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Stake.com

Stake.com is a cryptocurrency-based online casino and sports betting platform founded in 2017. It operates primarily with digital currencies for deposits, wagers, and withdrawals, positioning itself at the forefront of the crypto gambling industry.[1][2] Its global site is geo-blocked in many major markets due to regulatory restrictions, including the United States, United Kingdom (prior to a separate licensed site launch), and much of Europe. Despite these limitations, Stake.com has grown into one of the world’s largest offshore crypto casinos, reporting approximately US$2.6 billion in gross gaming revenue in 2022—placing it among the top global gambling companies by revenue.[3] The platform’s success has been fueled by aggressive marketing, high-profile sponsorships, and the rise of celebrity gamblers and streamers. Stake.com combines online gambling with cryptocurrency, making it a pivotal and often controversial player in the sector.

Overview

Stake.com launched in 2017 and rapidly attracted a crypto-savvy user base by offering “provably fair” in-house games alongside a broader suite of casino offerings and a sportsbook. It remains privately held by its co-founders, Edward “Ed” Craven (Australian) and Bijan Tehrani (American), who have each become billionaires through the company’s meteoric rise.[4] The core platform is licensed in Curaçao but, in pursuit of regulated market expansion, Stake has obtained or sought local licenses in jurisdictions such as the United Kingdom, Italy, Portugal, and Ontario (Canada).[5] The company is best known for its sponsorship deals with high-profile athletes, Premier League football clubs, Formula One teams, UFC fighters, and celebrities—including a multimillion-dollar partnership with the musician Drake.

History & Background

Founding

Stake.com was founded in 2017 by Ed Craven and Bijan Tehrani, who had previously co-created the Bitcoin dice site Primedice in 2013.[6][7] Craven and Tehrani had met as teenagers through the online game RuneScape, where they ran a virtual gambling ring until their in-game wagering was banned by the game’s developers.[8] Profits from Primedice enabled them to form an Australian development company (Easygo) to build a more ambitious crypto-focused gambling platform, culminating in the launch of Stake.com.[9]

Growth Milestones

Soon after launch, Stake.com expanded from in-house dice and “crash” games to hundreds of third-party slot and table games. In 2019, it introduced a full sportsbook supporting crypto wagering on major sports and esports events.[10] During the COVID-19 pandemic (2020), Stake began sponsoring Twitch streamers to showcase its offerings, leading to a dramatic jump in user growth.[11] By 2022, Stake had reported over US$2.6 billion in gross gaming revenue, making it one of the largest global iGaming operators.[12]

Timeline of Notable Events

  • 2017: Stake.com goes live under a Curaçao eGaming license.[13]
  • 2019: Introduction of thousands of slot and table games plus a sportsbook section.[14]
  • 2020: Rapid expansion via online gambling streamers (Twitch), reaching ~US$100 million in annual revenue, with large growth ahead.[15]
  • 2021: Stake obtains a UK Gambling Commission license and launches its fiat-based UK site (stake.uk.com); signs sponsorship with Watford F.C.[16]
  • 2022: Stakes’ revenue surpasses US$2 billion; high-profile deals with Drake, Sergio Agüero, UFC fighters Israel Adesanya and Francis Ngannou; Twitch bans crypto slots streams (citing Stake among them), prompting founders to co-launch Kick.com as an alternative streaming platform.[17][18]
  • 2023: Stake becomes title sponsor of the Alfa Romeo Formula One team; a major hack results in ~US$41 million stolen by the Lazarus Group, though Stake covers user funds with its reserves.[19][20]
  • 2024: Expanded regulatory push (e.g., Curaçao licensing reform), rollout of more local fiat-based sites, and rebranding of the F1 team to “Stake F1 Team.”[21]

Ownership & Key People

Stake.com’s co-founders and principal owners are Edward “Ed” Craven (b. ~1995, Australian) and Bijan Tehrani (b. ~1993, American).[22] They each hold a 50% stake in the private company and have reinvested profits to fund rapid global expansion. Both are now among the youngest self-made billionaires, with estimated net worths exceeding US$1.3 billion each by 2023.[23]

Mladen Vuckovic serves as CEO.[24] The overall corporate structure includes a Curaçao entity operating the main site, as well as other companies in Australia (Easygo for software development), Cyprus, and elsewhere.[25] Stake has not taken outside investment or venture capital, relying instead on in-house capital for growth and marketing.

