Drake Takes a $500,000 Hit: Bitcoin Bet on Mavericks Falls Flat in NBA Finals

Canadian rapper Drake, renowned for his daring bets, recently suffered a substantial financial loss in Bitcoin (BTC). The musician gambled $500,000 in Bitcoin on the Dallas Mavericks to clinch the NBA Finals, a move that did not turn out as expected.

Drake has a history of placing risky bets on the sporting event through the crypto betting platform – Stake.

Drake’ $1 Million Bitcoin Bet

On June 6, during the fervor of the NBA Finals, Drake posted to Instagram. He showcased a screenshot depicting his hefty Bitcoin bet on the Mavericks, with potential winnings of $1.37 million.

However, the outcome of the 2024 NBA Finals was unfavorable for Drake. The Boston Celtics secured its 18th championship, outperforming the Mavericks with a series score of 4-1.

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In the crucial Game 5, the Celtics achieved a commanding 106-88 victory at its home court. This historic win allowed it to surpass the Lakers, achieving the most titles in NBA history.

Alongside his NBA bet, Drake revealed another pending wager. He has placed another $500,000 bet on the Edmonton Oilers to win the Stanley Cup.

The final game, set for June 22, could either double his recent losses to $1 million or substantially recover his funds. A win by the Oilers would yield Drake $1.025 million.

“Dallas cause I’m a Texan. Oilers are self explanatory,” Drake captioned the Instagram post

Drake’s affinity for high-stakes betting is well-documented. As an official partner of the betting platform Stake , he has a history of both spectacular gains and noteworthy losses.

In 2022, Drake lost over $230,000 in BTC on Formula One driver Charles Leclerc at the Spanish Grand Prix. Additionally, he lost more than $200,000 betting on Jorge Masvidal in a UFC match against Colby Covington.

Conversely, Drake has also experienced significant betting successes. His 2022 wagers on the NFL Finals netted him over $2 million. These results illustrate the unpredictable nature of high-stakes gambling , particularly with the involvement of crypto.

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Drake’s betting activities highlight a broader trend of celebrities engaging with crypto in high-risk, high-reward scenarios. Despite an estimated net worth of $250 million, such losses, whether in Bitcoin or fiat currency, are significant.