Drake scooped up a $512,000 profit in bitcoin after betting on the Kansas City Chiefs to win the Super Bowl

Drake attends the LA Premiere Of HBO's "Euphoria" at The Cinerama Dome on June 04, 2019 in Los Angeles, California.
Drake has a partnership with Stake, allowing him to bet bitcoins.Getty/Frazer Harrison
  • Drake scooped up a $512,000 profit in bitcoin after betting on the Kansas City Chiefs to win the Super Bowl.

  • The rapper bet a total of $965,000 in bitcoin through a partnership with Stake, losing 6 of his 7 bets.

  • His $300,000 bitcoin profit last year would be worth about half as much today after the cryptocurrency dropped.

Drake scooped up $512,000 in bitcoin winnings after placing several bets on Sunday's Super Bowl, but it took a lot more of the cryptocurrency than last year to take his positions.

According to a post on the superstar rapper's Instagram, Drake placed seven bets for a total of $965,000 - the most lucrative being a $700,000 wager on the Kansas City Chiefs to win the game, for a $1.47 million payout.

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

The punt on the underdog Chiefs to win the Super Bowl was the only one of his seven bets that proved a success.

He lost a total of $265,000 on his six unsuccessful bets, which included wagering separately on Mahomes and Chiefs wide receiver Juju Smith-Schuster to be the first touchdown scorers, and for the Chiefs to win both halves of the game.

Drake placed his bets through his partnership with online gambling website Stake.

According to a post from Stake, the rapper had bet $1.1 million on the Chiefs' previous game against the Cincinnati Bengals, landing a $2.1 million payout following the Chiefs' win.

It follows a set of bets last year which landed the "God's Plan" singer $300,000 in bitcoin winnings, per MailOnline.

But bitcoin's declines in the past year, from its $42,000 valuation last February to about $21,000 this year, means last year's winnings are worth nearly half as much now.

It also means it took about 44.6 bitcoins for Drake to place his bets when it would have taken about 22.9 bitcoins last year.

The use of Bitcoin to bet on the Super Bowl appears to be a useful marketing tool not only for Stake but for the world's biggest cryptocurrency, after firms pulled out of advertising deals for the industry following FTX's collapse.

Read the original article on Business Insider