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Bitcoin Betting Gone Wrong: Drake Loses $400K On Jake Paul-Tommy Fury Fight

Author

Jay Solano

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2 mins
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Author

Jay Solano

Tags

Category

News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

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In a surprising twist of events, Tommy Fury defeated the once-dominant Jake Paul in a split decision in the highly anticipated boxing battle on Sunday night.

Despite Paul knocking Fury out in the eighth round, Fury prevailed on a split decision (74-75, 76-73, 76-73) in the match, which took place in Diriyah, Saudi Arabia.

The former YouTube star, who made headlines for his brazen demeanor and knockout skills, was in shock as Fury emerged victorious. After the fight, Paul was forced to face a painful reality: one of his most ardent backers had lost money as a result of his defeat.

Drake Loses $400,000 Bet on Boxing Match

Longtime Paul supporter and Canadian rapper Drake reportedly staked a whopping $400,000 in Bitcoin (or about 17 BTC) on the fighter’s victory in the ring. After the defeat of Jake Paul, Drake was left with nothing but regret and a significant loss of funds.

Drake proudly revealed his wager made on the cryptocurrency betting site Stake on Instagram. 

According to the screenshot Drake uploaded, had Paul won the fight, he would have been eligible to collect $1.44 million in bitcoin.

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Jake Paul playfully blamed Drake for his loss to Tommy Fury. In jest, Jake Paul blamed Drake for his loss to Tommy Fury and admitted that the fault was his own. He also acknowledged that $400,000 is a small amount for Drake, who has won much more money betting on him in the past. In the end, Jake promised to win the rematch.

Drake is infamous for making his predictions for major sporting games public prior to placing each wager. In November, he placed a $2 million wager on Israel Adesanya to defeat Alex Pereira at UFC 281. Adesanya was knocked out by Pereira in the fifth round, costing Drake two million Canadian dollars.

On February 14, Drake made successful Bitcoin bets worth $1.26 million when the Kansas City Chiefs defeated the Philadelphia Eagles in Super Bowl LVII. However, the Canadian rapper wasn’t as lucky in his subsequent bets. He lost $275,000 in Bitcoin during the Jorge Masvidal fight and lost $234,000 when Charles Leclerc failed to win the Spanish Grand Prix.

The Drake Curse Strikes Again

Several sportsmen and teams failed to achieve their goals after Drake placed wagers on them, giving rise to the phrase “The Drake curse.”

Among the “victims” are former heavyweight champion Anthony Joshua. Drake predicted that the British would defeat Andy Ruiz in the first boxing battle, but the Mexican underdog won through knockout.

Also, the rapper has lost money betting on soccer. He wagered one million dollars worth of bitcoin that Argentina would defeat France in the FIFA World Cup. Messi and his team ultimately prevailed on penalties and took home the trophy.

According to data from CoinMarketCap, Bitcoin was trading at $23,390.79 at the time of writing, down 6.23% over the previous week.