Drake and Adin Ross streamed themselves on Kick on Sunday and racked up big losses on crypto casino Stake.
Within seconds of the stream starting, the pair were placing $100,000 bets on slot games. The big bets continued with Drake betting six figures on a weightlifting challenge with Ross.
If the bets are to be believed, the losses added up to over $1 million on the stream that lasted two and a half hours. That is more than made up for by the revenue the stream generates, however. Reports suggest one stream on Kick can generate over $3 million in revenue for the rapper.
His channel boasts over 296,000 followers with a peak audience of 202,478 viewers in a stream back in December last year.
Stake and Drake
Drake also received $100 million a year for promoting Stake. The Canadian signed the deal in March 2022, describing it as an “inevitable” partnership.
At the time he promised to share his winnings with his fans, stating, “Drake and Stake have come together. I am going to be announcing a date for an upcoming live event where I play to win some real money and give it to all of you because what’s better than sharing the love with my people.”
Although the latest stream failed to give back much to the fans in winnings.
Stake’s legal status
Stake is licensed in Curacao, which allows it to operate in many countries, including Drake’s native Canada. Although the crypto casino is restricted in Ontario, where a license from iGaming Ontario is required.
Stake.com is banned from the US and UK, however. To get around this, the site set up Stake.us and operates through a sweepstakes model to bypass online gambling regulations. Users in California and, more recently, Illinois have sued the company over their practices.
The company has been growing at a rapid pace and reported revenue of $4.7 billion in 2024. This was a big increase from the $2.6 billion generated in 2022.
Industry experts value the platform at around $20 billion due to its ever-expanding customer base. Partnerships with Drake as well as UFC fighters have brought new players to the site. In December last year, users placed 1.45 billion bets across the site’s games.
Crypto casino market
Stake is one of the leading crypto casinos, but other operators are also growing fast. Many countries restrict access to platforms such as Stake, but users often access through VPNs or other means.
As well as accepting crypto payments and fewer ID checks, platforms often utilize virtual currencies that can make regulation difficult. Many states have attempted to pass stricter bills limiting operations.
Washington and Idaho have been the most successful at criminalizing sweepstakes operators. A lawsuit in Washington against High 5 Game ended with the platform paying $25 million in a settlement.
As Drake’s latest stream shows, that is pocket change for the operators who can make millions in a very short space of time.
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