Drake Loses $500K Bitcoin Bet As Celtics Win NBA Finals
Drake Loses $500K Bitcoin Bet as Celtics Dominate Mavericks 4-1 to Win Record 18th NBA Title.
Key Takeaways:
- Drake bets $500K in Bitcoin on the Mavericks to beat the Celtics in the NBA Finals.
- Celtics crush Mavs 4-1, win record 18th title, leaving Drake with a $500K loss.
- A Mavericks win would have earned Drake a whopping $1.375 million payout.
Rap superstar Drake made a bold move earlier this month. The Canadian rapper had placed a $500K Bitcoin bet on crypto casino Stake.
Drake backed the Dallas Mavericks to win the Boston Celtics in the NBA finals.
But his gamble didn't pay off. The Celtics dominated the Mavs 4-1 in the series, winning their first title in 16 years. This victory moved them ahead of the Los Angeles Lakers as the team with the most NBA Finals series victories.
If the Mavericks had won, Drake’s $500K wager would have paid $1.375 million.
As the dust settles on the NBA loss, Drake could lose another setback tomorrow.
The Hotline Bling crooner wagered $500K worth of Bitcoin on the Edmonton Oilers to win the NHL Stanley Cup Finals. The last playoff game is set for June 19, 2024.
Sports enthusiasts believe the Oilers need a miracle to turn things around. The team is down 3-1 going into tomorrow’s Game 5 showdown against the Florida Panthers.
If Drake’s $500K prediction on the Oilers proves accurate, he stands to receive $1.025 million.
Drake's sports wagering history is marked by significant losses.
He's gambled big on a diverse range of sports – from boxing and UFC to NFL, basketball, baseball, football, and even Formula One (F1).
The rapper has a habit of placing high-stakes Bitcoin bets through Stake, where he serves as an Ambassador.
His predictions have been a mixed bag, with some being surprisingly accurate and others being far off the mark.
In 2022, he lost $275K by backing Jorge Masvidal to defeat Colby Covington at UFC 272. Masvidal lost by unanimous decision.
Last year, he lost $400,000 betting on Jake Paul to beat Tommy Fury in a boxing match. Fury won by a split decision in Saudi Arabia.
Growing Concerns on Crypto Gambling
Drake's high-profile participation in crypto gambling normalizes high-stakes betting, which potentially influences his fans, especially younger audiences, to engage in similar risky behaviors.
His significant financial losses pinpoints the dangers of gambling and may encourage others who cannot afford such risks to gamble, leading to potential financial harm.
Amanda Pritchard, the chief executive of the United Kingdom's National Health Service (NHS), recently expressed her disapproval of crypto betting.
Speaking at the ConfedExpo of NHS managers in Manchester, Pritchard rallied for regulatory action to prevent young people from crypto betting addiction, noting that the NHS has diverted resources to treat depression driven by betting.
She described gambling addiction as “a cruel disease which has the power to destroy people’s lives, as treatments may no longer be sustainable.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
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