Business Model & Operations

Stake.com operates much like a traditional online casino and sportsbook, but uses cryptocurrency for deposits, wagers, and withdrawals on its main global site.[26]

  • Cryptocurrency-Only Platform (Global): Supports Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, XRP, and others. Deposits and withdrawals are near-instant, appealing to gamblers who prefer speed and relative anonymity.[27]
  • Gaming Offerings: Thousands of slot machines, table games (blackjack, roulette, baccarat), live-dealer games, poker, and a sportsbook covering sports and esports.[28] Also features “Stake Originals” with open-source “provably fair” algorithms.
  • House Edge / Payouts: Like other casinos, Stake earns the house edge from games and margins on sports bets.[29]
  • Affiliate Program: Generous revenue-share commissions for user referrals; affiliates earn a percentage of referred players’ losses.[30]
  • VIP Loyalty Program: Tiered system offering rakeback, bonuses, and dedicated support to high-volume players.[31]
  • Streaming Partnerships: Stake became notable for sponsoring Twitch and Kick.com streamers, who gamble live with large balances, providing significant exposure to new audiences.[32]

Stake’s main user bases include Latin America, Canada (outside Ontario), parts of Asia, Japan, Eastern Europe, and other markets with either permissive or less-enforced gambling regulations.[33] In regulated jurisdictions like the UK, Stake operates separate sites that may use fiat currency, comply with KYC, and follow local responsible gaming requirements.[34]

Regulatory & Legal Landscape

Stake.com primarily holds a Curaçao eGaming license, which provides global reach but is not recognized by stricter regulatory regimes in North America or Europe.[35]

  • Licensing: Curaçao licensed since 2017. In late 2021, Stake launched stake.uk.com under a UK Gambling Commission license, but the UK site only accepts fiat currency (GBP), reflecting UK regulations.[36]
  • Jurisdictional Restrictions: The main Stake.com site blocks the US, Australia, and many European jurisdictions where online casino gambling is banned or heavily restricted.[37] However, critics allege players sometimes circumvent restrictions via VPN.[38]
  • Regulated Market Entrants: After its UK rollout, Stake plans additional local sites in Italy, Portugal, and Ontario (Canada).[39] In the US, Stake.us operates as a “social casino” using sweepstakes tokens to remain legal.[40]
  • Compliance: Initially liberal (pseudo-anonymity, crypto-based), Stake now enforces stricter KYC, especially in regulated markets, offering self-exclusion, deposit limits, and responsible gambling resources.[41]
  • Legal Challenges: Stake faces a major lawsuit in New York filed by Christopher Freeman, a former associate, alleging unauthorized US-facing gambling, partner exclusion, and corporate misconduct.[42] The case remains ongoing.

Sponsorships & Partnerships

Sports Team Sponsorships

  • Football (Soccer): Stake was the main shirt sponsor of Watford F.C. in the 2021–22 Premier League season,[43] featuring a Dogecoin logo on sleeves. In 2022, the company signed a club-record partnership with Everton F.C., placing the Stake logo on Everton’s kit for multiple seasons.[44]
  • UFC: Stake is an official betting partner of the UFC in select regions, sponsoring UFC fighters such as Israel Adesanya and Francis Ngannou as brand ambassadors.[45]
  • Formula One: In 2023, Stake became the title sponsor of the Alfa Romeo F1 Team (Sauber). From 2024 onward, the team name changes to “Stake F1 Team,” with the sponsorship reportedly worth US$100 million over three years.[46]

