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

[bitbollo]

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

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[Oshosondy]

There is nothing that I learn, but we should not use more than the amount of money we can afford to lose to gamble. Drake's networt as of recent is $260 million. The guy knows what he is doing and I do not yet see him as an addict.

What newbie gamblers can learn is still that they should know that in gambling, the gambling sites have house edge which is a means the gamblers are the ones losing more while gambling site gaining more. Which means they should not take gambling as anything than fun and not spending more than necessary on it because they are prone to lose more than win.

[bittraffic]

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.

[Cryptomultiplier]

As easy for him to have lost the bet, it would have been a different news had it been he won. Drake's networth is able to cover the loss, in that he wouldn't even feel it.
Wherein this loss happened to someone who either used peoples money or they use their life savings or some sort of monies they wouldn't have used, then it becomes a huge news on how gambling is bad and banned in most places.
As always, don't gamble with money you can't afford to loose. I don't see Drake making a noise about this, because he sure could afford the loss.

[Yogee]

....400K USD has been wasted.

It wasn't exactly wasted. He lost but somebody else won. The bookie also got money to fund their operations. I read one of the comments in a social media post that he knew Fury would win when stories of Drake betting on Jake surfaced hehe.

It's just how it is for gamblers.

what lessons can be learned by this event?

Bet within your bankroll. The $400K was certainly in his range and I bet he could put out more money if he wanted to. I think Drake is still a financially smart man despite his losses from gambling.

.....

One of the best meme I've seen from this.

[xSkylarx]

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. 

[YOSHIE]

what lessons can be learned by this event?

I remember one thread yesterday that stated 'if someone suggest you to bet 100% sure win how will you do it' Hypothetical Question the lessons and events that happened to Drake are valuable lessons for gamblers, gambling really has the nature of luck for those who place bets.

In the current world of boxing, Jake Paul is on the rise and viral, many gamblers are placing bets for Paul, the fact that he can be beaten by boxer Tommy Fury, who ended up being KO'd, Drake shouldn't have been so rash as to place a $400,000 bet, he should have thought his greed and optimism towards Paul could cost him all his money.

Conclusion: never gamble based on greed and ambition, bet with a cool head and careful calculations, one more thing, don't try to put all the contents in one bet.

[Davidvictorson]

what lessons can be learned by this event?

Nobody can tell me otherwise: Drake is a gambling addict, and I believe he must have picked up this habit many years ago. It makes no sense to waste such huge amount of money on gambling and keep going back, especially when losing. Or maybe he is not actually losing, perhaps he is doing free advertising for those casinos. And the fact that he is so rich is only fueling his addiction even more. I mean, this guy bets on anything, from sports, online casinos, this isn't a responsible way to gamble. If he is misleading the public by making them believe that he is using his own money when it is provided by a casino, I think it is high time he gets called out. Many young people look up to him, and they might follow in his footsteps because their role-model doesn't see anything wrong with it.

[piebeyb]

Gambling will always have risks and he is betting with money he feels he can afford to lose, I would probably think twice about spending that much money to bet on one game, but here I learned that what we believe will win may not necessarily win because of surprise will always come at the end of the game and I think Drake understands the risks

[Ulven]

Losing $400k in a single game is an enormous sum of money that most people could never fathom losing, even if they have millions to spare. However, given that Drake has reportedly made a considerable amount of money in the past from betting on Jake's fights, it's possible to view his loss as more forgivable.and lessons that can be learned.it reminds us that gambling can be a risky business, and it's important to gamble responsibly. While there's always a chance of winning big, there's also a chance of losing big, and it's essential to be mindful of this when gambling.

[Cantsay]

what lessons can be learned by this event?

Place all my life savings in a single bet and become poor.  

If I should come across an article online talking about how drake wagered $1.5 millions for an event and then lost I still won't be surprised, it's already known that drake does some crazy ass wagering. So him losing $400k on this bet is no big surprise but I must say he's gat gut to be doing something like this even and I guess he's the only artist I have seen that does things like this, maybe the rest are just scared or do not fancy the idea.

