The Boston Celtics won the 2024 NBA Championship, completing a season where they were the favorites in the preseason, during the season and to open the NBA Playoffs.
One big name in the sports betting universe won by betting on the Celtics, while a betting rapper lost $500,000 by betting on the Dallas Mavericks in the NBA Finals.
What Happened: Barstool Sportsbook founder Dave Portnoy bet $100,000 with sportsbook DraftKings Inc DKNG on the Celtics winning the NBA Championship and Scottie Scheffler winning the RBC Heritage in a parlay.
The parlay placed on April 20 had total odds of +1,492 and paid out $1,592,500 with both legs hitting. Portnoy, a Celtics fan, profited nearly $1.5 million with the Celtics win.
While Portnoy won by backing the Celtics, rapper Drake didn't have the same fortune with a wager of $500,000 in Bitcoin BTC/USD placed on the Dallas Mavericks.
Drake, who is a partner with crypto betting company Stake, was set to win $1.375 million if the Mavericks pulled off the upset.
"Dallas cause I'm Texan," Drake posted with his screenshot of the bet.
During the 2023-2024 NBA season, the Celtics posted a league-best 64-18 record and a stellar 37-4 record at home. During the NBA Playoffs, the Celtics went 16-3, losing no more than one game during each best-of-seven series.
What's Next: While Portnoy won big on his NBA Finals bet, he stands to potentially lose on his big National Hockey League bet, placing a $150,000 wager on the Edmonton Oilers to win the Stanley Cup.
Portnoy bet on the Oilers at odds of +700 for a total payout of $1.2 million and a profit of over $1 million.
The Barstool Sports founder has had a string of big bet wins in 2024 with multiple championship picks paying out. The list includes:
- $1.3 million won on Scottie Scheffler winning the Masters Tournament
- $2.1 million won on NCAA Men’s Basketball Champion Connecticut
- $500,000 won on Kansas City Chiefs winning Super Bowl
- $500,000 won on Texas, Washington NCAA Football bowl game
- $1 million won on Michigan winning NCAA Football bowl game
In total, Portnoy has won around $5.4 million from several major championship bets and stands to add to his total thanks to the NHL and NBA Playoffs.
“Guys I hate to be that guy but I have the Celtics for $1.1 million and the Oilers for another million. If both those teams win I will be up 7.5 million in 2024 and have won every big event this year. This run should be taught in history books,” Portnoy recently tweeted.
Drake also stands to lose again if the Oilers can't come back in the Stanley Cup Finals. Drake wagered $500,000 in Bitcoin on the Oilers for a potential payout of $1.025 million.
Benzinga previously shared that Drake has lost on several big bets, including the 2022 World Cup where he picked the correct team (Argentina), but lost due to them winning in a penalty shootout.
No Canadian team has won a Stanley Cup in over 30 years. After starting down 3-0 to the Florida Panthers in the series, the Oilers currently trail 3-1 in the best-of-seven series with Game 5 taking place Tuesday June 18.
The other big winner alongside Portnoy is The Walt Disney Company DIS, who has media rights to the NBA Finals and the Stanley Cup Finals.
Viewership for the NBA Finals has been strong, breaking records for ABC and posting the highest figures in over five years for the NBA Championship series.
Through the first four games of the Stanley Cup Finals, viewership is averaging 3.3 million total viewers, which is up 25% year-over-year. Overall NHL Playoffs on ESPN platforms are up 38% year-over-year.
With the NBA Finals over after only five games, Disney might hope that the Stanley Cup Finals gets pushed to a decisive Game 7.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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