Drake Loses Half a Million in Bitcoin Post NBA Finals

Sahana Kiran
Source – Reddit

The cryptocurrency industry is home to many celebrities and prominent figures. Canadian rapper Drake is among them as he employs Bitcoin [BTC] to often bet on several sporting events. More recently he decided to put his money on the NBA Finals. However, things did not go as planned for the rapper. On June 6, Drake poured in $500,000 worth of Bitcoin through Stake on the Dallas Mavericks. He did so in the hopes that they would win and receive a payout of $1.375 million. The rapper took to Instagram to announce his bet and wrote “Dallas cause I’m a Texan.”


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Drake suffered a major setback as the Boston Celtics won the championship with a 106-88 victory on their home court. The rapper was wise enough not to put all his eggs into one basket. He also placed a bet of $500,000 on the outcome of the NHL’s Stanley Cup Finals. He placed his wager on the Edmonton Oilers. While the match has yet to be played, a win would net him $1.02 million richer, but a defeat would result in a total loss of $1 million.

The Oilers will face the Florida Panthers in game 5, which will be played at the latter’s home court. Drake’s hopes lay on the Oilers’ shoulders after the Mavericks were unable to advance to game 6.

Drake’s Previous Bitcoin Bets

Drake has been utilizing Stake, his partnered betting site to its full potential. Stake collaborated with Drake back in 2022 and the platform went on to generate $2.6 billion in profits that same year. Even though the rapper did make profits through his bets, he also took some heavy losses. Earlier this year, he was short of $615,000 in Bitcoin after Francis Ngannou lost to Anthony Joshua in a boxing match.

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