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Created page with "{{Infobox company | name = Stake.com | type = Private | foundation = 2017 | founders = Edward "Ed" Craven, Bijan Tehrani | area_served = Worldwide (via Curaçao and local licenses) | industry = Online gambling, Cryptocurrency | products = Casino, Sports betting, Provably fair games | location = Curaçao (license), offices in Australia, Serbia, Cyprus | website = [https://stake.com Stake.com] }} '''Stake.com''' is a cryptocurrency-based online casino and sports betting p..."
 
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{{Infobox company
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'''Stake.com''' is a cryptocurrency-based online casino and sports betting platform launched in 2017. It enables users to deposit, wager, and withdraw exclusively in digital currencies on its main global site, positioning itself at the forefront of the crypto gambling industry.<ref name="blockworks1">[https://blockworks.co/news/crypto-casino-stake-revenue "Crypto Casino Made $2.6B in Gaming Revenue Last Year – Blockworks"]</ref><ref name="forbesCraven1">[https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/ "How Stake made Australia’s Ed Craven a crypto billionaire"]</ref> Although banned in major markets such as the United States, the United Kingdom (before 2021), and much of Europe, Stake.com has grown to become one of the largest offshore crypto casinos. In 2022, it reportedly generated about US$2.6&nbsp;billion in gross gaming revenue—making it one of the world’s largest gambling companies by revenue.<ref name="blockworks1" /><ref name="forbesCraven1" />
'''Stake.com''' is a cryptocurrency-based online casino and sports betting platform launched in 2017. It enables users to deposit, wager, and withdraw exclusively in digital currencies on its main global site, positioning itself at the forefront of the crypto gambling industry.<ref name="blockworks1">"Crypto Casino Made $2.6B in Gaming Revenue Last Year – Blockworks"</ref><ref name="forbesCraven1">"How Stake made Australia’s Ed Craven a crypto billionaire"</ref> Although banned in major markets such as the United States, the United Kingdom (before 2021), and much of Europe, Stake.com has grown to become one of the largest offshore crypto casinos. In 2022, it reportedly generated about US$2.6&nbsp;billion in gross gaming revenue—making it one of the world’s largest gambling companies by revenue.<ref name="blockworks1" /><ref name="forbesCraven1" />


Stake.com’s rapid ascent has been fueled by high-profile sponsorships (including Premier League football clubs, an F1 team, and UFC champions) and celebrity partnerships (notably with the rapper Drake). Its business model merges two controversial areas—online gambling and cryptocurrencies—prompting scrutiny by regulators and debates around consumer protection.
Stake.com’s rapid ascent has been fueled by high-profile sponsorships (including Premier League football clubs, an F1 team, and UFC champions) and celebrity partnerships (notably with the rapper Drake). Its business model merges two controversial areas—online gambling and cryptocurrencies—prompting scrutiny by regulators and debates around consumer protection.
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=== Founding ===
=== Founding ===
Stake.com was founded by Edward "Ed" Craven (an Australian) and Bijan Tehrani (an American) in 2017.<ref name="dlnews1">[https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/ "Stake.com deadline nears: Billionaire founder sued by ex-partner over marketing of world’s biggest crypto casino – DL News"]</ref> The two met as teenagers while running an in-game gambling operation in the online game ''RuneScape''. After ''RuneScape'' developers banned staking duels in 2011, they pivoted to real-money Bitcoin gambling via a dice site called Primedice in 2013.<ref name="forbesCraven1" /><ref name="dlnews1" /> Profits from Primedice helped them launch a development company (Easygo) in Melbourne, Australia, which built the more ambitious crypto casino Stake.com.
Stake.com was founded by Edward "Ed" Craven (an Australian) and Bijan Tehrani (an American) in 2017.<ref name="dlnews1">"Stake.com deadline nears: Billionaire founder sued by ex-partner over marketing of world’s biggest crypto casino – DL News"</ref> The two met as teenagers while running an in-game gambling operation in the online game ''RuneScape''. After ''RuneScape'' developers banned staking duels in 2011, they pivoted to real-money Bitcoin gambling via a dice site called Primedice in 2013.<ref name="forbesCraven1" /><ref name="dlnews1" /> Profits from Primedice helped them launch a development company (Easygo) in Melbourne, Australia, which built the more ambitious crypto casino Stake.com.