Celebrity & Entertainment Partnerships

  • Drake: Stake’s highest-profile deal is with the Canadian musician Drake, reportedly valued at ~US$100 million per year. Drake livestreams his gambling sessions on Stake and frequently gives away crypto to viewers.[47]
  • Sergio Agüero: The former Manchester City striker joined Stake as a global ambassador in February 2022.[48]
  • Kick.com: After Twitch banned certain crypto casino streams in 2022, Stake co-founded the streaming platform Kick.com, signing exclusive deals with prominent streamers such as xQc, Trainwreckstv, and Adin Ross.[49]

Competitive Positioning

Stake.com is widely recognized as a market leader among crypto-only casinos, outpacing rivals like Roobet and BC.Game in both user base and revenue.[50] Its aggressive marketing, significant sponsorship budgets, and focus on community (including live chat, user forums, and high-profile streaming partnerships) differentiate it from many competitors. Traditional gambling operators have begun exploring crypto features, but Stake’s early-mover advantage and brand visibility have secured it a dominant share of the crypto gambling market.

Notable Users & High-Stakes Gambling

Drake

Rapper Drake has streamed high-stakes casino sessions on Stake, reportedly wagering over US$1 billion in total bets within months.[51] He has experienced both massive wins (tens of millions of dollars) and equally large losses, drawing thousands of live viewers.

Trainwreckstv (Tyler Niknam)

A top Twitch streamer, Trainwreckstv became notorious for his high-stakes slots play under a Stake sponsorship deal he claimed earned him ~US$360 million over 16 months.[52] After Twitch restricted crypto gambling streams, he migrated to Kick.com, continuing to promote Stake to a large audience.

Other Streamers and Whales

Influencers including xQc (Felix Lengyel) and Adin Ross have occasionally gambled with or been sponsored by Stake, featuring six-figure slot bets on live streams.[53] Anonymous “whale” bettors have also wagered large sums, with some forum reports of million-dollar spins and one user allegedly hitting an eight-figure slot jackpot.

Controversies & Challenges

  • Founder Lawsuit: Christopher Freeman, a former Primedice partner, filed suit in the US alleging he was cut out of Stake’s founding and that Stake illegally served US gamblers via VPN.[54] Stake’s founders deny his claims.
  • Twitch Gambling Ban: In late 2022, Twitch banned streams of unregulated crypto casinos, specifically citing Stake.com among others. This move followed public outcry over high-stakes gambling content being promoted to young audiences.[55]
  • 2023 Hack: Stake’s hot wallets were hacked for ~US$41 million in crypto, attributed by the FBI to North Korea’s Lazarus Group. Stake covered the losses and resumed operations quickly.[56]

Critics also raise concerns over problem gambling, alleged underage access (via VPN), and potential money laundering. Stake’s management has responded by increasing KYC checks and adopting responsible gambling tools, but skepticism remains among regulators and consumer protection advocates.[57]

Future Outlook

With global regulators tightening oversight of crypto gambling, Stake.com has indicated a pivot toward licensing and compliance to ensure longevity. It has expanded KYC, gained UK and other licenses, and begun launching fiat-based sites in key markets. The company’s sponsorship deals—especially in Premier League football, UFC, and Formula One—will likely continue, promoting the brand and mainstreaming crypto gambling. However, costs for licenses, taxes, and compliance measures may curb short-term profitability.[58] Stake’s partnership with the Kick.com streaming platform could further entrench it as a major player in online gambling content, even as broader regulatory scrutiny intensifies.

