Canadian rapper Drake suffered a major financial setback after betting on the NBA Finals. He lost half a million dollars in Bitcoin after the Boston Celtics won the championship with a 106-88 victory on their home court.
Drake bets on the Dallas Mavericks
Drake placed a $500,000 Bitcoin bet on the Dallas Mavericks, hoping for a win and a payout of $1.375 million. He used the Stake platform, his betting partner, to place his bet. He even posted a message on Instagram announcing his bet, writing "Dallas cause I'm a Texan". Unfortunately for him, the Mavericks lost, costing him a considerable sum.
Drake also bets on the Edmonton Oilers
Drake didn't bet it all on the Mavericks. He also placed a $500,000 Bitcoin bet on the Edmonton Oilers, who will play the Florida Panthers in Game 5 of the Stanley Cup Finals. If the Oilers win, Drake will win $1.02 million, but if they lose, he'll lose $1 million. This bet shows Drake's commitment to sports betting, particularly using cryptocurrencies.
Drake has already suffered heavy losses
Drake has already experienced significant losses in Bitcoin. He lost $615,000 in Bitcoin after Francis Ngannou lost to Anthony Joshua in a boxing match. He also lost $234,000 in Bitcoin after betting on a Formula 1 race. These repeated losses demonstrate the high risks associated with cryptocurrency betting.
