Place your bets – Often associated with outrageous speculation Bitcoin (BTC) is the real barometer of the crypto market, the real yardstick. Increasingly popular with American athletes and influencers, artists are not left out. The Toronto rapper, an unconditional fan of sports and cryptocurrencies, has started sports betting on a dedicated platform. After pocketing a tidy sum in the 2022 Super Bowl final, Drake had to accept his losses following his bet on an MMA fight according to TMZ.
Democratization of Bitcoin even in sports betting?
As the market has seen an unprecedented explosion over the past 2 years, we have seen partnerships and other crypto advertisements flourish. Between the ubiquitous Crypto.com (sponsoring Football, Formula 1, MMA) and FTX, the exchanges are investing in marketing to attract new communities.
Despite recurring bad publicity (often stemming from a lack of knowledge about it), BTC is sowing seeds and increasing its visibility day by day. From prohibitions to legalizations, the most valued crypto on the market is charting its course. Considered by many to be digital gold, it is accessible to anyone who wishes to acquire it. It can also be used as it sees fit by its owner, provided that he holds his private keys.
For Drake, this means among other things: betting on sports events (American football, boxing, basketball). What revolt the greatest maximalists, convinced that the satoshi (unit of measurement of the fractions of BTC) are made for enter in your walletand no get out. But he is sovereign and therefore does what he wants with it!
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BTC at the UFC? Drake takes a knockout
The fighter used the Stake.com platform, which defines itself as a crypto casino and sports bookmaker. They are officially partners of the UFC (federation of MMA, mixed martial arts) as well as the English football club Watford FC.
The historical proximity between online casinos and cryptos is well established. But as the industry becomes more professional and sees itself regulated, it’s a safe bet that these practices will develop in a less and less opaque way. Drake had bet on Jorge Masvidal’s victory against Colby Covington at UFC 272. Losing bet.
If the platform simplifies your life, the only residual opacity is that concerning the outcome of your bet. The smart contracts are not yet smart enough to make you bet on the right horse. Stay master of your emotions and your sats. The crypto sector is very volatile. Combined with the vagaries of sports betting, this can represent a very dangerous cocktail. Very far from investment, closer to casino and lottery.
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