Quicktake:

• Drake’s Bets: $500,000 each on Edmonton Oilers and Dallas Mavericks.
• Current Status: Both teams down 3-0 in their respective series.
• Potential Loss: Close to losing $1 million in bitcoin.
• Platform: Bets placed using bitcoin on Stake, a crypto casino.
• Previous Losses: Lost $615,000 on a boxing bet in March.

Drake Faces $1M Bitcoin Loss with Souring NHL and NBA Bets

Canadian rapper Drake is teetering on the edge of a significant financial loss after placing substantial bitcoin bets on two sports teams that are currently struggling in their respective series. Drake wagered $500,000 each on the Edmonton Oilers to win the National Hockey League (NHL) finals and the Dallas Mavericks to clinch the National Basketball Association (NBA) finals. Unfortunately, both teams have fallen behind 3-0 in their best-of-seven series, putting his $1 million bitcoin investment at serious risk.

The Oilers’ recent defeat against the Florida Panthers marked their third consecutive loss in the NHL finals, while the Mavericks have similarly struggled, losing three straight games to the Boston Celtics in the NBA tournament. Drake’s bets were placed on the crypto casino Stake, where he utilized bitcoin (BTC) for his high-stakes wagers.

Drake revealed his bets on June 6 via Instagram, sharing images of his betting slips along with the message: “Dallas cause I’m a Texan. Oilers are self explanatory. Picks in are @stake.” This public disclosure coincides with his known partnership with Stake, which began in 2022. The deal was heralded by the singer as “inevitable,” reflecting his enthusiasm for the platform. Stake itself has seen significant success, generating $2.6 billion in revenue in the same year they teamed up with Drake.

Had his bets paid off, Drake stood to win a combined total of approximately $2.4 million—$1.025 million from the Oilers and $1.375 million from the Mavericks. However, the likelihood of both teams making a miraculous comeback is slim, especially considering that no NBA team has ever recovered from a 3-0 deficit in the playoffs or finals.

Drake’s track record with sports betting, particularly using bitcoin, is fraught with losses. Earlier this year, he bet $615,000 on Francis Ngannou to beat Anthony Joshua in a boxing match. The bet did not pay off, as Joshua secured a knockout victory in the second round.

With game 4 of the NBA Finals slated for Friday and the Oilers’ next game set for Saturday, Drake won’t have to wait long to learn the final outcome of his risky bets. Both teams must win their upcoming games to keep their championship hopes alive and extend their respective series.

This situation highlights the volatile nature of sports betting, especially when done with cryptocurrency. Drake’s willingness to place such high-stakes bets, coupled with his public promotion of these wagers, underscores the blend of risk and publicity in the world of celebrity endorsements and crypto gambling.

Stake, the platform Drake used for his bets, is a prominent player in the crypto casino space. The company has leveraged high-profile partnerships and aggressive marketing strategies to build its brand. Drake’s association with Stake, therefore, is not merely about personal betting preferences but also serves as a strategic promotion for the platform. This relationship benefits both parties—Drake enjoys the thrill of high-stakes betting while Stake gains visibility through his vast social media following.

In summary, Drake’s near $1 million bitcoin loss serves as a stark reminder of the risks involved in sports betting and the unpredictable nature of such investments. As he awaits the results of the upcoming games, the broader implications for the cryptocurrency and sports betting communities continue to unfold. Whether the Oilers and Mavericks can defy the odds remains to be seen, but for now, Drake is poised to face a significant financial setback.