=== Growth Milestones ===
=== Growth Milestones ===
After its 2017 launch, Stake.com rapidly expanded its product range beyond dice-style games to include online slots, table games, and a full sportsbook by 2019.<ref name="blockworks1" /> The platform attracted users in Latin America, Canada, parts of Asia, and Eastern Europe—regions with more permissive online gambling frameworks. Partnerships with popular streamers on Twitch helped accelerate growth, especially during the COVID-19 pandemic in 2020.
After its 2017 launch, Stake.com added third-party slot and table games to its original dice offerings and introduced a sportsbook product in 2019.<ref name="blockworks1" /> Its user base expanded sharply in Latin America, Canada, parts of Asia, and Eastern Europe, leveraging the flexibility of cryptocurrency deposits and withdrawals.


=== Timeline of Notable Events ===
=== Timeline of Notable Events ===
* '''2017''': Stake.com goes live, focusing on provably fair in-house crypto games.<ref name="dlnews1" />
* '''2017''': Stake.com goes live, featuring in-house provably fair casino games.<ref name="dlnews1" />
* '''2019''': Expands to thousands of third-party slots, table games, and introduces a sportsbook.<ref name="blockworks1" />
* '''2019''': Expands to a broader suite of slots, table games, and a sportsbook.<ref name="blockworks1" />
* '''2020''': Surges in revenue amid pandemic lockdowns and sponsorship deals with prominent Twitch gambling streamers.<ref name="forbesCraven1" />
* '''2020''': Experiences growth from streamer partnerships and pandemic lockdowns.<ref name="forbesCraven1" />
* '''2021''': Acquires a UK Gambling Commission license (through a local partner) and launches Stake.uk.com. Sponsors Watford F.C. in the Premier League.<ref>[https://sbcnews.co.uk/sportsbook/2021/12/17/stake-com-commences-uk-sports-betting-and-casino-operations/ "Stake.com commences UK sports betting and casino operations – SBC News"]</ref>
* '''2021''': Obtains a UKGC license via a local partner; sponsors Watford F.C. in the Premier League.<ref>[https://sbcnews.co.uk/sportsbook/2021/12/17/stake-com-commences-uk-sports-betting-and-casino-operations/ "Stake.com commences UK sports betting and casino operations – SBC News"]</ref>
* '''2022''': Lands major celebrity partnership with Drake, invests heavily in marketing, surpasses US$2&nbsp;billion in annual revenue. Twitch bans crypto slots gambling (including Stake) from the platform; Stake’s founders subsequently fund the creation of Kick.com as an alternative.<ref name="blockworks1" /><ref name="forbesCraven1" />
* '''2022''': Inks major celebrity endorsement with Drake; Twitch bans crypto “slots” gambling streams, targeting sites like Stake. Stake’s founders then back the creation of Kick.com.<ref name="blockworks1" /><ref name="forbesCraven1" />
* '''2023''': Becomes title sponsor of Alfa Romeo’s Formula One team ("Alfa Romeo F1 Team Stake"), signs multi-year sponsorship of Everton F.C., and suffers a US$41&nbsp;million hack attributed to the Lazarus Group.<ref name="fbi_lazarus">[https://blockworks.co/news/stake-hack-lazarus-group-north-korea-fbi "FBI blames North Korea's Lazarus Group for $40M Stake hack – Blockworks"]</ref>
* '''2023''': Title sponsor of Alfa Romeo F1 Team; secures Everton F.C. deal; hacked for US$41&nbsp;million in crypto, attributed to the Lazarus Group.<ref name="fbi_lazarus">"FBI blames North Korea's Lazarus Group for $40M Stake hack – Blockworks"</ref> The company covers the loss using reserves.
* '''2024 and beyond''': Focuses on regulatory compliance, adoption of KYC, and expansion into additional licensed markets. The Alfa Romeo team is rebranded “Stake F1 Team” ahead of a planned transition to Audi in 2026.<ref name="forbesCraven1" />


== Ownership and Key People ==
== Ownership and Key People ==
Stake.com is privately held by its two co-founders, Craven and Tehrani, who each own 50%.<ref name="forbesCraven1" /> Both rose to become young billionaires, with net worth estimates exceeding US$1.3&nbsp;billion each by 2023. The platform’s CEO is Mladen Vuckovic, who oversees day-to-day operations.<ref name="dlnews1" />
Stake.com is privately held by its co-founders, Craven and Tehrani, who each own 50%.<ref name="forbesCraven1" /> Both rose to billionaire status by their late twenties. CEO Mladen Vuckovic oversees global operations.<ref name="dlnews1" /> The company’s main site operates under a Curaçao eGaming license, while local versions in markets like the UK are licensed domestically.
 
