TLDR
Drake has lost over $1 million in Bitcoin through sports betting on recent NBA and NHL finals.
He lost $500,000 in Bitcoin betting on the Dallas Mavericks to win the NBA finals, and another $500,000 on the Edmonton Oilers in the Stanley Cup Finals.
These losses have reignited discussions about the “Drake Curse,” where teams and athletes allegedly lose after receiving Drake’s public support.
Drake is closely linked with Stake, a cryptocurrency casino and sports betting platform, of which he is a co-owner.
Drake has found himself on the losing end of over $1 million in Bitcoin wagers. The Canadian superstar, known for his chart-topping hits and high-stakes gambling, recently suffered back-to-back losses betting on major sports events, bringing attention to the growing world of cryptocurrency-based sports betting.
Drake’s betting spree began with a $500,000 Bitcoin wager on the Dallas Mavericks to win the NBA Finals. However, the Mavericks’ defeat by the Boston Celtics in a five-game series left the rapper’s digital wallet significantly lighter.
Undeterred by this loss, Drake doubled down with another $500,000 Bitcoin bet, this time on the Edmonton Oilers to clinch the NHL’s Stanley Cup. His fate was sealed when the Florida Panthers triumphed over the Oilers in Game 7, securing their first championship in franchise history and completing Drake’s million-dollar loss.
True to his public persona, Drake didn’t shy away from sharing his high-stakes bets.
He took to Instagram to post his betting slips, writing, “Dallas cause I’m a Texan. Oilers are self-explanatory. Picks in are @stake.”
This reference to Stake, a popular cryptocurrency casino and sports betting platform, is no coincidence. Drake has been closely associated with Stake since 2020, eventually becoming a co-owner of the company.
These recent losses have reignited discussions about the infamous “Drake Curse,” a phenomenon where teams and athletes allegedly lose after receiving Drake’s public support.
This pattern of bad luck has drawn attention to Drake’s betting habits, raising questions about his ability to make successful predictions in the unpredictable world of sports.
It’s worth noting that while a million-dollar loss would be catastrophic for most, it’s likely just a drop in the bucket for Drake.
With an estimated net worth of $250 million, the rapper can afford such high-stakes gambles. However, his actions bring more attention to the world of crypto gambling, potentially influencing his vast fanbase and the broader public.
Drake’s foray into cryptocurrency-based sports betting is part of a larger trend.
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.
This surge in interest isn’t limited to sports betting either. Political betting markets like Polymarket have also seen increased 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 such as “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 for its lack of regulation.
Despite controversy, interest from the industry remains high, with Polymarket recently raising $70 million in a funding round led by Ethereum founder Vitalik Buterin and Peter Thiel’s Founders Fund.
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