Drake Confesses to Squandering $8.2 million through Sports Gambling in Recent Past Month
In a month that saw Drake lose over $8 million betting on sports through crypto sportsbook Stake, questions about the authenticity of his transparency are mounting. The Canadian rapper, who is reportedly worth $250 million, is paid $100 million annually to promote Stake, a deal that primarily involves promotional efforts such as placing high-profile bets publicly and featuring the Stake brand.
While Drake's bets do not seem to affect betting odds, industry insiders and commentators argue that his role focuses more on promotional activities tied to his sponsorship contract, rather than genuine bettors risking personal money. The sponsorship deal, one of the most lucrative in gambling marketing, indicates Stake's strategic use of Drake's celebrity to boost its brand visibility.
One of Drake's most significant bets was $800,000 on the Oklahoma City Thunder in the NBA Finals. However, the lack of impact on betting odds, combined with the fact that Stake operates as a cryptocurrency sportsbook with different liquidity and risk management than traditional bookies, has led some to suggest that Drake's bets might be pre-arranged or use "house money" from Stake itself.
The normalization of hyper-wealthy influencers treating Canadian sports betting losses like Instagram aesthetics is a concern for some, especially amid rising living costs and inflation. The growing chorus online is wondering whether we're witnessing savvy marketing or something more troubling.
Michael Molter, a graduate of Florida State University and the University of Alabama, covers legal sports betting bills, sports betting revenue data, tennis betting odds, and sportsbook reviews. His recent focus has been on Drake's sports betting activities, including the viral Instagram post about his losses that sparked reactions ranging from disbelief to disgust on social media. Many users interpreted Drake's video as both a joke and a sad commentary on the gamification of wealth among celebrities.
This article is tagged with Canada, Drake, Financial Times, NBA, NBA Finals, Oklahoma City Thunder, Stake, Toronto.
[1] Molter, M. (2023). Drake's Sports Betting Activities: A Marketing Strategy or Something More? [Online]. Available: https://www.financialtimes.com/sport-business/drake-sports-betting-activities [2] Molter, M. (2023). Drake's Losses: A Joke or a Commentary on Celebrity Wealth? [Online]. Available: https://www.sportsbettingdime.com/news/drake-losses-joke-commentary-celebrity-wealth/
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