Drake Loses $400K Bitcoin Bet on Jake Paul’s Bout

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Quote from: bitbollo on February 28, 2023, 08:39:28 AM

Another huge loss become public.
it seems that the famous Canadian singer has made a bet on Jake Paul that turned to be wrong Sad

400K USD has been wasted. It seems isn't the first time some public bets result in a loss ...

here more details:
https://news.bitcoin.com/rap-star-drake-loses-400000-bitcoin-bet-on-jake-paul-in-split-decision-loss-to-tommy-fury/

what lessons can be learned by this event?

Gambling moves with uncertainties. Even with highly anticipated winners still end up losers in the end, so if we can bet, then we should only do it not crossing our budget limit so that losing will never be too hard to accept. However, Drake is still a responsible gambler I guess as even if he loses that much, I can say that he’s not terrified after all knowing what he lose is nothing to what he gain in real life. And maybe if I’m with the shoe of Drake, I will also do that as long as I can manage all of my losses as well.

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Quote from: Botnake on March 02, 2023, 03:26:26 PM

Quote from: bitbollo on February 28, 2023, 08:39:28 AM

Another huge loss become public.
it seems that the famous Canadian singer has made a bet on Jake Paul that turned to be wrong Sad

400K USD has been wasted. It seems isn't the first time some public bets result in a loss ...

here more details:
https://news.bitcoin.com/rap-star-drake-loses-400000-bitcoin-bet-on-jake-paul-in-split-decision-loss-to-tommy-fury/

what lessons can be learned by this event?

Gambling do not guarantees success and fortune in the end, it could also mean a lot of losses even to the extent of using your life savings just to chase for bigger profits. But of course, it’s never the case for Drake as he is now living in fortune already as a hip-hop sensation and being a long-time member of Stake community. So whatever his losses from gambling, he can always manage it and earn bigger from it instead with his appearance in his different promotions.

There would be no exemption if we do speak about losers on gambling field, doesnt matter whether you are a celebrity or an average joe because its not really that shocking anymore yet there are even
whale gamblers do even lost more than on the amount of 400k which means that this one really just get that much attention since Drake is a known icon but in overall there would really be no
shocking thing about it because losing is really that inevitable even on one sided bets or having those low odds.Just like the rest been saying that there's no guarantee about
having a sure win.

Sandra_hakeem

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Drake? Seems you ain't really current that dude...is he ever complained of having shortened funds in his account?? C'monnnn, dude's worth billions and he's got alot of resources to spare out... what's his pain?
On the other hand, there's alot to learn about that incidental loss that actually went viral world wide -- I'm not even sure it's right to have it as an "incident" cus why? The best way to stop loss is stop playing at all. Some peeps get lucky and the end of the day and, they can actually make a living from it.

Sandra 🧑‍🦰

Marykeller

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I don't think this is the first time Drake has lost a significant sum of money on betting. He does win and lose occasionally, but the sheer volume of his gambling losses might leave anyone permanently broke if not stopped. Drake's music career, which has generated him a sizable fortune from it, is what protects him from losing all of his wealth on bets.

Look at Drake's gambling behavior since he began betting on boxing

Quote

He won his bet 1.04 million pound stake on the Super Bowl LVI but then lost 228,000 pound on the UFC 272 as he backed Jorge Masvidal to win. He backed Duke to beat UNC at the 2022 NCAA Tournament, losing 66,000 pound in the process.

He put a three team parlay on the Dallas Mavericks, the Calgary Flames and the New York Rangers, and won 1.9 million pound. He lost 335,000 pound on a different one shortly before though.

He was correct about the Golden State Warriors winning the Western Conference though, winning 664,000 pound. He lost 190,000 on Charles Leclerc to win the Spanish Grand Prix, though.

He has won stakes recently in the NHL, UFC 276, the Kentucky Derby and the 2022 NFL Draft, but he has also lost in the NHL and the UFC 274
Link: https://www.google.com/amp/s/amp.marca.com/en/lifestyle/celebrities/2023/02/28/63fdea8222601d97448b45b0.html

In my understanding of Drake's habit of betting is that he takes gambling as fun to try his luck whether it is possible to win or not because he knows full well he will recover the amount lost on gambling from his music

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Quote from: bitbollo on February 28, 2023, 08:39:28 AM

Another huge loss become public.
it seems that the famous Canadian singer has made a bet on Jake Paul that turned to be wrong Sad

400K USD has been wasted. It seems isn't the first time some public bets result in a loss ...

here more details:
https://news.bitcoin.com/rap-star-drake-loses-400000-bitcoin-bet-on-jake-paul-in-split-decision-loss-to-tommy-fury/

what lessons can be learned by this event?

