Canadian Singer Drake Risks Losing $1 Million In Crypto Bets On Sports

According to CoinDesk, Canadian singer Drake could potentially lose $1 million in cryptocurrency after placing two separate bets of $500,000 each on the Edmonton Oilers and the Dallas Mavericks to win their respective Stanley Cup and NBA finals. The Oilers recently lost their third consecutive game against the Florida Panthers in the hockey championship, while the Mavericks are down 3-0 in the basketball tournament after consecutive losses to the Boston Celtics. Both series are best-of-seven. Drake revealed on June 6 that he had placed the bets on crypto casino Stake using bitcoin. He posted the betting slips on Instagram, stating his reasons for choosing the teams: 'Dallas cause I'm a Texan. Oilers are self explanatory. Picks in are @stake.' It should be noted that Drake has had partnerships with Stake in the past, which may provide him with an incentive to publicize his bets on the platform, regardless of the outcome. In 2022, Stake partnered with Drake in a deal that the singer described as 'inevitable.' The same year, Stake reported a revenue of $2.6 billion. If the Oilers and Mavericks had won their respective series, Drake would have won $1.025 million and $1.375 million, according to the betting slips. However, no NBA team has ever managed to win a series in the playoffs or finals after being down three games with no wins. The outcomes of both bets will be known soon, as game 4 of the NBA Finals is on Friday and the Oilers play on Saturday. Both teams need to avoid defeat to extend the series. Drake, 37, has previously lost bitcoin by betting on sports. In March, he placed a $615,000 bet on Francis Ngannou to beat Anthony Joshua in a boxing match; Joshua won by knockout in the second round.