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

The Edmonton Oilers and Dallas Mavericks trailed 3-0 following the next loss.

Drake bet $500,000 on each team to win the National Hockey League and National Basketball Association finals.

Drake placed the bets using bitcoin at his crypto casino Stake.

Canadian singer Drake is on the verge of losing $1 million worth of crypto after placing two separate $500,000 bets on the Edmonton Oilers and Dallas Mavericks to win the Stanley Cup and NBA finals.

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

On June 6, Drake posted the betting slips on Instagram, noting that he had bet on crypto casino Stake using bitcoin {{BTC}}, along with the message: “Dallas because I’m a Texan. Oil guys are descriptive. @stake has the pick.”

It’s worth noting 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 the singer described as “inevitable.” Stake generated $2.6 billion in revenue that same year.

According to the betting slips, Drake would earn $1.025 million and $1.375 million if the Oilers and Mavericks manage to win their respective series. To date, no NBA team has ever managed to win a series in the playoffs or finals after going three games without a win.

Drake won’t have to wait long to find out the outcome of either bet; Tip off for Game 4 of the NBA Finals is Friday, with the Oilers playing on Saturday. To extend the series, both teams need to avoid defeat.

The 37-year-old actor is no stranger to losing Bitcoin by betting on sports. He also bet $615,000 on Francis Ngannou beating Anthony Joshua in a boxing match in March; Joshua won by knockout in the second round.