[Beparanf]

I watch stream of Drake when he is playing on Stake and he definitely losing million dollar bet on roulette and other live games. I doubt he will learned anything about that loss since that is just a normal bet for him like us betting 5$ with our bankroll. Is bankroll is so huge for him to get a life lesson on this kind of loss.

I think he is betting on Stake which he is partnered so I believe he has some cashback and other benefits for that huge bet. This might be just another publicity for Stake.

[Yatsan]

$400k for a top rated artist? That won't even make him sad for sure. Also, he knows what he is doing. If he would be greedy on that bet, he should have bet a bigger amount because in the first place he can afford doing such thing. Unlike with small investors and players who could only afford losing small amount but are expecting huge returns. He simply knows what gambling is all about and it is more likely that he managed the risks involved with that bet. Players have different wealth and capabilities both players and as an investor therefore it won't be surprising to know especially in this industry that there are people investing an amount which is a big deal for small ones.

[acroman08]

what lessons can be learned by this event?

I'm curious to know what you think could be the lesson here because I can't really think of any(other than his supposed addiction). unless he regretted or couldn't afford to lose that money, I don't think there is a lesson to learn here. this kind of bet seems to be normal for him and from what I have heard/read, drake loses far more than this when he streams when gambling.

[QueenVera]

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

Wow there are people making incredible figure bets and most times I just wonder how wealthy they could be and Drake over the time is one fucking rich dude that I know and I'm sure that loss wasn't something so big to him and one of the funniest side of the stories I read was when Paul was trying to blame drake for his loss but he finally promised him a win on their rematch.
I always feel happy when I see youngies treating losses as nothing an ld staying hopefully and I almost made a bet on paul but couldn't because my card wasn't working right and I'm glad I didn't because I would have lost massively.

[Little Mouse]

In another report, I read that stake has refunded him because it was a huge marketing for the stake. I can't remember where I read but I'm pretty much sure I did it yesterday. Anyway, this is never a huge amount for such an artist I think. It's a tiny amount to them lol.
Lesson? Come on. Drake has a $200+ million net worth. I can only learn a lesson when I will reach such a position and only then consider losing $400k would mean what to me  

[cabron]

Rich gamblers are not open to exposing how much they bet and keep it very discreet especially if they are well known. The lesson to learn is that Drake had been promoting Stake as he is a partner of Stake and has invested in it since. He may have lost some money in betting his money out of his pocket but he may also be earning more than that as well.

It would appear that $400,000 is some money that he can afford to lose.

[alastantiger]

Drake has been one of my favourite artist. Am one of his biggest fans. I knew he use to be a gambler but him staking with a huge amount was what I never thought of. When he lost about $1million in the last world cup competition in Argentina vs France. I was surprised that he used such amount of money to gamble which is a big lost to him.
And according to the OP's article he lost another $400k in gambling. The key lesson to learn is to never to be too sure of winning in any game that would make me stake a huge amount of money.

[Mahanton]

what lessons can be learned by this event?

Not new for Drake on losing up that huge for sure and he had and this one is an example.

Drake Loses $20M on Roulette But Still Donates $1M BTC
Source: https://www.gamblingnews.com/news/drake-loses-20m-on-roulette-but-still-donates-1m-btc/

So the amount we are talking on here which is $400k isnt something that big for him to mourn over.
He had the money and he had the rights on how he would be spending it.If he do like Jake and bet on him
and lost then its just called an ordinary day. 

[sunsilk]

It's like a money for a pleb like me but for people like Drake that do gambles a lot and has a lot of money, that seems to be a little amount that he can take back from his other source or just gamble to get it back again.

I wonder how much he earns just alone from his royalties and with such sponsorships and he's a partner from stake, right? He's got an exclusive contract there for which allows him to gamble and can afford to lose a lot.