Drake made a profit of $512,000 in bitcoin after he bet the Kansas City Chiefs to win the Super Bowl.

  • Drake made a profit of $512,000 in bitcoin after betting on the Kansas City Chiefs to win the Super Bowl.
  • The rapper wagered a total of $965,000 in bitcoin through a partnership with Stake, losing 6 out of 7 of his bets.
  • His $300,000 bitcoin profit last year would be worth about half as much today after the cryptocurrency crash.

Drake won $512,000 in bitcoin after placing multiple bets on Sunday’s Super Bowl, but it took a lot more cryptocurrency to take his positions than last year.

According to the rapper’s superstar Instagram post, Drake made seven bets totaling $965,000, the most lucrative of which was a $700,000 bet to win the Kansas City Chiefs for a payout of $1.47 million.

Patrick Mahomes led the Chiefs to a 38–35 win over the Eagles on Sunday, helping Drake to a victory in his biggest position. His profit is about 23.7 bitcoins.

The losing Chief’s bid to win the Super Bowl was the only one of his seven bets to be successful.

He lost a total of $265,000 on his six failed bets, including that Mahomes and Chiefs wide receiver Juju Smith-Shuster would be the first touchdown scorers, and that the Chiefs would win both halves of the game.

Drake made bets through a partnership with online gambling site Stake.

According to Stake, the rapper wagered $1.1 million on the Chiefs’ previous game against the Cincinnati Bengals, earning a $2.1 million payout after the Chiefs won.

This follows a string of bets last year that landed the ‘God’s Plan’ singer $300,000 in Bitcoin winnings, according to MailOnline.

But Bitcoin’s fall last year from its $42,000 valuation last February to around $21,000 this year means last year’s winnings are now worth almost half as much.

This also means that it took Drake about 44.6 bitcoins to place a bet, compared to about 22.9 bitcoins last year.

The use of Bitcoin for Super Bowl betting appears to be a useful marketing tool not only for Stake, but for the world’s largest cryptocurrency after firms withdrew promotional deals for the industry following the FTX crash.

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