Gambling do not guarantees success and fortune in the end, it could also mean a lot of losses even to the extent of using your life savings just to chase for bigger profits. But of course, it’s never the case for Drake as he is now living in fortune already as a hip-hop sensation and being a long-time member of Stake community. So whatever his losses from gambling, he can always manage it and earn bigger from it instead with his appearance in his different promotions.

CryptoHeadlineNews

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Quote from: bitbollo on February 28, 2023, 08:39:28 AM

Another huge loss become public.
it seems that the famous Canadian singer has made a bet on Jake Paul that turned to be wrong Sad

400K USD has been wasted. It seems isn't the first time some public bets result in a loss ...

here more details:
https://news.bitcoin.com/rap-star-drake-loses-400000-bitcoin-bet-on-jake-paul-in-split-decision-loss-to-tommy-fury/

what lessons can be learned by this event?

This is not the first time Drake is losing such huge sum of money on sport betting, because l can remember he lost $1milllion during the Fifa 2022 worldcup final which took place at Qatar when he staked for "Argentina" to win which later ended draw with a penalty kick. And I'm sure many thought Jake Paul will win the fight, which later turned to be opposite.
But moreover, one thing you need to understand is that Drake is a V.I.P gambler on stake, and as such whenever he lose, he is likely to get a compensation from stake casino

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Quote from: Joca97 on March 02, 2023, 02:33:54 PM

Quote from: nakamura12 on March 02, 2023, 02:15:44 PM

For me the lesson I learnt is that never bet what you can't afford to lose but in drake's situation is that I can't say that the amount he bet can't afford to lose. If that's my money then you won't see me betting all that money. For rich people 400k is not a big deal if they lose it in gambling. I think he has a plan on managing his money and I am sure that the amount of money he lose in that bet is fine from now him even though the result of his bet is known to public.

Drake is known to be a heavy gambler. He also streams how he gambles millions on Stake. For him this is nothing i have seen him winning on roulette 17 million in one spin so i think this doesn't hurt him much. Especially him that has a lot of money and income from a lot of sources.

Yes, he has lots of big winning histories compared to what he has lost on this bet. I'm sure that he could recover from it easily but it should still serve simple and small-time gamblers that we should still learn how to control ourselves when betting.
If we have lots of funds, it doesn't mean that we will just bet unresponsibly. We must think more than twice and be sure that we are on the right track. Yes, gambling has risks but we must still be responsible when dealing with it.

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Quote from: Distinctin on March 02, 2023, 02:20:33 PM

Quote from: len01 on March 02, 2023, 06:27:12 AM

Drake isn't the only one who has lost a lot of money at gambling, there have been many gamblers who have lost millions of dollars before at gambling. besides, Drake has also won multiple times at gambling before, so I wouldn't be surprised.

the lesson we can take is, no matter how reliable a gambler is, in the end, he will also lose at gambling. because gambling is a place to have fun, not a place to multiply money in a row.
another lesson we can take from Drake defeat is use the money you can afford to lose. because no matter how smart and rich the gambler is, he will eventually lose at gambling

I believe a lot of high rollers are actually losing big in gambling too but it’s mostly Drake who loves to deal on it publicly as he does not hesitate to post his huge bets in his social media account. But it’s never a loss for him actually since we all know how rich he is and he’s really earning big compensation out from his promotions and partnership with Stake. However, one thing we can learned from this is to never gamble huge amount if you regret losing it, and there’s always uncertainties in gambling. Even the most favorite player or team still end up being the underdog when the game ends.

Why would anyone be so eager to share losing bets as well. There must be more behind it.

Actually when I think about it how do we even know that he really lost his own money. When he is advertising a casino or sharing screenshots which let people know where he is playing, then the screenshots or mentioning of casino names probably costs the casino more than the amount he lost in a bet. If a casino just credits his account and says hey play with this amount and share it publicly, would we ever find out about it?

I don't trust these tweets because of that. I am not saying that those bets can never be true, but usually there is some incentive behind it other than just showing what a high roller he is.

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Quote from: nakamura12 on March 02, 2023, 02:15:44 PM

For me the lesson I learnt is that never bet what you can't afford to lose but in drake's situation is that I can't say that the amount he bet can't afford to lose. If that's my money then you won't see me betting all that money. For rich people 400k is not a big deal if they lose it in gambling. I think he has a plan on managing his money and I am sure that the amount of money he lose in that bet is fine from now him even though the result of his bet is known to public.

Drake is known to be a heavy gambler. He also streams how he gambles millions on Stake. For him this is nothing i have seen him winning on roulette 17 million in one spin so i think this dosent hurt him much. Especially him that has a lot of money and income from a lot of sources.