Stake employs a distributed structure: the main site is licensed in Curaçao, while Australia-based Easygo handles development, and regional teams manage local versions in the UK, Portugal, and elsewhere.<ref name="dlnews1" />


== Business Model and Operations ==
== Business Model and Operations ==
Stake.com functions similarly to a traditional online casino and sportsbook but uses cryptocurrency for all deposits and withdrawals on its primary global site.<ref name="blockworks1" /> It derives revenue from the house edge on casino games and the margins on sports bets. Key aspects include:
Stake.com operates similarly to a traditional online casino and sportsbook, but uses cryptocurrency (on its main site) for deposits, wagers, and withdrawals.<ref name="blockworks1" /> Key characteristics:
 
* '''Crypto-Only Platform''': Accepts multiple digital assets, with instant deposits and withdrawals. Local sites (e.g., Stake.uk.com) accept fiat where required.<ref name="dlnews1" />
* '''Cryptocurrency-Only (Global Site)''': Accepts Bitcoin, Ethereum, Litecoin, XRP, and others. In regulated markets like the UK, separate Stake sites use fiat and adhere to local rules.<ref name="dlnews1" />
* '''Casino and Sportsbook''': Thousands of slot and table games, live-dealer experiences, “Stake Originals,” plus sports betting on worldwide events.
* '''Casino and Sportsbook Offering''': Provides thousands of slot and table games, live-dealer options, provably fair “Stake Originals” (e.g., dice, crash), and a comprehensive sportsbook covering global sports and esports.<ref name="dlnews1" />
* '''House Edge and Payouts''': Standard margins on games and bets generate revenue; some high-rollers wager millions in crypto.<ref name="forbesCraven1" />
* '''House Edge and Payouts''': Standard edges on games (e.g., ~1–4%) generate sustained profit. Some high-rollers place six- and seven-figure bets, which Stake highlights in public chat feeds and promotional materials.<ref name="forbesCraven1" />
* '''Affiliate Program and VIP System''': Features a revenue-sharing affiliate model and tiered VIP levels offering rakeback and personal hosts.<ref>[https://help.stake.com/en/articles/4793485-what-is-the-stake-affiliate-program "What is the Stake Affiliate Program? – Stake Help Center"]</ref>
* '''Affiliate Program and VIP System''': Attracts users via an affiliate commission model, giving referrers a percentage of players’ net losses. Offers a tiered VIP loyalty program with rakeback, bonuses, and dedicated hosts for large-volume bettors.<ref>[https://help.stake.com/en/articles/4793485-what-is-the-stake-affiliate-program "What is the Stake Affiliate Program? – Stake Help Center"]</ref>
* '''Live-Stream Sponsorships''': Popularized by partnering with Twitch/YouTube streamers who showcased high-stakes play. Following Twitch’s 2022 ban, Stake supported the development of Kick.com.<ref name="forbesCraven1" />
* '''Live-Stream Marketing''': Gained fame by sponsoring high-stakes Twitch/YouTube streamers, who showcased million-dollar slot spins and table bets. Following Twitch’s 2022 ban on crypto casinos, Stake’s founders helped create Kick.com to continue streaming partnerships.<ref name="forbesCraven1" />


== Regulatory and Legal Landscape ==
== Regulatory and Legal Landscape ==
Online gambling laws vary significantly worldwide, and Stake’s approach has been to operate under a Curaçao eGaming license while selectively entering regulated markets:
Stake.com has leveraged a Curaçao license to operate globally, but stricter jurisdictions prompted it to launch separate, fully licensed sites:


=== Licensing and Jurisdictional Restrictions ===
=== Licensing and Jurisdictional Restrictions ===
* Operates under a Curaçao license, but this is not recognized in many Western jurisdictions. Countries such as the US, Australia, and most of Europe are officially geo-blocked, though players have used VPNs.<ref name="dlnews1" />
* Uses Curaçao eGaming for its main site. Geo-blocks countries with tight gambling laws, though some users reportedly employ VPNs.<ref name="dlnews1" />
* Began launching locally licensed sites in 2021 (e.g., Stake.uk.com under UKGC regulation, fiat-only). Plans to expand similarly in Ontario (Canada), Portugal, Italy, and more.<ref>[https://sbcnews.co.uk/sportsbook/2021/12/17/stake-com-commences-uk-sports-betting-and-casino-operations/ "Stake.com commences UK sports betting and casino operations – SBC News"]</ref><ref name="forbesCraven1" />
* Entered the UK in 2021 under a local license, launching a fiat-based site.<ref>[https://sbcnews.co.uk/sportsbook/2021/12/17/stake-com-commences-uk-sports-betting-and-casino-operations/ "Stake.com commences UK sports betting and casino operations – SBC News"]</ref>
* In the United States, Stake offers a “social casino” sweepstakes model at Stake.us, avoiding direct gambling regulation by using virtual tokens redeemable for prizes.<ref name="forbesCraven1" />
* Operates a US “social casino” (Stake.us) as a sweepstakes model rather than direct gambling.<ref name="forbesCraven1" />


=== Compliance and KYC ===
=== Compliance and KYC ===
Originally allowing anonymous play, Stake now enforces stronger KYC for larger transactions and regulated markets.<ref name="forbesCraven1" /> It provides responsible gambling tools (e.g., deposit limits, self-exclusion), especially in jurisdictions requiring it by law.
Begun enforcing stricter KYC, particularly for large transactions and in regulated locales. Provides self-exclusion, deposit limits, and other responsible gambling tools.


