Bitcoin
Drake Just Lost $500,000 on Bitcoin Bets on the NBA Finals
Prominent rapper Drake frequently shows off his lavish lifestyle on Instagram, and this includes his huge Bitcoin bets on sporting events via Stake, his partner betting platform. But his bet on the outcome of the NBA Finals simply backfired – and he could lose the same on Tuesday, too.
How shared in a screenshot on Instagram On June 6, Drake put $500,000 into Bitcoin on the Dallas Mavericks, a bet that would have paid $1.375 million if the Texas team had won. “Dallas, because I’m a Texan,” Drake wrote alongside the image.
Instead, the Boston Celtics won the title with a decisive 106-88 victory in Game 5 on their home court, handing Drake a tough loss in the basketball championship. But tomorrow could be just as brutal for Drake’s Bitcoin wallet if his NHL bet also goes wrong.
In the same Instagram post, Drake shared that he similarly bet $500,000 on the outcome of the NHL Stanley Cup Finals, making the same bet on the Edmonton Oilers winning. If his bet wins, he will receive $1.025 million – and there is still a chance. “The Oilers are self-explanatory,” the Canadian rapper wrote.
Drake’s Stake bet on the NBA Finals. Image: Instagram
But it will be a tough ask given that the Oilers are down 3-1 heading into Tuesday’s Game 5 matchup against the Florida Panthers on their home floor. Both series started 3-0 against Drake’s favorite teams, and in both cases, the losing team rallied to win Game 4.
We’ll see if the Oilers can advance to a Game 6 where the Mavericks couldn’t.
Drake is one of the most popular musicians in the world, however, and doesn’t appear to be short on funds – as well as being an official Stake partner. So he’s probably fine. But losing $500,000 worth of Bitcoin, or potentially $1 million, can’t be good for anyone.