References

  1. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=US%242,3
  2. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=Just%20over%20a%20decade%20later%2C,3%20billion%20each
  3. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=entrepreneurs%20made%20the%20most%20of,crypto%20casino%20Stake%20in%202017
  4. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=Between%202020%20and%202022%2C%20Stake%E2%80%99s,for%20a%20combined%20%2476%20million
  5. ↑ https://sbcnews.co.uk/sportsbook/2021/12/17/stake-com-commences-uk-sports-betting-and-casino-operations/#:~:text=Stake,UKGC%29%20licence
  6. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=The%20duo%20began%20dabbling%20with,with%20all%20wagers%20in%20cryptocurrency
  7. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=Primedice%2C%E2%80%9D%20he%20rejected%20the%20notion,had%20any%20involvement%20in%20Stake
  8. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=RuneScape%20is%20often%20credited%20as,casino%20within%20the%20game%E2%80%99s%20world
  9. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=ambitions%20grew%20in%20the%20spring,with%20all%20wagers%20in%20cryptocurrency
  10. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=Primedice%20ultimately%20became%20the%20foundation,and%20bitcoin%20cash%2C%20among%20others
  11. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=Between%202020%20and%202022%2C%20Stake%E2%80%99s,for%20a%20combined%20%2476%20million
  12. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=DraftKings%2C%20one%20of%20the%20most,alone%2C%20the%20Financial%20Times%20reported
  13. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=Primedice%2C%E2%80%9D%20he%20rejected%20the%20notion,had%20any%20involvement%20in%20Stake
  14. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=Primedice%20ultimately%20became%20the%20foundation,and%20bitcoin%20cash%2C%20among%20others
  15. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=Between%202020%20and%202022%2C%20Stake%E2%80%99s,for%20a%20combined%20%2476%20million
  16. ↑ https://sbcnews.co.uk/sportsbook/2021/12/17/stake-com-commences-uk-sports-betting-and-casino-operations/#:~:text=Stake,UKGC%29%20licence
  17. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=some%20areas%20of%20the%20crypto,market%20at%20the%20time
  18. ↑ https://www.businessinsider.com/twitch-gambling-ban-how-platform-enforce-new-rules-streams-2022-10#:~:text=nearly%2022%2C000%20viewers
  19. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=The%20two%20have%20also%20been,%E2%80%9D
  20. ↑ https://blockworks.co/news/stake-hack-lazarus-group-north-korea-fbi#:~:text=The%20Federal%20Bureau%20of%20Investigation,the%20FBI%20made%20this%20determination
  21. ↑ https://www.formula1.com/en/latest/article/sauber-new-team-name-stake-f1-team-kick-alfa-romeo.3ExVqWTCT8pd7MEd71V5DK#:~:text=Sauber%20will%20be%20rebranded%20as,the%20German%20manufacturer's%20works%20squad.
  22. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=Stake%E2%80%99s%20founders%2C%2027,now%20considered%20Australia%E2%80%99s%20youngest%20billionaire
  23. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=Just%20over%20a%20decade%20later%2C,3%20billion%20each
  24. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=Edward%20Craven%20and%20Bijan%20Tehrani,to%20the%20allegations%20runs%20out
  25. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=according%20to%20the%20complaint
  26. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=DraftKings%2C%20one%20of%20the%20most,alone%2C%20the%20Financial%20Times%20reported
  27. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=Primedice%20ultimately%20became%20the%20foundation,and%20bitcoin%20cash%2C%20among%20others
  28. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=%E2%80%9CStake%20was%20founded%20by%20myself,possible%20online%20experience%2C%E2%80%9D%20Craven%20continued
  29. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=Between%202020%20and%202022%2C%20Stake%E2%80%99s,for%20a%20combined%20%2476%20million
  30. ↑ https://help.stake.com/en/articles/4793485-what-is-the-stake-affiliate-program#:~:text=When%20you%E2%80%99re%20a%20part%20of,they%20deposit%20and%20place%20bets
  31. ↑ https://help.stake.com/en/articles/4821738-what-is-rakeback#:~:text=Once%20you%27ve%20wagered%20a%20total,receive%20rakeback%20on%20every%20wager
