Drake, the prominent Canadian artist and cultural icon, is teetering on the brink of a staggering $1 million loss in Bitcoin following his bold wagers on the outcomes of major sports events.

Recently, Drake made headline-worthy moves by placing two substantial bets worth $500,000 each in Bitcoin. His first bet was on the Edmonton Oilers triumphing in the Stanley Cup finals, while the second was on the Dallas Mavericks securing victory in the NBA finals. Unfortunately, both teams have encountered formidable challenges in their respective best-of-seven series.

The Edmonton Oilers, seeking hockey's coveted Stanley Cup, suffered a setback with three consecutive losses to the Florida Panthers. Similarly, the Dallas Mavericks find themselves in dire straits, trailing 0-3 in their NBA finals series against the Boston Celtics—a situation from which no NBA team has historically recovered to win the series.

Drake shared details of these high-stakes bets on his Instagram account, displaying the betting slips and expressing his unwavering support for the Oilers and Mavericks. These bets were facilitated through the crypto casino Stake, with whom Drake has a strategic partnership. His association with Stake dates back to 2022, underscoring his enthusiasm for cryptocurrency-based betting ventures.

Earlier this year, Drake faced another significant betting setback when he wagered on Francis Ngannou defeating Anthony Joshua in a boxing match, only for Ngannou to suffer a knockout loss in the second round.

The fate of Drake's substantial Bitcoin bets now hangs in the balance as pivotal games loom for both the Mavericks and the Oilers. The Mavericks face a crucial Game 4 in the NBA finals, while the Oilers aim to stay alive in their Stanley Cup journey with an upcoming game. These forthcoming matches will determine whether Drake can evade a massive financial hit or if his betting ventures will add to his string of high-profile losses in the sports betting arena.