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

[Darker45]

As gamblers, there's probably not much we can learn from it. We cannot even say we should only gamble what we can afford to lose because it seems Drake can very much afford to lose $400,000.

Or if Drake and Jake are friends and Drake is betting on Jake heavily because of it, then perhaps we could learn something, and that is to be objective in our bets. But if that's not the case, then it's perfectly understandable to bet big on Jake knowing that he's been winning one fight after another.

To those who are not gamblers, perhaps the lesson is that don't gamble if you're afraid of losing. Also, gamble big, lose big.

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[alegotardo]

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?

I don't understand how someone "manages" to spend so much money on a single bet.
In fact... I do understand, because who never had money to spare and in a moment of madness decided to bet 1k or more? For Drake, this value is the same proportion as for us who are poor and "mortal".

In any case, I'm sure Drake must have been very dissatisfied with Paul's performance and that vacation probably won't happen.

What can we learn?
What we already know... everyone loses money on bets.

[btc78]

actually we cannot call it as wasted money because gambling has 2 sides either to win or to lose , Drake had been in gambling for long and he already knew about the possible outcome and with his net worth? he decide this with confidence and understanding.
and also the ODD is not as bad as what happened in one of the gambler that Bet more than a million dollar with really low odd.
but still this is a sad losing for a single bet.

[Jawhead999]

This is not the first time Drake lose huge amount bet, so I believe he's can afford to lose $400K even though for many peoples think it was too much. But different people have different wealth, since Drake is really rich, $400K might only worth $100 for him. So he wouldn't really care with it, but he will try to make anyone think it's a huge amount for him and that's the reason he want to attract more traffic by betting huge amount.

[Fundamentals Of]

For us who haven't even experienced seeing an actual $100,000 in cash, this amount might be too big to bet. But to somebody who is as rich as Drake, $400,000 is probably just enough to make gambling fun and worth it. And this is not even surprising because Drake has been known to bet on sports with big amounts.

For our lesson, we need to remind ourselves that we are not Drake and so we should keep our bets in small amounts. We shouldn't be spending too much on gambling. We can only gamble moderately.

[rodskee]

what lessons can be learned by this event?

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?
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But personally , I will never use that same method to gamble , i only risk small part of my daily wage so if ever i lose then there will be no hurting inside.

[Don Pedro Dinero]

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.

This is the point. As striking and exaggerated as this amount may seem, it is approximately 0.06% of its net worth. That's like someone with a net worth of $100,000 betting $60. It is a matter of ratios. For someone with a net worth of $100,000 it is much more dangerous to bet $5,000 than it is for Drake to bet $400,000.

[Reatim]

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.

This is the point. As striking and exaggerated as this amount may seem, it is approximately 0.06% of its net worth. That's like someone with a net worth of $100,000 betting $60. It is a matter of ratios. For someone with a net worth of $100,000 it is much more dangerous to bet $5,000 than it is for Drake to bet $400,000.

and also as Drake actively in gambling and not hiding His betting ? maybe this is a common way to show how He is comfortable in gambling and of course in sports in which we also have favorite team/player/fighter this like me betting 3-5 dollars as my net worth is peanut compared to drake lol.

this just become controversial for small gamblers like many of us but for those who have same living level like drake? this is nothing for a daily loss.

[Strongkored]

what lessons can be learned by this event?

Nothing in my opinion because the amount he used to bet and lost was even less than 0.1% of his net worth of 260 million dollars, so it's still relatively small for him but not for me and probably also for most gamblers who think that he has addicted to constantly betting large amounts (but that's only from our point of view) because it's certainly not a challenge for him if he only bets tens or hundreds of dollars in one bet, and this defeat is not the first time he has experienced because he can be said to be very active in gambling especially if there is a big sporting event so that in the future we may still read the news he bet hundreds of thousands dollars or even millions of dollars to lose or win too

[dothebeats]

Nothing can be gained from here honestly. A bettor loses bets, and so what? Nothing new since most of us here have lost our own bets alomg the way. Also, a lot of people (including myself) believed that Jake Paul can easily win this due to the pattern and nature of his wins before, but I guess we were wrong about that. Both of them are pretty defensive during the bout, and it seems that Jake isn't giving out jabs like his usual self. Might be a preparation for a rematch to keep the viewers invested but IDK.

As for Drake, well he's known to lose huge amounts in betting. His net worth easily eclipses what he lost on this bout and he can bounce back pretty easily after this.

[Harkorede]

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?

First and foremost most people believe that, it is form promotion for Stake.com, and while I'd agree that doesn't mean Drake isn't losing personal money and it's just from and supposedly drive attention to the said event.