=== Legal Challenges ===
=== Legal Challenges ===
* '''Christopher Freeman Lawsuit''': A former associate sued Stake’s founders for US$400&nbsp;million, alleging he was cut out of the business and claiming the company facilitated illegal US gambling via VPNs.<ref name="dlnews1" /> Stake denies these allegations, calling the suit meritless.
* '''Christopher Freeman Lawsuit''': A former associate claims he was excluded from Stake and alleges it encourages illegal VPN access; the founders dispute these allegations.<ref name="dlnews1" />
* '''Twitch Ban''': In 2022, Twitch prohibited crypto “slots” streaming from unlicensed casinos, explicitly naming Stake. The ban followed concerns about exposing minors and unregulated gambling. Stake subsequently promoted gambling streams on the new Kick.com platform.<ref>[https://www.businessinsider.com/twitch-gambling-ban-how-platform-enforce-new-rules-streams-2022-10 "How Twitch Is Enforcing Its New Gambling Ban – Business Insider"]</ref>
* '''Twitch Ban''': Stake’s streamer-centric marketing fueled criticism over potential underage viewing, culminating in Twitch banning crypto “slots” content in late 2022.<ref>[https://www.businessinsider.com/twitch-gambling-ban-how-platform-enforce-new-rules-streams-2022-10 "How Twitch Is Enforcing Its New Gambling Ban – Business Insider"]</ref>
* '''Regulator Scrutiny''': Various governments (e.g., Australia, parts of Europe) have blacklisted or blocked access to offshore gambling sites, though Stake often self-blocks those regions to avoid conflict.
* '''Regulatory Scrutiny''': Some regulators see crypto casinos as high risk for money laundering, problem gambling, and unlicensed access.


== Sponsorships and Partnerships ==
== Sponsorships and Partnerships ==
Stake.com is known for a prominent sports and celebrity sponsorship portfolio, driven by a substantial marketing budget.<ref name="forbesCraven1" />
Stake.com is noted for high-profile deals in sports and entertainment:


=== Sports Team Sponsorships ===
=== Sports Team Sponsorships ===
* '''Watford F.C. (2021–2022)''': Served as principal shirt sponsor during Watford’s Premier League campaign; featured the Dogecoin logo on sleeves.<ref>[https://sbcnews.co.uk/social-responsibility/2021/11/30/stake-com-leverages-watford-partnership-for-csr-initiative/ "Stake.com leverages Watford partnership for CSR initiative"]</ref>
* '''Watford F.C. (2021–2022)''': Principal shirt sponsor during the club’s Premier League campaign.<ref>[https://sbcnews.co.uk/social-responsibility/2021/11/30/stake-com-leverages-watford-partnership-for-csr-initiative/ "Stake.com leverages Watford partnership for CSR initiative"]</ref>
* '''Everton F.C. (2022–present)''': Replaced the Watford deal with Everton in a club-record sponsorship (worth an estimated £10&nbsp;million per season).<ref name="forbesCraven1" />
* '''Everton F.C. (2022–present)''': A multi-year, club-record shirt sponsorship deal.<ref name="forbesCraven1" />
* '''UFC''': Official betting partner in select markets, plus individual fighter sponsorships (Israel Adesanya, Francis Ngannou).<ref>[https://www.ice365.com/en/articles/70923/stake-com-signs-football-icon-aguero-as-brand-ambassador "Stake.com signs football icon Agüero as brand ambassador – ICE 365"]</ref>
* '''UFC''': Official betting partner in select regions, sponsoring fighters such as Israel Adesanya and Francis Ngannou.<ref>[https://www.ice365.com/en/articles/70923/stake-com-signs-football-icon-aguero-as-brand-ambassador "Stake.com signs football icon Agüero as brand ambassador – ICE 365"]</ref>
* '''Alfa Romeo F1 Team Stake (2023–present)''': Title sponsor of the Formula One team. The partnership is reportedly valued at around US$100&nbsp;million over three years. Rebranded as “Stake F1 Team” in 2024.<ref name="forbesCraven1" />
* '''Alfa Romeo F1 Team Stake (2023–)''': A major title sponsorship in Formula One.<ref name="forbesCraven1" />


