Canadian artist Drake is facing a potential loss of $1 million in cryptocurrency after placing two separate bets of $500,000 each on the Edmonton Oilers and the Dallas Mavericks to win the Stanley Cup and NBA Finals. Unfortunately, both teams are currently struggling, with the Oilers losing three consecutive games to the Florida Panthers and the Mavericks falling behind 3-0 in their series against the Boston Celtics.
Drake made these bets using bitcoin on the crypto casino Stake, as he revealed on Instagram. The artist has a history of partnerships with Stake, and his recent bets may be a way to promote the platform, regardless of the outcome. Stake has been quite successful, generating $2.6 billion in revenue in 2022.
If the Oilers and Mavericks were to win their respective series, Drake stood to make over $1 million on each bet. However, history is not on his side, as no NBA team has ever come back to win a series after being down 3-0. The upcoming games will determine the fate of Drake’s bets, with the NBA Finals game 4 scheduled for Friday and the Oilers playing on Saturday.
This isn’t the first time Drake has lost a significant amount of bitcoin on sports bets. In March, he wagered $615,000 on Francis Ngannou to beat Anthony Joshua in a boxing match, only to see Joshua emerge victorious with a knockout in the second round.
It remains to be seen whether Drake’s luck will turn around with his latest bets, but one thing is for sure – the stakes are high, both on the court and in the world of cryptocurrency. Drake’s willingness to risk such large sums of money demonstrates his confidence in his chosen teams, but in the unpredictable world of sports, anything can happen. As fans eagerly await the outcomes of these high-stakes games, only time will tell if Drake will come out on top or face another costly defeat in the world of crypto betting.