Drake’s $1M Bitcoin Bet Boosts Teams and Cryptocurrency Betting

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Canadian hip-hop heavyweight, Drake, caused quite a stir in the world of sports betting and cryptocurrencies when he strategically wagered $1 million of his Bitcoin holdings on the performances of two professional North American sports teams – the Dallas Mavericks of the National Basketball Association (NBA) and the Edmonton Oilers of the National Hockey League (NHL).

The rapper, in his signature unabashed style, revealed his sizable bet on his Instagram account on June 6. He shared he was evenly spreading his bet across the two teams, investing an equal $500,000 on each.

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Then, the Edmonton Oilers surprised all by trouncing the Florida Panthers, 8-1, in Game Four of the Stanley Cup, and the Mavericks followed suit by outplaying the Celtics 122 to 84. These triumphant victories on June 15 represented a turning point in what had been a disappointing run for both teams. Observers suggest that if the teams maintain this level of performance, Drake could chalk up a substantial profit from his sports betting venture.

Drake placed his bet via the sports wagering platform, Stake, cementing his partnership with the online betting company established back in 2020. His Instagram post showed an estimated payout of $1,375,000 if the Mavericks clinch the NBA Finals and another $1,025,000 if the Edmonton Oilers triumph in the NHL playoffs.

Speculations abound as to Drake’s motivations behind these specific bets. Shrouded in his humor and love for irony, his Instagram caption for betting on the Mavericks read, “Dallas cause I’m a Texan.” While Drake isn’t from Texas, he shares a connection with Houston and recently purchased a $15 million ranch in the Lone Star State.

The Oilers, on the other hand, might have been chosen as they are the last Canadian team left in the competition. Despite the fact that Drake is from Vancouver, he gave a simple explanation for his selection: “Oilers are self-explanatory.”

Both the Oilers and the Mavericks hadn’t been in their finest forms before the critical games on June 15. The Oilers received setbacks with consecutive defeats, which also included a loss to the Panthers. On the other hand, the Panthers were down three games in their own series.

Yet, the sudden wins have raised the question – could Drake score a $2.4 million Bitcoin windfall this summer? Considering Drake’s estimated worth sits comfortably at $250 million, these wagers are less about the money and more about the thrill of the bet.

Drake’s confidence in sports betting could have been further boosted by a victorious bet he made in March. He placed $675,000 in Bitcoin on Alex Pereira, who knocked out Jamahal Hill in the first round of UFC 300. The win saw Drake collecting a lucrative payout of $1,194,750.

Yet, it hasn’t been all smooth sailing. The same month he enjoyed his win, Drake also suffered a loss of $615,000 when Francis Ngannou was defeated by Anthony Joshua in a second-round knockout.

Drake’s betting exploits have undeniably boosted the visibility of Stake, making it an attractive stop for sports betting. He’s not alone, though. Several other celebrities, including DJ Khaled and DJ Marshmello, have launched their cryptocurrencies, pushing the boundaries of this novel digital currency.

Even former President Donald Trump recently endorsed Bitcoin on his platform, Truth Social, a noticeable shift after denouncing it as a “scam” during his presidency. Perhaps we may soon see Trump throwing a bet or two.

In a nutshell, Drake’s recent betting endeavors have sparked vast intrigue, serving as a vivid example of how cryptocurrencies are rapidly infiltrating new spaces. If his wagers pay off, it won’t just be a win for him, but a significant moment for the intersection of sports, betting, and cryptocurrencies.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.