Drake loses huge $355k bet as Jake Paul beats Mike Tyson and continues horrendous losing streak

Drake has lost a huge $355,000 (£281,440) bet after Jake Paul defeated Mike Tyson during their controversial fight in Texas.

The Canadian rapper posted his bet online, showing he was confident Tyson, 58, would beat Paul, 27. The odds for a Tyson win were at 2.85 at the time of Drake's bet, meaning he could have won a massive $1,011,750 (£802,116), making a profit of $656,750 (£520,672).

But the 38-year-old singer, whose real name is Aubrey Drake Graham, lost the bet after Paul was announced as the winner of the fight, which was shown live on Netflix. 

Drake previously lost other huge bets, including when he put down $1million (£790,000) for Argentina to beat France within 90 minutes at the 2022 World Cup final - which Argentina won during extra time.

Last year, Drake also lost another massive bet when he dropped $1.2million (£950,000) on boxer Paul to defeat Tommy Fury. Earlier this year, Drake put down $565,000 (£448,000) to back Tyson Fury in his heavyweight bout with Oleksandr Usyk - but he lost that too. 

However, one of the bets the rapper shared with his followers on Instagram saw him win $425,000 (£336,780) when Alex Poatan beat UFC rival Jamahal Hill on April 13.

While Drake often shares his massive bets online, he is also a paid endorser of betting website Stake, which was co-founded by Australian billionaire Ed Crave. Being an endorser of the crypto-only casino means Drake is not likely to use his own money for the bets he posts online.

Stake - which is banned in the UK - allows players to use cryptocurrencies including Bitcoin, Ethereum, and Dogecoin as assets for online gambling and for placing sports bets. The company operates under the jurisdiction of the Caribbean island nation of Curaçao.

And Drake wasn't the only high-profile figure who lost a bet after Friday's night, as Irish professional boxer, businessman and actor Conor McGregor also saw his $1million double bet going down the drain after Tyson's loss.

 McGregor seemed confident that Tyson would win as he tweeted: "My two fight bets this weekend! Tyson KO, Jones Stoppage. $1million double on." McGregor appears to have since deleted the post.

After last night's fight, Paul said of Tyson: "Mike Tyson, he's a legend. He's the greatest to ever do it. I look up to him and we wouldn't be here today without him. This man is an icon and it's an honour to fight him. It was tough like I expected it to be."