Drake Bets $1M in Bitcoin on the Patriots via Stake Despite Super Bowl LX Odds
Rap star Drake placed a $1 million wager in bitcoin on the New England Patriots using the Stake betting platform ahead of Super Bowl LX. The bet was placed despite odds that made the Patriots underdogs. Drake’s high-profile bitcoin wager highlights the growing use of cryptocurrency for large sports bets and the visibility celebrities bring to crypto betting platforms. The move underscores two trends: mainstream adoption of bitcoin for high-value wagering and the marketing value celebrities provide to sportsbook brands. No regulatory or security incidents were reported in connection with the bet. Traders should note that celebrity-driven crypto transactions can momentarily boost on-chain activity and exchange flows but typically exert limited long-term influence on bitcoin’s price fundamentals.
Neutral
This event is primarily a high-profile publicity action rather than a market-moving financial development. Celebrity wagers in bitcoin can increase short-term on-chain transactions and draw media attention to crypto-native betting platforms like Stake, which may lead to transient spikes in trading volume or exchange inflows. However, a single $1 million bet represents a very small fraction of bitcoin’s market cap and daily on-chain volume, so it is unlikely to change long-term price trends or fundamentals. Historical parallels include celebrity endorsements and high-profile crypto payments that temporarily increased attention and transaction activity (e.g., celebrity NFT purchases or bitcoin purchases announced by public figures) but did not sustain lasting price moves. Traders should watch for short-term volatility from increased retail interest or exchange flows, but treat the news as a sentimental/marketing signal rather than a fundamental catalyst.