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Quote from: len01 on March 02, 2023, 06:27:12 AM

Drake isn't the only one who has lost a lot of money at gambling, there have been many gamblers who have lost millions of dollars before at gambling. besides, Drake has also won multiple times at gambling before, so I wouldn't be surprised.

the lesson we can take is, no matter how reliable a gambler is, in the end, he will also lose at gambling. because gambling is a place to have fun, not a place to multiply money in a row.
another lesson we can take from Drake defeat is use the money you can afford to lose. because no matter how smart and rich the gambler is, he will eventually lose at gambling

I believe a lot of high rollers are actually losing big in gambling too but it’s mostly Drake who loves to deal on it publicly as he does not hesitate to post his huge bets in his social media account. But it’s never a loss for him actually since we all know how rich he is and he’s really earning big compensation out from his promotions and partnership with Stake. However, one thing we can learned from this is to never gamble huge amount if you regret losing it, and there’s always uncertainties in gambling. Even the most favorite player or team still end up being the underdog when the game ends.

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For me the lesson I learnt is that never bet what you can't afford to lose but in drake's situation is that I can't say that the amount he bet can't afford to lose. If that's my money then you won't see me betting all that money. For rich people 400k is not a big deal if they lose it in gambling. I think he has a plan on managing his money and I am sure that the amount of money he lose in that bet is fine from now him even though the result of his bet is known to public.

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Quote from: xSkylarx on February 28, 2023, 09:15:09 AM

Just bet what you can afford to lose this should be the lesson. This is not new for Drake; he already lost a lot of money gambling previously, which for sure he is okay with as we know that he is rich and he can recover it in no time. For sure, he is again included in the promotions, so he has a cut of their earnings also. He will for sure bet for promotional purposes as well as to win money for the upcoming celebrity boxing matches.

I guess Drake would not gamble more than he can afford it losing, so I would say it’s all in his plan. If he wins, he will gain bigger profits, but if he lose, the amount is just very small compared to his net worth every month so he won’t regret it for sure. And besides, this is not the first time he has lose huge amount from sportsbetting, so it’s actually not an issue for him. As long as he can manage all his losses, I think that’s the only thing important there so he won’t live life regretting in the end.

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Quote from: rodskee on February 28, 2023, 11:02:26 PM

Quote from: Bananington on February 28, 2023, 02:18:42 PM

That celebrities can have gambling problems too and that they can also be wrong, and you should not make the mistake of thinking that due to their level that they know gambling well and then follow their games and predictions. Drake can afford to loose a huge amount because he has the means to get it back, but can you? The choices you make in gambling should be personal and not a replica of another persons opinion without research. Your decision and choices can be influenced by another persons opinion, but you have to be able to do some analysis on your own and not follow blindly.

and like you said mate ? it is depend on the level of the person so he cal handle this losses or not , but Drake is a Multi millionaire so giving this to gambling site isn't that big issue and also he can take this back in another same bet in another game who knows right?

Drake is a partner of stake so don't you guys worry because what if it was only a promotional bet again like what he did in the past? And this amount was small because there are some of his bets who already exceed million and the good part is it was a win. In case this was a real bet place by drake, he can still recover this amount in other ways.

It can be through his main career which was singing and song writing. He can also do promotions from other top brands because he is already a famous star and might be getting left and right offers. Drake is only betting what he can afford to lose. We can always follow his method but of course not the same amount that he was placing.

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Quote from: traderethereum on March 02, 2023, 08:34:33 AM

It could be because there is no information on which money he used and I don't think he wants to say either.
But for those of us looking at the sums of money, it's big money because not many people bet that kind of big money.
But we shouldn't follow him to bet using big money, especially if our financial condition is not good and we never think about getting or making money from gambling.
And as an influencer, I think maybe that's his way of getting people to gamble with him.

It is not important to know what money information he used to bet because what is clear for sure is the fact that Drake is very rich and he has both experience and a fairly big name in the gambling industry.
Indeed, for some people, the amount of $ 400k is very large, but for them or Drake it is not a large amount so if it is lost when used for betting it is not a big problem.
Regarding this kind of thing I suggest that we all always bet using the money we can afford when we lose a bet so that there will be no disappointment and regret later on and don't forget to have limits on spending money to be used for gambling.

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Quote from: Maslate on March 02, 2023, 06:51:13 AM

Quote from: Fivestar4everMVP on March 02, 2023, 06:39:09 AM

And again, like I made mention of before, Drake is a big shot in the industry, this is probably not a big loss to him, $400k could not be compared to how much he makes as an influencer and also have won from casinos, so this is also something I think we all should consider.

I honestly don't think he is winning in a casino. I think more of his money comes from being a celebrity and influencer. Maybe some will say he has a gambling problem because of the amount of money he bets, but that's just how he works. He is rich, so he can afford to bet huge amounts of money.

According to this article. https://www.celebritynetworth.com/richest-celebrities/richest-rappers/drake-net-worth/

His net worth is $250 million, so that amount is just peanuts on him.

