This is a story related achievement.
During Chapter 3, you'll unlock a Drift questline. Complete all the events within the questline and you'll unlock the achievement. When drifting, it's important you don't hit anything as it resets your multiplier. You'll also want to save your nitro for when you come out of a turn, as when you are boosting your multiplier is 'frozen' and doesn't decrease.
Note that side bets are deducted no matter what. So if you do restart the race or lose, you lose the initial investment. So if you do have trouble on a race and have to restart a few times, keep in mind you lose your side bet money each time.