=== Celebrity and Entertainment Partnerships ===
=== Celebrity and Entertainment Partnerships ===
* '''Drake''': Signed a US$100&nbsp;million-per-year deal to stream live roulette sessions and promote the brand under “Stake x Drake.” He has publicly placed multi-million-dollar bets on the platform.<ref name="blockworks1" /><ref name="forbesCraven1" />
* '''Drake''': Signed a purported US$100&nbsp;million-per-year deal to stream Stake roulette sessions and promote the brand.<ref name="blockworks1" /><ref name="forbesCraven1" />
* '''Sergio Agüero''': The former Manchester City striker and Argentine international became a global brand ambassador in 2022.<ref>[https://www.ice365.com/en/articles/70923/stake-com-signs-football-icon-aguero-as-brand-ambassador "Stake.com signs football icon Agüero as brand ambassador – ICE 365"]</ref>
* '''Sergio Agüero''': The Argentine football legend became a global ambassador in 2022.
* '''Kick.com''': Although not a sponsorship per se, Stake’s founders created and bankroll the Kick streaming platform, signing exclusive deals with major streamers (e.g., xQc, Adin Ross). Kick allows crypto casino streams, effectively supplanting Twitch for Stake’s promotional campaigns.<ref name="forbesCraven1" />
* '''Kick.com''': A streaming platform financed by Stake’s founders, attracting high-profile creators after Twitch’s gambling ban.<ref name="forbesCraven1" />


== Competitive Positioning ==
== Competitive Positioning ==
Stake.com is widely regarded as the largest crypto-focused casino, reporting revenue of US$2.6&nbsp;billion in 2022, surpassing some established traditional bookmakers.<ref name="blockworks1" /><ref name="forbesCraven1" /> Its main competitors in the crypto space include Roobet, BC.Game, and several others. Stake’s success is attributed to:
Stake.com is considered the largest crypto-focused casino operator, reporting revenues surpassing several mainstream bookmakers.<ref name="blockworks1" /><ref name="forbesCraven1" /> Competitors include Roobet, BC.Game, and other crypto casinos, though few match Stake’s marketing scale. Traditional sportsbooks could emerge as future rivals if they begin accepting crypto or expand globally.
 
* Early adoption of crypto-only wagering and provably fair games.
* Aggressive marketing via celebrity deals and high affiliate commissions.
* A strong community and VIP program emphasizing large-volume betting.
 
As the company expands into regulated markets, it faces competition from incumbent operators like bet365, FanDuel, and other major sportsbooks that may eventually offer cryptocurrency options. Stake’s ability to adapt to stricter regulation (and potential new taxes/licensing costs) will influence its market share relative to both crypto-native rivals and traditional gambling giants.


== Notable Users and High-Stakes Gambling ==
== Notable Users and High-Stakes Gambling ==
Stake.com has attracted various high-profile gamblers and streamers:
High-profile gamblers include:


* '''Drake''': The Canadian rapper regularly live-streams his high-stakes roulette sessions, sometimes wagering hundreds of thousands of dollars per spin.<ref name="forbesCraven1" />
* '''Drake''': Frequently streams high-stakes roulette, sometimes placing six-figure bets per spin.<ref name="forbesCraven1" />
* '''Trainwreckstv (Tyler Niknam)''': Claimed he earned US$360&nbsp;million over 16 months from a Stake sponsorship deal. He often placed million-dollar slot bets funded by the casino.<ref>[https://www.sportskeeda.com/esports/news-trainwreck-claims-made-360-million-promoting-gambling "Trainwreck claims he's made $360 million in 16 months by promoting gambling on his Twitch streams"]</ref>
* '''Trainwreckstv (Tyler Niknam)''': Claimed a US$360&nbsp;million sponsorship from Stake over 16 months.<ref>[https://www.sportskeeda.com/esports/news-trainwreck-claims-made-360-million-promoting-gambling "Trainwreck claims he's made $360 million in 16 months by promoting gambling on his Twitch streams"]</ref>
* '''xQc (Felix Lengyel)''': One of the largest Twitch streamers; admitted to losing millions on Stake before joining Kick. Although not always officially sponsored, his presence drew significant attention to Stake’s platform.<ref>[https://www.businessinsider.com/twitch-gambling-ban-how-platform-enforce-new-rules-streams-2022-10 "How Twitch Is Enforcing Its New Gambling Ban – Business Insider"]</ref>
* '''xQc (Felix Lengyel)''': One of Twitch’s largest streamers; also gambled on Stake before moving to Kick.<ref>[https://www.businessinsider.com/twitch-gambling-ban-how-platform-enforce-new-rules-streams-2022-10 "How Twitch Is Enforcing Its New Gambling Ban – Business Insider"]</ref>


Reports of record wins and losses abound, reinforcing Stake’s image as a platform for big spenders. The platform publicly displays large bets and jackpot hits in real time, creating a social-media-friendly atmosphere around high-stakes gambling.
Reports of massive wins and losses abound, showcasing the volatility and scale of crypto gambling on Stake.