As far as $400,000 is also a huge amount, even in the first world countries, I think Drake his only having fun with these bets and he's been friends or fan with most of the individuals he has placed any sporting bet, so I doubt there is lessons to learnt, he's obviously betting only as much as he could afford to lose, and that's the fun part, meanwhile he's also had some decent winnings for himself, not all of his bet have always been a loss.

[Pierre 2]

I think there's only one lesson to learn from this loss. Some people are able to advertise even if they lose a bet. Looks like Drake lost bets numerous times yet he still posts about his bets on stake com. I mean 400k usd is amount of money I will probably never have in life. But I don't think it's that important for Drake anyways. He probably generates tonnes of money through his fame. And also its good that he advertises Bitcoin gambling to public space. Its some kind of awareness.

[Kakmakr]

what lessons can be learned by this event?

Well, I doubt that Drake learnt any lesson from this, because $400 000 is to him, like $40 to the average middle income worker. Have you watched any of his previous gambling streams before, where he drops $10 000 000 in one session? .....and still give away $1 000 000 after that?

Drake has so many business ventures and income from his music, he is printing money out of thin air now.... and this is extra publicity for him, because even bad publicity is good publicity... right. (He is also affiliated with Stake.com) 

[_act_]

Or if Drake and Jake are friends and Drake is betting on Jake heavily because of it, then perhaps we could learn something, and that is to be objective in our bets. But if that's not the case, then it's perfectly understandable to bet big on Jake knowing that he's been winning one fight after another.

This is what gamblers should not do, because they like someone or they are a fan of a particular club, they should be supporting the person or club, even though they know they can lose. Gamblers should always think towards ways to win, not being a fan.

To those who are not gamblers, perhaps the lesson is that don't gamble if you're afraid of losing. Also, gamble big, lose big.

Do you want to write 'do not gamble big so that you will not lose big'? Because it is not advisable to gamble big and lose big. But people should well understand that too, if they gamble big they will lose big, as easy as that, which means we should not gamble big for us not to lose big.

[Kemarit]

Right, Drake will not learn any lessons here, he has been betting huge with Stake as he is their brand ambassador if I'm not mistaken. And now only Drake but his father as well have been known to wager at least $300k, so it's run on the family because after all Drake has amass quite a fortune because a celebrity/singer.

For us though, we should only play the money that we can have, we need to control our emotions and not to bet money that we can't afford to lose.

If we get ourselves addictive, then that's where the problem arises, specially as far as your financial standing goes.

[AHOYBRAUSE]

This guy is betting 500k on 1 roulette spin on stream, like her cares he lost a 400k bet. 

Who know if this wasn't a publicity stunt to promote stake and he played with company money, would not surprise me.

[Solosanz]

Who know if this wasn't a publicity stunt to promote stake and he played with company money, would not surprise me.

Anything is possible, that's why I don't really care with any streamer or influencer if they show he win a big amount money, especially at the site where they promoted. Just use your logic, does you will post your big winnings in your social media? if you do, what will you get? nothing. You're just increase getting attacked by a criminal because they thought you have a lot money in your home.

[Ziskinberg]

It was made public because he is promoting Stake. A loss like that may be a small amount for a millionaire like him, or perhaps it was just for the purpose of promotion - we never know for sure since he is publicly promoting the sportsbook. A serious gambler who bets large sums of money would not allow their bet to be made public due to privacy concerns.

Whether they win or lose, people will still be interested in them if they know who they are, as it speaks to their capability to spend on gambling, which indicates they have a lot of money.

It's bad for him as he loses. If I were to bet, I would go against Jake Paul, because although he is undefeated, Tommy Fury was the obvious better fighter.

[Cryptmuster]

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.

It doesn't matter how much money you have, but making such huge bets on one game is somehow too stupid. Unless he has so much money that he is indifferent to this defeat, or he is looking for situations in which he can get the maximum adrenaline. It seems to me that for such large bets, you need to choose some kind of events from professional sports, and in this case, just a promoted amateur event, nothing more...

[ethereumhunter]

And one more person who lost a lot of money because of gambling, even though he is a person who has a lot of money, it still won't be good for him. The lesson we can take in this case is to keep trying to control the money used for gambling.

If he could control his money, he would not lose so much. But after all, he had a lot of money and could bet whatever he could. We can only watch it and try to learn from what happened so that we don't experience it in the future. That's the real danger of gambling and has been experienced by many people and not just celebrities and he should have learned from his mistakes but it seems he won't learn