Drake announced his new crypto betting platform partnership last week with a 40-second video featuring fireworks, tropical beach sunsets, and lavish partying. But behind the sizzle, there are questions about the legality of the venture and how harmful crypto betting can be for Drake’s loyal fans.
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Drake and Stake
For several months, Drake dropped hints about a possible partnership with the cryptocurrency betting platform Stake. From scenes of him playing an online game of roulette or screenshots of his massive Super Bowl bet, Drake made it clear he was at the very least a fan of the platform. On Wednesday, March 2, details were revealed as Drake officially announced on Instagram his partnership with Stake, calling it “inevitable.”
“Drake and Stake have come together,” he wrote in the caption, adding that he’ll be announcing an upcoming live event where he’ll play for real money that he plans to give away.
“Drake has been an active member of our global community for a few months now, so the next step and natural evolution in the relationship was for us to collaborate on a stream,” added Stake co-founder Ed Craven, per SBC Americas.
“We share the same love for crypto, gambling and community and are like-minded fans of the technology and culture at the forefront of this movement.”
Drake the Gambler
The rapper has had a history of gambling, as he shared on Instagram that he placed a total of around $1.26 million worth of Bitcoin in bets on the Superbowl match against Migos, including over $470,000 on the LA Rams winning the Super Bowl and about $790,000 on the team’s wide receiver Odell Beckham Jr.
However, this bet might not have been legal, according to Canadian gambling regulation experts since Stake is not licensed to operate in the province of Ontario, according to PlayCanada. Ontario Lottery and Gaming Corporation, the province-run regulatory agency, only allows its own Proline Plus app to operate as the online sportsbook.
According to a recent Cloudcover study, though Drake has a sizeable 25-34 year old following, a significant portion of his fans are still considered minors or below the age for “legal gambling” in most states. To make matters even riskier, the legality around cryptocurrency gambling is still up in the air, and “there are no specific laws regulating Bitcoin gambling. It is neither officially allowed nor prohibited” per the igaming experts at SoftSwiss.
This brings into question the details of his partnership with Stake. How accessible will the platform be for Drake fans – especially those who are underage? How will regulations for gambling be put into place on this platform and how will earnings be secured, especially considering the lack of regulations and security within the cryptocurrency space.
When Drake makes bets and loses like he did recently to Quavo, he has little risk as he has the financial backing to cover the fall. But what does this mean for the loyal Drake fan being exposed to this platform, the majority of whom are not high net value individuals or “whales” in betting terms? And considering the complexities of cryptocurrency – a field that is heavily unregulated – the question remains as to the heavy risks he is exposing those who follow him.
Kanye West Says No To NFTs
Kanye West is known for pushing boundaries in fashion, music, and politics. However, don’t step to him about an NFT. Apparently, the groundbreaking artist has been getting tons of inquiries about selling his art as NFTs and Mr. West is not having it.
Kanye doesn’t have full confidence in NFTs (non-fungible tokens), the hot new digital crypto product that has rappers dropping hundreds of thousands of dollars out of FOMO. Even Meek Mill, who cried out for crypto help just months ago has announced that his new mixtape would be released independently on the blockchain.
Lupe Fiasco’s NFT Scheme Is Getting Pushback From Fans Who Say It’s A Scam
Lupe Fiasco has launched an NFT hustle, offering fans a chance to get in early, and even released a known favorite, “Hustlaz” to tease what he has in store. Followers are polarized, some saying Fiasco’s pushing a “scam.”
Within Lupe’s fanbase, there was an immediate polarized reception to the announcement. While there were many who were excited about this advancement with Lupe’s career, there were just as many fans who were upset and vexed by this decision, stating that Lupe is enrolling ignorant fans in an NFT scam that benefits the rich who can wager disposable income on the backs of those who cannot afford to and may not understand the complexities of the NFT business model. The criticism is built on the pyramid-scheme-like structure of the NFT model whereby the only way to make money is to get more and more people to invest in an NFT product, thereby artificially inflating its value.