== Controversies and Challenges ==
== Controversies and Challenges ==
* '''Founder Lawsuit''': Christopher Freeman’s US$400&nbsp;million lawsuit accuses Craven and Tehrani of excluding him from Stake’s profits, alleging the platform facilitates illegal gambling by encouraging VPN use. Stake calls the suit meritless.<ref name="dlnews1" />
* '''Founder Lawsuit''': Ongoing legal dispute with Christopher Freeman over alleged partnership exclusion and illegal gambling practices.<ref name="dlnews1" />
* '''Twitch Gambling Ban''': Stake’s prominence in live-stream gambling drew criticism for allegedly targeting minors and vulnerable viewers. Twitch officially banned crypto “slots” streams in 2022, citing consumer protection concerns.<ref>[https://www.businessinsider.com/twitch-gambling-ban-how-platform-enforce-new-rules-streams-2022-10 "How Twitch Is Enforcing Its New Gambling Ban – Business Insider"]</ref>
* '''Twitch Gambling Ban''': Led to negative publicity regarding underage exposure and gambling addiction concerns.<ref>[https://www.businessinsider.com/twitch-gambling-ban-how-platform-enforce-new-rules-streams-2022-10 "How Twitch Is Enforcing Its New Gambling Ban – Business Insider"]</ref>
* '''Cybersecurity Breach (2023)''': Hackers stole approximately US$41&nbsp;million from Stake’s hot wallets. The FBI later attributed the breach to the North Korean–linked Lazarus Group. Stake covered user balances, but the incident highlighted security risks in crypto gambling.<ref name="fbi_lazarus" />
* '''Cyberattack (2023)''': Hackers stole ~US$41&nbsp;million, attributed to North Korea’s Lazarus Group. Stake covered the losses from company reserves.<ref name="fbi_lazarus" />
* '''Regulatory Scrutiny''': Stake’s affiliation with high-stakes streamers, marketing in global sports, and acceptance of crypto have drawn the attention of regulators concerned about problem gambling, money laundering, and unlicensed access. Some critics argue that VIP incentives and easy crypto deposits can exacerbate gambling addiction.
* '''Regulatory Scrutiny''': Authorities worry about problem gambling, money laundering, and unlicensed access. Some critics argue that VIP incentives and easy crypto deposits can exacerbate gambling addiction.


== Future Outlook ==
== Future Outlook ==
Line 113: Line 104:


== References ==
== References ==
<references />
<references>
<ref name="blockworks1">[https://blockworks.co/news/crypto-casino-stake-revenue "Crypto Casino Made $2.6B in Gaming Revenue Last Year – Blockworks"]</ref>
<ref name="forbesCraven1">[https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/ "How Stake made Australia’s Ed Craven a crypto billionaire"]</ref>
<ref name="dlnews1">[https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/ "Stake.com deadline nears: Billionaire founder sued by ex-partner over marketing of world’s biggest crypto casino – DL News"]</ref>
<ref name="fbi_lazarus">[https://blockworks.co/news/stake-hack-lazarus-group-north-korea-fbi "FBI blames North Korea's Lazarus Group for $40M Stake hack – Blockworks"]</ref>
</references>
```

Revision as of 06:40, 14 February 2025

```wikitext Template:Infobox company

Stake.com is a cryptocurrency-based online casino and sports betting platform launched in 2017. It enables users to deposit, wager, and withdraw exclusively in digital currencies on its main global site, positioning itself at the forefront of the crypto gambling industry.[1][2] Although banned in major markets such as the United States, the United Kingdom (before 2021), and much of Europe, Stake.com has grown to become one of the largest offshore crypto casinos. In 2022, it reportedly generated about US$2.6 billion in gross gaming revenue—making it one of the world’s largest gambling companies by revenue.[1][2]

Stake.com’s rapid ascent has been fueled by high-profile sponsorships (including Premier League football clubs, an F1 team, and UFC champions) and celebrity partnerships (notably with the rapper Drake). Its business model merges two controversial areas—online gambling and cryptocurrencies—prompting scrutiny by regulators and debates around consumer protection.

