Canadian musician Drake is on the brink of a significant financial loss as his bets on the NHL and NBA finals could cost him $1 million worth of Bitcoin (CRYPTO: BTC).

What Happened: Drake placed two separate $500,000 bets on the Edmonton Oilers and the Dallas Mavericks to win their respective Stanley Cup and NBA finals. However, both teams are currently facing significant challenges in their series, CoinDesk reported.

The Oilers have lost three consecutive games against the Florida Panthers in the hockey championship, while the Mavericks are trailing 3-0 in the basketball tournament after consecutive losses to the Boston Celtics. Both series are best-of-seven.

Drake revealed on June 6 that he had made the bets on the crypto casino Stake using Bitcoin and posted the betting slips on Instagram. He has previously partnered with Stake, which could potentially explain his publicizing of the bets.

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Drake, 37, could have won $1.025 million and $1.375 million if the Oilers and Mavericks had won their respective series. However, no NBA team has ever come back to win a series in the playoffs or finals after being down 3-0.

Why It Matters: Drake is no stranger to the world of sports betting and cryptocurrency. In the past, he has made headlines for both his wins and losses in this arena.

In February 2023, he won $1.2 million in Bitcoin after betting on the Kansas City Chiefs to win the Super Bowl. However, he also lost $400,000 in Bitcoin on a bet for YouTuber Jake Paul to win a boxing match against Tommy Fury.

Drake’s recent betting activities are in line with his previous endorsements of cryptocurrency. In March, he endorsed MicroStrategy CEO Michael Saylor’s Bitcoin strategy of “buying it to hold it 100 years.”

Earlier this week, Drake also made headlines after winning over £200,000 (around $254,000) from a massive bet on the T20 World Cup. The 37-year-old took to Instagram to share that he had placed a £510,000 (around $649,000) bet on India to beat Pakistan in their T20 World Cup Group A clash.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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