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Canadian rap singer Drake, known for his bold bets, recently suffered a major Bitcoin loss. The popular artist placed a $500,000 Bitcoin bet on the Dallas Mavericks to win the NBA finals. Unfortunately, this move did not turn out as he expected.
Drake is known for his history of placing risky bets on sporting events through the crypto betting platform Stake. On June 6, he shared a screenshot on Instagram showing his big Bitcoin bet on the Mavericks. This bet would have yielded a potential win of $1.37 million if the Mavericks won. However, Drake’s bet failed as the Boston Celtics won their 18th championship by beating the Mavericks 4-1 in the series.
Celtics won at home in Game 5 with a score of 106-88. This historic win allowed the Celtics to surpass the Lakers with the most championships in NBA history.
In addition to the NBA bet, Drake made another bet. The artist placed another bet of $500,000 on the Edmonton Oilers to win the Stanley Cup. The final game, to be played on June 22, could double Drake’s losses to $1 million or significantly recover his funds. A win for the Oilers could earn Drake $1.025 million. “Dallas, because I’m a Texan. The Oilers are self-explanatory,” Drake said in an Instagram post.
Drake is a name known for his love of high stakes. As an official partner of Stake, it has experienced both huge gains and significant losses. He lost over $230,000 BTC to Formula 1 pilot Charles Leclerc at the Spanish Grand Prix in 2022. Additionally, the famous rapper lost more than $200,000 in bets to Jorge Masvidal fighting against Colby Covington in his UFC match.
On the other hand, Drake has also had great betting successes. His bets on the 2022 NFL finals brought him over $2 million in winnings. These results demonstrate the unpredictable nature of high-stakes gambling – particularly the uncertainty of betting with cryptocurrencies.
Drake’s betting activities highlight the trend of celebrities interacting with crypto in high-risk and reward scenarios. Although Drake’s estimated net worth is $250 million, such losses in Bitcoin or traditional money are remarkable. This big loss of Drake once again reveals the high volatility and risks of the cryptocurrency world.
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