Canadian musician Drake recently made headlines after facing a potential $1 million loss in Bitcoin bets on the NHL’s Edmonton Oilers and the NBA’s Dallas Mavericks. The rapper placed two bets of $500,000 each on the teams to win the Stanley Cup and NBA finals, respectively. However, with both teams registering three losses and zero wins so far, the chances of them making a comeback seem slim.
Drake made these bets on the popular online crypto casino Stake, where he is known to frequent and share his gambling activities through livestreams. Taking to Instagram, he explained his choices, stating, “Dallas cause I’m a Texan. Oilers are self explanatory. Picks in are @stake.”
Both the NBA and NHL series follow a best-of-seven format, making it challenging for the Oilers and Mavericks to turn the tide. Historically, no NBA team has ever won a series after a 3-0 loss streak. This weekend’s games will be crucial for both teams, as losses would confirm Drake’s $1 million loss.
While the potential winnings for Drake were significant – $1.025 million if the Oilers won the NHL and $1.375 million if the Mavericks clinched the NBA title – it seems unlikely that he will cash in on these bets. The betting slip shared on his Instagram account provided insights into the possible payouts.
Despite the substantial loss, Drake may not be entirely in the red for the entire amount. His past financial dealings with Stake, coupled with his frequent promotion of the platform to his large following, could mean that he has other incentives or deals in place. The rapper has a history of sharing his betting experiences on Stake, including a notable $615,000 loss on a boxing match between Francis Ngannou and Anthony Joshua, where Joshua emerged victorious.
Drake’s recent betting setback adds to his list of high-stakes losses, highlighting the risks involved in sports betting. While the outcome of the Oilers and Mavericks’ games remains uncertain, the rapper’s gamble serves as a reminder of the unpredictable nature of sports and betting. Despite the potential financial hit, Drake’s involvement in the world of online gambling continues to draw attention and speculation.