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The presence of celebrities in bitcoin is no longer a novel or surprising concept. Over the past year, numerous celebrities have come out to express their support for bitcoin and the crypto market at large, with NFTs providing them one of the best avenues to exert full ownership over the art they create. Others have simply taken to receiving paychecks in the cryptocurrencies they support.
Canadian rapper Drake has taken another route, however. Instead of just showing support for the crypto space, he has put his crypto to work for him. With the Super Bowl fast approaching, bets are being placed all over the place. Rapper Drake has also taken to placing bets, but with bitcoin, and he is set to receive any potential winnings in the digital asset as well.
Drake Bets With Bitcoin
Four-time Grammy award winner Drake took to his Instagram to show support for the Los Angeles Rams, showing off the massive bets he had made in favor of the Rams. Drake had bet more than 1.5 million Canadian dollars ahead of the Super Bowl all for the Rams. The team which is one of the most dominant in the NFL boasts some prominent figures among its fanbase, including rapper Drake.
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While Drake’s bets in itself were significant, the medium through which the rapper had paid for the bets stood out to fans. Right next to his bets was the bitcoin logo, signifying that Drake had placed his $1.5 million bets in the digital asset. Furthermore, the rapper’s potential winnings also showed that he would be receiving his winnings in bitcoin if the Rams end up winning the game.
Rapper Drake bet $600,000 on LA Rams to win Super Bowl | Source: Instagram
Drake had placed a 600,000 Canadian dollars bet on the Rams winning the game, which carried a 1.51 odds. If they do win, the rapper would be looking at $906,000 in estimated winnings. His other bets included bets on the Los Angeles Rams star Odell Beckham Jr. for over 62.5 receiving yards and scoring a touchdown at any point in the game.
In total, Drake is looking at an estimated payout of 2,886,000 Canadian dollars if his predictions turn out to be true. All of which will be paid out in bitcoin.
Crypto Bets Are On The Rise
Crypto sports betting is on the rise. Players are beginning to use bitcoin and other cryptocurrencies to place bets on their favorite teams to win and it is fast becoming the payment method of choice among users.
Some of the reasons behind this popularity are the ease of use and privacy that comes with using cryptocurrencies to place bets. Players do not have to go through the hassle of linking a bank card, risking their card being declined, and having a paper trail of their gambling. Instead, with cryptocurrencies like bitcoin, the payments are quick and players can rest easy knowing their bets are anonymous.
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Colorado made the headlines in 2019 when legal sports betting was approved by voters in the state. Wyoming is another state that has approved the use of blockchain technology for sports betting transactions. It is expected that the industry will run in excess of $20 billion if all 50 states were to pass legislation to allow sports betting activities.
BTC trading north of $47K | Source: BTCUSD on TradingView.com
Featured image from Elle, chart from TradingView.com
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.