic UFC 272 event that was held on Saturday. Notably, the event was held at the T-Mobile arena in Las Vegas. However, the Canadian superstar was unlucky this time and he lost all his funds after Covingto won the grudge match by unanimous decision.

Drake lost his audacious Bitcoin bet on Jorge Masvidal

The “In My Feelings” hitmaker was truly bullish on Masvidal. And expected that he would defeat Covingto. Since then he had placed his audacious Bitcoin bet on the underdog. In contrast, he could have walked away with more than $700k.

However, after dominating every round in the event held in Las Vegas, Covingto won the grudge after a unanimous decision. Indeed, the rapper had sadly lost all his $275k worth of the leading crypto coin.

Losing such a big bet isn’t the first time for Drake

Compiling several reports we have observed that Drake did not lose for the first time. Indeed, this was not the first time the Canadian rapper put his Bitcoin on the line.

Notably, last month, the superstar raked in $381k in the largest crypto after betting $1.3 million on Super Bowl LV1. At the time, the Los Angeles Rams won against the Cincinnati Bengals that allowed the rapper to net easy money.

Were Drake’s bets illegal?

After Drake won $381k in Bitcoin, it was later announced that the Canadian online betting platform, Stake, was not licensed. Indeed, Stake is the platform which facilitated Drake’s wagers, and was not licensed in the Ontario province.

Following the scenario, many argued that as the platform is operating illegally, the bets placed by the superstar might have also been illegal.

Still, Drake has played well with his fortune. Last month, the American rapper Kodak Black revealed that he had received a $250k worth of the coin designed by Satoshi Nakamoto as a gift from Drake.