Drake and the crazy bet in Bitcoin

Drake, a famous rapper-singer, has bet $1 million Bitcoin in favor of Argentina and its victory in the World Cup. The news bodes well for both the legendary singer and the team in the aftermath of the latter’s victory. 

The news was also reported on Bitcoin Magazine’s official Twitter account, which reads: 

BREAKING: Legendary rapper Drake bet $1 MILLION #Bitcoin on World Cup Final 🤯 pic.twitter.com/SZUnuKFEBp

— Bitcoin Magazine (@BitcoinMagazine) December 18, 2022

“Legendary rapper Drake has bet $1 MILLION in Bitcoin on the World Cup final.” 

Drake and the Argentina gamble: the bet in Bitcoin 

The Canadian singer showed what his bet was regarding the final. Drake, in fact, bet big on Argentina as the World Cup winning team: his bet was $1 million in Bitcoin. 

As we know, the World Cup final between France and Argentina attracted the interest of the whole world. Not least because the match that was aired at Lusail Stadium was the match between Leo Messi and Kylian Mbappè. 

In all this, the interest of many superstars was stirred, including that of Drake, as evidenced by his post. On his profile, in fact, the Canadian singer decided to show what was his bet regarding the final.

Considering Drake’s bet, and considering the fact that the odds he played at gave Argentina winning at 2.75 in case the Cup was theirs, the singer most likely saw his account increase by almost two million. 

Drake is no stranger to the crypto world: the singer’s other Bitcoin bets 

Prior to the World Cup, the Canadian rapper, a big American football fan, had placed a series of Super Bowl bets totaling $1.3 million in Bitcoin. He had bet, in fact, on a trio: backing the Los Angeles Rams’ victory and the performance of player Odell Beckham Jr.

Even then, Drake had shared pictures of his bet on Instagram stating: 

“All bets are on the family.” 

in reference to his friendship with Beckham Jr. 

Specifically, the Toronto hip hop star had earned $300,000 in profit from a total bet of $1.3 million in Bitcoin using Stake, a cryptocurrency betting app.

Pompliano, a famous popularizer and cryptocurrency investor, had spoken about it on Twitter, saying:  

“Now one of the world’s most popular musicians is using Bitcoin, not only as a store of value, but also as a medium of exchange. If Drake talks about Bitcoin, posts it online and the media talks about it, it means that more and more people will think: ‘if Bitcoin is good for Drake, then maybe it’s good for me too.”

An idea that, most likely, has only been reinforced after Drake’s other bet in Bitcoin for an event with such enormous media reach as the World Cup final.  

The problems with crypto betting platforms 

Despite Drake’s encouragement to the crypto world, according to some Canadian experts on gambling regulation, Drake’s $1.3 million bet in Bitcoin at the Super Bowl could be considered illegal. 

A few days before the big game, in fact, photos posted by Drake on Instagram clearly showed the name of the betting platform Stake, used by the rapper despite the fact that the company lacked a license to operate in the province of Ontario, according to PlayCanada. 

At that point, John Holden, a Canadian economics professor at Oklahoma State University, had told the NYPost that whether or not Drake had broken the rules depended on where he was at the time he placed the bet.

On the issue, Ontario had confirmed that it would allow the use of private sports betting apps in the province starting on 4 April, although it was not known whether Stake would be one of the platforms to receive a license. 

Today, we know that Altenar, the leading provider of sports betting and iGaming software, has entered the regulated market in Ontario, Canada. This is, in fact, one of the last states to form a regulatory framework for betting and online gaming in general. Verticals that Altenar follows around the world and with great capacity and confidence from its clients.

The rise of crypto betting: it’s on the rise 

Apart from Drake and his betting in Bitcoin in various events, as we saw above, in general cryptocurrency betting appears to be on the rise. In fact, many players are starting to use Bitcoin and other cryptocurrencies to bet on their favorite teams to win. 

This is quickly becoming the payment method of choice for users. Certainly, some of the reasons behind this popularity are the ease of use and privacy that come with using cryptocurrencies to place bets. 

Players do not have to go through the hassle of linking a bank card, risk having their card rejected, and have a paper trail of their gambling. Instead, with cryptocurrencies like Bitcoin, payments are fast and players can rest easy knowing that their bets are anonymous.

Among many, Colorado made headlines in 2019 when legal sports betting was approved by voters in the state. In addition, Wyoming is another state that has approved the use of blockchain technology for sports betting transactions. The industry is expected to exceed $20 billion if all 50 states were to pass legislation to allow sports betting activities.