Overview

Stake.com operates globally under a Curaçao eGaming license, providing online casino games and sports wagers in various cryptocurrencies (including Bitcoin, Ethereum, Dogecoin, and others).[1] The platform’s offerings include thousands of slot and table games, a comprehensive sportsbook, and “Stake Originals” featuring provably fair mechanics. Despite geo-blocking several regions with strict regulatory regimes, the site has attracted a large user base in countries where online gambling laws are more permissive or in gray areas. As of 2022–2023, Stake.com continues to expand into locally regulated markets (e.g., the United Kingdom) with fiat-only variants of its platform.

History and Background

Founding

Stake.com was founded by Edward "Ed" Craven (an Australian) and Bijan Tehrani (an American) in 2017.[3] The two met as teenagers while running an in-game gambling operation in the online game RuneScape. After RuneScape developers banned staking duels in 2011, they pivoted to real-money Bitcoin gambling via a dice site called Primedice in 2013.[2][3] Profits from Primedice helped them launch a development company (Easygo) in Melbourne, Australia, which built the more ambitious crypto casino Stake.com.

Growth Milestones

After its 2017 launch, Stake.com added third-party slot and table games to its original dice offerings and introduced a sportsbook product in 2019.[1] Its user base expanded sharply in Latin America, Canada, parts of Asia, and Eastern Europe, leveraging the flexibility of cryptocurrency deposits and withdrawals.

Timeline of Notable Events

  • 2017: Stake.com goes live, featuring in-house provably fair casino games.[3]
  • 2019: Expands to a broader suite of slots, table games, and a sportsbook.[1]
  • 2020: Experiences growth from streamer partnerships and pandemic lockdowns.[2]
  • 2021: Obtains a UKGC license via a local partner; sponsors Watford F.C. in the Premier League.[4]
  • 2022: Inks major celebrity endorsement with Drake; Twitch bans crypto “slots” gambling streams, targeting sites like Stake. Stake’s founders then back the creation of Kick.com.[1][2]
  • 2023: Title sponsor of Alfa Romeo F1 Team; secures Everton F.C. deal; hacked for US$41 million in crypto, attributed to the Lazarus Group.[5] The company covers the loss using reserves.

Ownership and Key People

Stake.com is privately held by its co-founders, Craven and Tehrani, who each own 50%.[2] Both rose to billionaire status by their late twenties. CEO Mladen Vuckovic oversees global operations.[3] The company’s main site operates under a Curaçao eGaming license, while local versions in markets like the UK are licensed domestically.

Business Model and Operations

Stake.com operates similarly to a traditional online casino and sportsbook, but uses cryptocurrency (on its main site) for deposits, wagers, and withdrawals.[1] Key characteristics:

  • Crypto-Only Platform: Accepts multiple digital assets, with instant deposits and withdrawals. Local sites (e.g., Stake.uk.com) accept fiat where required.[3]
  • Casino and Sportsbook: Thousands of slot and table games, live-dealer experiences, “Stake Originals,” plus sports betting on worldwide events.
  • House Edge and Payouts: Standard margins on games and bets generate revenue; some high-rollers wager millions in crypto.[2]
  • Affiliate Program and VIP System: Features a revenue-sharing affiliate model and tiered VIP levels offering rakeback and personal hosts.[6]
  • Live-Stream Sponsorships: Popularized by partnering with Twitch/YouTube streamers who showcased high-stakes play. Following Twitch’s 2022 ban, Stake supported the development of Kick.com.[2]

Regulatory and Legal Landscape

Stake.com has leveraged a Curaçao license to operate globally, but stricter jurisdictions prompted it to launch separate, fully licensed sites:

Licensing and Jurisdictional Restrictions

  • Uses Curaçao eGaming for its main site. Geo-blocks countries with tight gambling laws, though some users reportedly employ VPNs.[3]
  • Entered the UK in 2021 under a local license, launching a fiat-based site.[7]
  • Operates a US “social casino” (Stake.us) as a sweepstakes model rather than direct gambling.[2]

Compliance and KYC

Begun enforcing stricter KYC, particularly for large transactions and in regulated locales. Provides self-exclusion, deposit limits, and other responsible gambling tools.

Legal Challenges

  • Christopher Freeman Lawsuit: A former associate claims he was excluded from Stake and alleges it encourages illegal VPN access; the founders dispute these allegations.[3]
  • Twitch Ban: Stake’s streamer-centric marketing fueled criticism over potential underage viewing, culminating in Twitch banning crypto “slots” content in late 2022.[8]
  • Regulatory Scrutiny: Some regulators see crypto casinos as high risk for money laundering, problem gambling, and unlicensed access.

