Drake just lost $500,000 on a Bitcoin (BTC) bet.

Singer Drake had a large bet on the Mavericks winning the NBA Finals. But the bet lost: $500,000 in Bitcoin (BTC) was lost.

Drake makes a losing bitcoin bet

Drake is a partner of Stake, an online betting platform that allows you to bet on cryptocurrencies. He posted a photo of his bet on his Instagram account: $500,000 in Bitcoin for a Dallas Mavericks win :

Drake lost a bitcoin bet

💡 Find our guide to Bitcoin (BTC) and its origins

If the Dallas Mavericks win, Drake could walk away with $1.375 million in Bitcoin. But the Boston Celtics won the game. The rapper bets regularly and has the funds to back his bets. Its partnership with Stake has also been around since 2022 and has contributed significantly to the app’s popularity.

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NBA one day, NHL the next

In addition, Drake also bet on another important game, the game of the major hockey league, NHL. He also bet $500,000 on the Edmonton Oilers to win. If they won the match, the rapper would walk away with $1.025 million in BTC. Otherwise, Drake would lose $1 million on 2 sports bets.

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Online betting sites have seen significant growth in recent years. Those who partially rely on cryptocurrencies take advantage of the flexibility and speed of payments. In France, the practices are highly regulated, but the market has grown : out of 472 million euros in 2017, the sector generated 1.3 billion euros in 2017.

However, we must remember that, as Drake just demonstrated, we lose as much as we win when betting. According to a 2021 study by the National Gambling Authority (ANJ), of the 3 million people who bet that year, only 1,280 won more than €10,000 in one year.

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Sources: Drake via Instagram, Capital

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