Drake loses over a million in bitcoin by betting on the NBA Finals and Stanley Cup Finals. Recently, popular rapper Drake has endured two huge losses in BTC by making failed sports bets within a few weeks.
Big Bets, Big Losses
The Canadian superstar, known for his passion for crypto sports betting, first suffered a substantial blow when he lost an eye-watering half a million in Bitcoin after betting on the Dallas Mavericks to win the NBA title. The Mavericks were ultimately defeated by the Boston Celtics in a five-game series, leaving Drake’s digital wallet considerably lighter.
Second Major Loss
However, the misfortune didn’t stop there for the “God’s Plan” rapper. Drake also placed another $500,000 in BTC on the Edmonton Oilers to win the NHL’s Stanley Cup. The Oilers were defeated by the Florida Panthers, and the Panthers took their first-ever championship in Game 7, sealing Drake’s second major crypto betting loss in just a few weeks. After both bets, Drake lost over a million in BTC.
Flaunting His Betting Lifestyle
Drake frequently shows off his luxurious lifestyle on his social media and often boasts about his hefty Bitcoin bets placed on sporting events through Stake, an online crypto-betting site. On June 6, Drake shared a screenshot on Instagram of his $500,000 Bitcoin bet on the Dallas Mavericks, a bet that could have paid out $1.375 million if he was successful. He captioned his betting slip, “Dallas cause I’m a Texan. Oilers are self-explanatory. Picks in are @stake.” Stake has been closely associated with Drake since 2020, when he partnered with the company and eventually became a co-owner.
Celebrity, Sports Betting, and Cryptocurrency
Drake’s high-profile losses indicate that celebrity, sports betting, and cryptocurrencies are becoming increasingly intertwined. The popularity of crypto gambling has surged in recent years, with numerous Bitcoin casinos and betting sites competing for attention.
A Drop in the Bucket for Drake
It’s unlikely that $1 million lost in a Bitcoin betting bust will be a major problem for Drake. With an estimated net worth of $250 million, the rapper’s losses are a drop in the bucket. However, his involvement is undoubtedly bringing more attention to the world of crypto gambling. It is going to be noteworthy to see how this space will continue to shape the future of online betting, celebrity involvement, and the larger crypto space.
Stake.com
Drake loses over a million in BTC