TL;DR

Drake suffered a substantial crypto loss after betting on the Dallas Mavericks to win the NBA finals. Additionally, he placed another $500,000 BTC bet on the Edmonton Oilers to win the NHL Stanley Cup Finals, continuing his risky wagering streak.

Not Picking the Right Horse

The popular Canadian rapper and actor Aubrey Drake Graham (better known as Drake) parted with $500,000 worth of Bitcoin (BTC) after betting on the Dallas Mavericks to win the NBA final against the Boston Celtics.

Unfortunately for him, the team from Massachusetts emerged victorious after a final score of 106-88 in the last game on June 18. Thus, the Celtics won the series 4-1, securing their league-record 18th title.

It is worth mentioning that a Mavericks victory would have brought Drake a substantial profit of $875,000 worth of the primary cryptocurrency. 

The rapper has a chance to restore some of his losses since he made another substantial BTC bet. He wagered another half a million in the digital asset betting on the Edmonton Oilers to win the NHL Stanley Cup Finals against the Florida Panthers. A win for the Oilers will result in a profit of a little over $500,000 worth of BTC for Drake. The game is scheduled for later today (June 18).

The Drake Curse

The Canadian is a huge fan of betting on various sports events. However, his forecasts are often wrong while many teams and athletes have suffered losses after he put money in them, which prompted the creation of the phrase the Drake curse.

Earlier this year, he wagered $700,000 worth of BTC on a UFC fight, predicting that Sean Strickland would beat Dricus du Plessis (the bet carried an estimated profit of over $650,000 in BTC). The fighter, though, lost after a split decision from the judges. 

In 2022, he bet $234,000 worth of BTC on Ferrari’s driver – Charles Leclerc – to finish first in the Spanish Grand Prix only to see Max Verstappen winning the race. Later that year, Drake wagered $600K in the cryptocurrency on FC Barcelona to win its biggest derby against Real Madrid. Unfortunately for him, the team from the Spanish capital emerged victorious in the match known as El Clasico.