Drake on Brink of $1M Bitcoin Loss as NHL and NBA Bets Sour

A series of unfortunate sports losses have left Drake very close to losing $1 million worth of bitcoin bets.

AccessTimeIconJun 14, 2024 at 2:30 p.m. UTC
Updated Jun 17, 2024 at 7:30 p.m. UTC
  • The Edmonton Oilers and Dallas Mavericks are both down 3-0 after another round of losses.
  • Drake bet $500,000 on each team to win the National Hockey League and National Basketball Association finals.
  • Drake placed the bets using bitcoin on crypto casino Stake.

Canadian singer Drake is on the cusp of losing $1 million worth of crypto after he placed two individual $500,000 bets on the Edmonton Oilers and the Dallas Mavericks to win their respective Stanley Cup and NBA finals.

The Oilers lost their third straight game against the Florida Panthers in the hockey championship on Thursday whilst the Mavericks are down 3-0 in the basketball tournament after losing in consecutive games against the Boston Celtics. Both contests are best-of-seven series.

Drake indicated on June 6 that he had placed the bets on crypto casino Stake using bitcoin (BTC) by posting the betting slips on Instagram, accompanied by a message: "Dallas cause I'm a Texan. Oilers are self explanatory. Picks in are @stake."

It's worth pointing out that Drake has had partnerships with Stake in the past, so he may have an incentive to post about his bets on the platform, even if they don't pay off. Stake partnered with Drake in 2022 in a deal that the singer described as "inevitable." Stake made $2.6 billion in revenue in the same year.

Drake stood to win $1.025 million and $1.375 million if the Oilers and Mavericks managed to win their respective series, according to the betting slips. To date, no NBA team has ever managed to win a series in the playoffs or finals after being down three games with no wins.

Drake won’t have to wait long to know the outcome of both bets; tipoff for game 4 of the NBA Finals is Friday whilst the Oilers play Saturday. Both teams need to avoid defeat to extend the series.

The 37-year-old is no stranger to losing bitcoin by betting on sports. He also placed a $615,000 bet on Francis Ngannou to beat Anthony Joshua in a boxing bout in March; Joshua ended up winning by knockout in the second round.

Edited by Bradley Keoun.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.