Drake suffered a financial loss of more than a quarter million dollars when Colby Covingto emerged as the superior mixed martial artist.
Drake, a Canadian musician, lost almost $275,000 in Bitcoin, the world’s most valuable cryptocurrency, after betting on American professional mixed martial artist Jorge Masvidal.
The “In My Feelings” singer anticipated Masvidal would defeat Colby Covingto at Saturday’s UFC 272 event at the T-Mobile Arena in Las Vegas.
Drake might have walked away with more than $700,000 after placing his bold wager on the underdog.
— MMAFighting.com (@MMAFighting) March 6, 2022
Regrettably for the superstar rapper, the upset did not occur, as Covingto won the grudge battle unanimously after dominating every round.
This is not the first time Drake has staked his Bitcoin. He earned $381,000 in February after wagering $1.3 million on Super Bowl LVI. The Los Angeles Rams defeated the Cincinnati Bengals, which resulted in easy money for the rapper.
However, it was then discovered that Stake, the Canadian online betting company that handled Drake’s wagers, is not licenced in the province of Ontario. As a result, his wagers may have been illegal.
Kodak Black, an American rapper, stated last month that he received a $250,000 Bitcoin present from Drake.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.