Rapper Drake’s $230K Spanish Grand Prix Bet Misses the Mark

Posted on: May 23, 2022, 06:43h. 

Last updated on: May 23, 2022, 10:05h.

Erik Gibbs Read More
Expertise: Asia Pacific Gaming, Gaming Business, Global Gaming.

Drake, the Canadian rapper and betting aficionado, bet $230,000 on the Spanish Grand Prix this past week. Instead of collecting his expected winnings of $590,000, his ticket missed its mark.

Drake
Drake at a Golden State Warriors/Toronto Raptors basketball game last year. The Canadian rapper bet big on the Spanish Grand Prix, but isn’t able to collect. (Image: Mark J. Terrill/AP)

In betting, the only sure thing is that there is no sure thing. Even when all the signs indicate that there is virtually no chance that a particular bet will lose, there is always that possibility. If it didn’t exist, sports betting wouldn’t have the entertainment value it does.

Drake, 35, lost more than $230,000 this weekend betting that Formula 1 driver Charles Leclerc would win the Spanish Grand Prix. However, it was Max Verstappen, the Red Bull driver, who took the victory in Barcelona.

First, Possibly Last Grand Prix Bet

Drake started Sunday betting on Leclerc. “First bet in F1, let’s see how it goes,” the rapper wrote on his Instagram account at the start of the race. In the photograph, the Canadian had bet CA$300,000 (US$230,000) for a total payout of CA$750,000 (US$586,200) if it were to win.

It seemed like a smart move at the time. The Ferrari pilot, at +140 on Caesars Sportsbook, started the race in pole position, and he maintained a convincing lead during the first 27 laps of the Grand Prix.

The Circuit de Barcelona-Catalunya track was on fire, and Drake was happy with what he was seeing. However, Leclerc’s vehicle began to lose power and he ultimately had to withdraw from the race. Drake was out of his money.

The rapper has quite a relationship with Formula 1. Drake is friends with seven-time world champion Lewis Hamilton. He also inspired Canadian driver Nicholas Latifi to use the number six as his permanent race number.

Drake is already a well-known betting fan. He recently netted $300,000 after betting that the Los Angeles Rams would defeat the Cincinnati Bengals in the Super Bowl.

During that NFL championship game, he deposited another $1.3 million in bitcoin on a betting platform. He wagered over $400,000, including a winning bet on Odell Beckham Jr. of the Rams to score a touchdown.

Win Some, Lose Some

There are a few big names that have a hit-and-miss track record at the sportsbooks. Probably none is more notorious than Mattress Mack, but at least he turns his bets into sales gimmicks for his Texas furniture store.

Drake recently lost over $500,000 in a sports bet using the same betting platform he did for his Spanish Formula 1 bet. Through the betting platform Stake, he bet that Justin Gaethje would win against Charles Oliveira in Ultimate Fighting Championship (UFC) 274 on May 7. To his surprise and dismay, the opposite happened. Before the bout, Oliveira was at -140 at Caesars.

Only four minutes were enough to see how the money vanished. That was all the time Oliveira needed to knock down and out his opponent. Had the bout gone differently, the musician would have earned $1.3 million.

This is not the first time that the British has lost millions of dollars. Apparently, he had a bad streak since entering the world of sports betting a while ago. In March, he lost $275,000 when he bet on Jorge Masvidal in another UFC fight.

Sometimes, things go right. Drake recently put down $100,000 that Drake London of the University of Southern California would be the first wide receiver drafted in the NFL Draft. It hit and, at +335, Drake picked up $335,000.

Through posts he previously shared on social media, there have been some massive payouts already this year. As part of his Super Bowl betting frenzy, he wagered around $1.26 million. Those bets paid off, as he netted $1.4 million.