Drake Loses $500K in Bitcoin After NBA Finals

Among the numerous personalities and prominent figures in the cryptocurrency industry is Canadian performer Drake, who frequently uses Bitcoin [BTC] to place bets on various sporting events

He has recently decided to wager on the NBA Finals. Nevertheless, the rapper’s intentions still needed to be realized.

Drake invested $500,000 in Bitcoin through Stake in the Dallas Mavericks on June 6. He did so in anticipation of their victory and the subsequent $1.375 million payout. The rapper announced his wager on Instagram: “I’m a Texan, so Dallas.”

The Boston Celtics emerged victorious in the championship game, defeating Drake 106-88 on their court. The rapper was astute enough to avoid placing all his goods in a single basket.

Additionally, he wagered $500,000 on the fate of the Stanley Cup Finals in the National Hockey League.

He bet on the Edmonton Oilers. Although the match has not yet been played, a victory would result in a $1.02 million increase in his wealth, while a loss would result in a total loss of $1 million.

The Florida Panthers will host the Oilers in game 5, played at their home court. In the aftermath of the Mavericks’ failure to advance to game 6, Drake’s expectations were placed on the Oilers.

Drake’s Previous Bitcoin Bets

Drake has been fully utilizing Stake, his partnered betting site, to its maximum potential. In 2022, Stake partnered with Drake, and the platform subsequently generated $2.6 billion in profits.

Even though the rapper achieved profits through his wagers, he also sustained substantial losses.

Francis Ngannou’s defeat to Anthony Joshua in a boxing match earlier this year resulted in a deficit of $615,000 in Bitcoin.