Rapper Drake Has Lost Over $1 Million in Bitcoin Betting on the Stanley Cup and NBA Finals

In a wild ride of high-stakes gambling and cryptocurrency, rap icon Drake has found himself on the wrong side of a seven-figure Bitcoin betting spree.

The Canadian superstar, known for his love of sports betting, has now lost over $1 million in Bitcoin (BTC) after two ill-fated wagers on the NBA Finals and Stanley Cup Finals.

Earlier this month, Decrypt reported that Drake had lost a cool half a million in Bitcoin on the Dallas Mavericks to take the NBA title. The Mavs were ultimately defeated by the Boston Celtics in a five-game series that left Drake’s digital wallet a little lighter.

But that was just the beginning of Drizzy’s Bitcoin betting woes. The “God’s Plan” rapper had also put down another $500,000 in BTC on the Edmonton Oilers to hoist the NHL’s Stanley Cup. On Saturday, the Oilers fell to the Florida Panthers in Game 5, sealing Drake’s second major crypto betting L in as many weeks. Then last night, the Panthers beat the Oilers in Game 7 to secure their first championship in the franchise’s history.

Never one to hide his bets, Drake had taken to Instagram to share his betting slips, writing “Dallas cause I’m a Texan. Oilers are self explanatory. Picks in are @stake.” Stake, for those not in the know, is a popular cryptocurrency casino and sports betting platform. The Toronto rapper has been closely linked with Stake since 2020, when he partnered with the company and eventually became a co-owner.

Drake’s very public losses shine a light on the growing intersection of celebrity, sports betting, and cryptocurrency. Crypto gambling has exploded in popularity in recent years, with a host of Bitcoin casinos and betting sites now vying for a piece of the action.

But it’s not just sports betting that’s drawing in the crypto crowd. Political betting markets like Polymarket have also seen a surge in activity, particularly around high-stakes events like the 2024 U.S. presidential election.

Polymarket, which allows users to bet on outcomes using cryptocurrency, has seen trading volumes in the millions for markets like “Who will win the 2024 U.S. presidential election?” The platform has been praised for its potential to harness the “wisdom of the crowd,” but also criticized (and fined) for its lack of regulation. But the controversy hasn’t dampened interest from the industry. The platform just raised $70 million in May. The round was led by Ethereum founder Vitalik Buterin and Peter Thiel’s Founders Fund.

Drake’s high-profile losses serve as a fascinating case study in the evolving world of crypto betting. As digital currencies continue to gain mainstream acceptance, their integration into traditional betting markets seems inevitable.

While for Drake, the $1 million Bitcoin betting bust is likely a drop in the bucket. The rapper, who has an estimated net worth of $250 million, is undoubtedly bringing more attention to the world of crypto gambling. As this space continues to evolve, it will be fascinating to watch how it shapes the future of online betting, celebrity engagement, and even the broader crypto ecosystem.

Edited by Stacy Elliott.