It could be because there is no information on which money he used and I don't think he wants to say either.
But for those of us looking at the sums of money, it's big money because not many people bet that kind of big money.
But we shouldn't follow him to bet using big money, especially if our financial condition is not good and we never think about getting or making money from gambling.
And as an influencer, I think maybe that's his way of getting people to gamble with him.

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Quote from: Fivestar4everMVP on March 02, 2023, 06:39:09 AM

And again, like I made mention of before, Drake is a big shot in the industry, this is probably not a big loss to him, $400k could not be compared to how much he makes as an influencer and also have won from casinos, so this is also something I think we all should consider.

I honestly don't think he is winning in a casino. I think more of his money comes from being a celebrity and influencer. Maybe some will say he has a gambling problem because of the amount of money he bets, but that's just how he works. He is rich, so he can afford to bet huge amounts of money.

According to this article. https://www.celebritynetworth.com/richest-celebrities/richest-rappers/drake-net-worth/

His net worth is $250 million, so that amount is just peanuts on him.

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Quote from: Finestream on March 02, 2023, 06:03:23 AM

Quote from: bittraffic on February 28, 2023, 08:53:57 AM

However, Drake losing in gambling is not surprising anymore as he had lost thousands before this one. He isn't the only one who lost I should say, there were too many people just rooting for Jake and the bookies themselves seem to have confirmed it thru the odds.

$400k in one game, I could never get to do that even if I have millions. For Drake, I think it's forgivable. Drake had also made a lot of money many times through Jake's fights. The article says so.

For Drake, it was nothing since he is rich and he has a lot of money to gamble but for regular gamblers, surely that would create a negative life-changing experience. I would not bet into such huge amount where I think I would regret it after. Although for Drake, he has been into a lot of huge losses before so this is not new to him, after all he will again earn this funds from all his promotions and guestings. And if I’m right, he’s not gambling for profits alone, as he’s being entertained too by this fight.

Absolutely correct, for an influencer, which we all know that drake is one, not all loses are loses in real sense, a true influencer should be one who have experienced both losses and wins and know what this two emotions feels like respectively.

And again, like I made mention of before, Drake is a big shot in the industry, this is probably not a big loss to him, $400k could not be compared to how much he makes as an influencer and also have won from casinos, so this is also something I think we all should consider.

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Quote from: len01 on March 02, 2023, 06:27:12 AM

Drake isn't the only one who has lost a lot of money at gambling, there have been many gamblers who have lost millions of dollars before at gambling. besides, Drake has also won multiple times at gambling before, so I wouldn't be surprised.

the lesson we can take is, no matter how reliable a gambler is, in the end, he will also lose at gambling. because gambling is a place to have fun, not a place to multiply money in a row.
another lesson we can take from Drake defeat is use the money you can afford to lose. because no matter how smart and rich the gambler is, he will eventually lose at gambling

Definitely! Some even lose millions of dollars, and yet they do not publish it. Besides, what benefit will they get from publishing their losses? The fact that Drake published his loss means that he gets a benefit from his post. It's kind of a partnership between the bookie, I think, so don't take it as a big deal.

Regarding gambling, it's not a matter of the size of your bet, but rather how much you can afford to lose. If you earn billions, it's only natural to gamble millions or thousands of dollars. But if you barely earn a thousand dollars a month, then your range should be less than $100.

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Drake isn't the only one who has lost a lot of money at gambling, there have been many gamblers who have lost millions of dollars before at gambling. besides, Drake has also won multiple times at gambling before, so I wouldn't be surprised.

the lesson we can take is, no matter how reliable a gambler is, in the end, he will also lose at gambling. because gambling is a place to have fun, not a place to multiply money in a row.
another lesson we can take from Drake defeat is use the money you can afford to lose. because no matter how smart and rich the gambler is, he will eventually lose at gambling

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Quote from: bittraffic on February 28, 2023, 08:53:57 AM

However, Drake losing in gambling is not surprising anymore as he had lost thousands before this one. He isn't the only one who lost I should say, there were too many people just rooting for Jake and the bookies themselves seem to have confirmed it thru the odds.

$400k in one game, I could never get to do that even if I have millions. For Drake, I think it's forgivable. Drake had also made a lot of money many times through Jake's fights. The article says so.

For Drake, it was nothing since he is rich and he has a lot of money to gamble but for regular gamblers, surely that would create a negative life-changing experience. I would not bet into such huge amount where I think I would regret it after. Although for Drake, he has been into a lot of huge losses before so this is not new to him, after all he will again earn this funds from all his promotions and guestings. And if I’m right, he’s not gambling for profits alone, as he’s being entertained too by this fight.

Topic: Drake Loses $400K Bitcoin Bet on Jake Paul’s Bout (Read 563 times)