Loot boxes are purchasable digital containers in video games that hold randomised rewards. Many loot boxes meet both psychological and legal criteria for gambling. Previous studies have linked risky engagement with, and increased spending on, loot boxes with both problem gambling and excessive gaming symptomatology. Given similarities between loot boxes and conventional gambling, and the well documented relationship between alcohol and gambling, this study examined whether loot box spending was associated with drinking behaviours. In a pre-registered study, participants (N = 199) from Australia, Aotearoa (New Zealand), and the United States completed an online survey assessing alcohol consumption, loot box spending behaviours, and problem gambling and gaming symptomatology. Small-to-moderate positive correlations between drinking during gaming sessions and increased risky loot box engagement and spending were observed. In contrast, measures of problematic alcohol consumption did not correlate with increased spending or risky engagement with loot boxes. Results suggest that drinking alcohol while gaming may be associated with risky engagement with, and increased spending on, loot boxes.