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

As a researcher, I find it intriguing that Canadian singer Drake is on the brink of losing $1 million worth of crypto after placing two individual $500,000 bets on the Edmonton Oilers and Dallas Mavericks to win their respective Stanley Cup and NBA finals. Both teams are currently down 3-0 in their best-of-seven series against the Florida Panthers and Boston Celtics, respectively.

Canadian artist Drake stands to forfeit approximately $1 million in cryptocurrency following his investments of $500,000 each in the Edmonton Oilers’ Stanley Cup victory and the Dallas Mavericks’ NBA championship title.

In the hockey championship on Thursday, the Oilers suffered their third consecutive defeat at the hands of the Florida Panthers. Meanwhile, the Mavericks find themselves trailing 3-0 in the basketball tournament following three successive losses against the Boston Celtics. These are best-of-seven series.

It’s noteworthy that Drake has previously collaborated with Stake, which could explain why he shares his betting activities on their platform, regardless of the outcome. In 2022, Stake sealed a deal with Drake, who referred to it as an “inevitable” collaboration. The platform reportedly generated $2.6 billion in revenue during that year.

Drake could potentially earn $1.025 million and $1.375 million based on the betting slips if the Oilers and Mavericks successfully turned around their series, a feat rarely achieved in NBA history as no team has ever come back from a three-game deficit with no wins to win a playoff or championship series.

A 37-year-old individual with experience in losing bitcoin through sports betting made a $615,000 wager on Francis Ngannou to defeat Anthony Joshua in a boxing match that took place in March. Unfortunately for him, Joshua emerged victorious via a second-round knockout.