Drake Just Lost $500,000 in Bitcoin Betting on the NBA Finals

Prominent rapper Drake frequently shows off his lavish lifestyle on Instagram, and that includes his massive Bitcoin bets on sporting events via Stake, his partnered betting platform. But his wager on the outcome of the NBA Finals just went sour—and he could stand to lose just as much on Tuesday, too.

As shared in a screenshot on Instagram on June 6, Drake put $500,000 worth of Bitcoin on the Dallas Mavericks, a wager that would have paid out $1.375 million if the Texas team had won out. “Dallas cause I’m a Texan,” Drake wrote alongside the image.

Instead, the Boston Celtics just clinched the title with a decisive 106-88 game 5 win on their home court, giving Drake a rough loss on the hoops championship. But tomorrow could be just as brutal on Drake’s Bitcoin wallet if his NHL bet also goes south.

In the same Instagram post, Drake shared that he similarly put $500,000 on the outcome of the NHL’s Stanley Cup Finals, putting the same bet on the Edmonton Oilers to win. If his wager ultimately wins out, he’ll receive $1.025 million—and there’s still a chance. “Oilers are self-explanatory,” the Canadian rapper wrote.

Drake’s Stake bet on the NBA Finals. Image: Instagram

But it’ll be a tough ask, given that the Oilers are down 3-1 going into Tuesday’s game 5 showdown against the Florida Panthers on their home ice. Both series started 3-0 against Drake’s favored teams, and in both cases, the down team bounced back to take game 4.

We’ll see whether the Oilers can push it to a game 6 where the Mavericks couldn’t.

Drake is one of the most popular musicians in the world, however, and doesn’t appear to be short on funds—plus he’s an official partner of Stake. So he’s probably fine. But losing $500,000 worth of Bitcoin, or potentially $1 million worth, can’t feel great for anyone.