  32. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=pitchmen%3A%20content%20creators,2022%2C%20giving%20Stake%20mainstream%20visibility
  33. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=Other%20major%20online%20gambling%20sites,Asian%20countries%2C%20Japan%20and%20Brazil
  34. ↑ https://sbcnews.co.uk/sportsbook/2021/12/17/stake-com-commences-uk-sports-betting-and-casino-operations/#:~:text=Furthermore%2C%20the%20operator%20has%20detailed,esports%2C%20entertainment%20and%20political%20events
  35. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=according%20to%20the%20complaint
  36. ↑ https://sbcnews.co.uk/sportsbook/2021/12/17/stake-com-commences-uk-sports-betting-and-casino-operations/#:~:text=Stake,UKGC%29%20licence
  37. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=US%242,3
  38. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=Freeman%20alleged%20that%20gamblers%20in,have%20actively%20encouraged%20the%20practice
  39. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=regulations%20in%20as%20many%20countries,as%20possible
  40. ↑ https://www.snbet.ca/stake-canada-review#:~:text=Stake.com%20Canada%20Review%202025%20,go%20live%2C%20with%20a%20license
  41. ↑ https://sbcnews.co.uk/sportsbook/2021/12/17/stake-com-commences-uk-sports-betting-and-casino-operations/#:~:text=%E2%80%9CCustomers%20will%20have%20access%20to,%E2%80%9D
  42. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=Freeman%20alleged%20that%20gamblers%20in,have%20actively%20encouraged%20the%20practice
  43. ↑ https://sbcnews.co.uk/social-responsibility/2021/11/30/stake-com-leverages-watford-partnership-for-csr-initiative/#:~:text=Stake,Asia%20%E2%80%93%20and%20fighter%C2%A0Israel%20Adesanya
  44. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=The%20two%20have%20also%20been,%E2%80%9D
  45. ↑ https://www.ice365.com/en/articles/70923/stake-com-signs-football-icon-aguero-as-brand-ambassador/#:~:text=Cryptocurrency%20betting%20and%20gaming%20operator,global%20representative%20for%20the%20company
  46. ↑ https://www.formula1.com/en/latest/article/sauber-new-team-name-stake-f1-team-kick-alfa-romeo.3ExVqWTCT8pd7MEd71V5DK#:~:text=Sauber%20will%20be%20rebranded%20as,the%20German%20manufacturer's%20works%20squad.
  47. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=some%20areas%20of%20the%20crypto,market%20at%20the%20time
  48. ↑ https://www.ice365.com/en/articles/70923/stake-com-signs-football-icon-aguero-as-brand-ambassador/#:~:text=Cryptocurrency%20betting%20and%20gaming%20operator,global%20representative%20for%20the%20company
  49. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=The%20duo%20are%20also%20diversifying,Kick%20has%20succeeded%20in
  50. ↑ https://blockworks.co/news/crypto-casino-stake-revenue#:~:text=entrepreneurs%20made%20the%20most%20of,crypto%20casino%20Stake%20in%202017
  51. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=Aubrey%20Drake%20Graham%2C%20better%20known,as%20Drake
  52. ↑ https://www.sportskeeda.com/esports/news-trainwreck-claims-made-360-million-promoting-gambling#:~:text=Twitch%20star%20Tyler%20,promoting%20gambling%20on%20his%20streams
  53. ↑ https://www.businessinsider.com/twitch-gambling-ban-how-platform-enforce-new-rules-streams-2022-10#:~:text=Starting%20October%2018%2C%20Twitch%20is,its%20ban%20on%20gambling%20content
  54. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=Freeman%20initially%20sued%20the%20three,his%20work%20helped%20build%20them
  55. ↑ https://www.businessinsider.com/twitch-gambling-ban-how-platform-enforce-new-rules-streams-2022-10#:~:text=nearly%2022%2C000%20viewers
  56. ↑ https://blockworks.co/news/stake-hack-lazarus-group-north-korea-fbi#:~:text=The%20Federal%20Bureau%20of%20Investigation,the%20FBI%20made%20this%20determination
  57. ↑ https://www.dlnews.com/articles/defi/from-runescape-to-high-stakes-the-biggest-crypto-casino-stakecom-sued/#:~:text=Stake%20is%20a%20domain%20through,gambling%E2%80%9D%2C%20according%20to%20the%20complaint
  58. ↑ https://www.forbes.com.au/news/billionaires/how-stake-made-australias-ed-craven-a-crypto-billionaire/#:~:text=Stake%20has%20chosen%20the%20path,corporation%E2%80%9D%20that%20could%20last%20decades
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