Sponsorships and Partnerships

Stake.com is noted for high-profile deals in sports and entertainment:

Sports Team Sponsorships

  • Watford F.C. (2021–2022): Principal shirt sponsor during the club’s Premier League campaign.[9]
  • Everton F.C. (2022–present): A multi-year, club-record shirt sponsorship deal.[2]
  • UFC: Official betting partner in select regions, sponsoring fighters such as Israel Adesanya and Francis Ngannou.[10]
  • Alfa Romeo F1 Team Stake (2023–): A major title sponsorship in Formula One.[2]

Celebrity and Entertainment Partnerships

  • Drake: Signed a purported US$100 million-per-year deal to stream Stake roulette sessions and promote the brand.[1][2]
  • Sergio Agüero: The Argentine football legend became a global ambassador in 2022.
  • Kick.com: A streaming platform financed by Stake’s founders, attracting high-profile creators after Twitch’s gambling ban.[2]

Competitive Positioning

Stake.com is considered the largest crypto-focused casino operator, reporting revenues surpassing several mainstream bookmakers.[1][2] Competitors include Roobet, BC.Game, and other crypto casinos, though few match Stake’s marketing scale. Traditional sportsbooks could emerge as future rivals if they begin accepting crypto or expand globally.

Notable Users and High-Stakes Gambling

High-profile gamblers include:

  • Drake: Frequently streams high-stakes roulette, sometimes placing six-figure bets per spin.[2]
  • Trainwreckstv (Tyler Niknam): Claimed a US$360 million sponsorship from Stake over 16 months.[11]
  • xQc (Felix Lengyel): One of Twitch’s largest streamers; also gambled on Stake before moving to Kick.[12]

Reports of massive wins and losses abound, showcasing the volatility and scale of crypto gambling on Stake.

Controversies and Challenges

  • Founder Lawsuit: Ongoing legal dispute with Christopher Freeman over alleged partnership exclusion and illegal gambling practices.[3]
  • Twitch Gambling Ban: Led to negative publicity regarding underage exposure and gambling addiction concerns.[13]
  • Cyberattack (2023): Hackers stole ~US$41 million, attributed to North Korea’s Lazarus Group. Stake covered the losses from company reserves.[5]
  • Regulatory Scrutiny: Authorities worry about problem gambling, money laundering, and unlicensed access. Some critics argue that VIP incentives and easy crypto deposits can exacerbate gambling addiction.

Future Outlook

Stake.com’s trajectory depends on global regulatory shifts, its continued investments in compliance, and the evolving crypto market. The company has signaled a strategic pivot toward fully licensed operations, adapting its business model (including KYC procedures and fiat betting in certain jurisdictions).[2]

  • **Regulatory Expansion**: Likely to seek licenses in more major markets (e.g., parts of Europe, Latin America, and possibly the US if federal or state laws become favorable).
  • **Kick.com Integration**: Its founders’ backing of the streaming platform Kick could sustain gambling-focused live streams, mitigating the impact of Twitch’s ban.
  • **Mainstream Acceptance**: While early growth stemmed from an unregulated approach, Stake increasingly aims to establish itself as a legitimate, long-term operator with robust compliance and social responsibility programs.

The company’s prominence, marketing reach, and substantial revenue have made it a central figure in discussions about the future of crypto gambling, balancing innovation and regulatory oversight.

References

  1. 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 "Crypto Casino Made $2.6B in Gaming Revenue Last Year – Blockworks" Cite error: Invalid <ref> tag; name "blockworks1" defined multiple times with different content
  2. 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 2.11 2.12 2.13 2.14 2.15 "How Stake made Australia’s Ed Craven a crypto billionaire" Cite error: Invalid <ref> tag; name "forbesCraven1" defined multiple times with different content
  3. 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 "Stake.com deadline nears: Billionaire founder sued by ex-partner over marketing of world’s biggest crypto casino – DL News" Cite error: Invalid <ref> tag; name "dlnews1" defined multiple times with different content
  4. "Stake.com commences UK sports betting and casino operations – SBC News"
  5. 5.0 5.1 "FBI blames North Korea's Lazarus Group for $40M Stake hack – Blockworks" Cite error: Invalid <ref> tag; name "fbi_lazarus" defined multiple times with different content
  6. "What is the Stake Affiliate Program? – Stake Help Center"
  7. "Stake.com commences UK sports betting and casino operations – SBC News"
  8. "How Twitch Is Enforcing Its New Gambling Ban – Business Insider"
  9. "Stake.com leverages Watford partnership for CSR initiative"
  10. "Stake.com signs football icon Agüero as brand ambassador – ICE 365"
  11. "Trainwreck claims he's made $360 million in 16 months by promoting gambling on his Twitch streams"
  12. "How Twitch Is Enforcing Its New Gambling Ban – Business Insider"
  13. "How Twitch Is Enforcing Its New Gambling Ban – Business Insider"

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