Drake loses half a million bet on Celtics vs. Mavericks in NBA Finals

Canadian rapper lost $500,000 in Bitcoin betting on the Mavericks to win the NBA Finals.
Pop Culture & Art | June 18, 2024

-JOHN E. SOKOLOWSKI/REUTERS

Canadian rapper Drake, known for his bold betting habits, recently experienced a significant financial setback in Bitcoin (BTC). 

Drake wagered $500,000 in Bitcoin on the Dallas Mavericks to win the NBA Finals, a gamble that ultimately did not pay off. The Boston Celtics triumphed in the 2024 NBA Finals, securing their 18th championship with a series victory of 4-1 over the Mavericks.

On June 6, during the NBA Finals excitement, Drake took to Instagram to share a screenshot of his substantial Bitcoin bet on the Mavericks, with potential winnings of $1.37 million. Despite his hopes, the Celtics' commanding 106-88 victory in Game 5 at their home court dashed Drake's expectations.

Drake has been leveraging Stake, his partnered betting platform, to place his high-stakes bets. Stake, which collaborated with Drake in 2022, generated $2.6 billion in profits that same year. Although Drake has seen profitable returns from some bets, he has also incurred notable losses. 

Earlier this year, he lost $565,000 in the Fury vs. Usyk fight. Before that, the rapper lost $615,000 in Bitcoin after Francis Ngannou's defeat to Anthony Joshua in a boxing match. In 2022, he lost over $230,000 in BTC on Formula One driver Charles Leclerc at the Spanish Grand Prix and more than $200,000 on Jorge Masvidal in a UFC match against Colby Covington.

Conversely, Drake has also achieved significant betting successes. His 2022 wagers on the NFL Finals earned him over $2 million.

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