Stake (online casino) explained

Stake
Industry:Gambling
Key People:Mladen Vučković (CEO)[1]
Revenue:US$2.6 billion (2022)[2]

Stake is an Australian-Curaçaoan online casino. It is operated by Medium Rare NV, a company incorporated in Curaçao where it holds an online casino licence.[3] [4] It is a global company with offices in Serbia, Australia, Cyprus and staff globally.[5]

History

In 2016, Ed Craven and Bijan Tehrani established Easygo, a company which developed games for online casinos. The two helped create Stake, which was founded in 2017.

In December 2021, Stake launched in the United Kingdom in partnership with TGP Europe.[6]

On 1 August 2022, Stake.us was opened, to offer service to players in the United States.[7]

In June 2023, a federal judge in Manhattan dismissed a $580 million lawsuit against Stake due to jurisdictional issues. The plaintiff, Christopher Freeman, was an early associate of Craven and Tehrani, alleged he had been shut out of the business and mislead using illegal tactics.[8] [9]

On 4 September 2023, over in funds was stolen from one of the company's Ethereum wallets in an apparent hack.[10] The Federal Bureau of Investigation attributed the hack to North Korea's Lazarus Group.[11]

Offerings

Stake offers traditional casino games (such as slots, blackjack and roulette) and sports betting.[12] It offers video streams with live dealers.

Users at Stake generally transact in cryptocurrencies rather than traditional currencies for their betting accounts. Account balances can be withdrawn in the equivalent value of cryptocurrency and then deposited back into the user's personal cryptocurrency wallet. Users of Stake's UK site deal only in fiat currency.

Sponsorships

Stake has invested in sponsorship deals across several sports, including with UFC fighter Israel Adesanya,[13] English football teams Gillingham, Watford, Everton,[14] [15] Indian football club Mumbai City,[16] Argentine footballer Sergio Agüero,[17] Formula One reserve driver Pietro Fittipaldi and his brother, Formula 2 driver Enzo Fittipaldi,[18] Canadian musician Drake,[19] and the Gennady Golovkin vs. Ryōta Murata boxing match.[20] Stake is also sponsoring UFC Light Heavyweight champion Alex Pereira and Puerto Rican rapper Anuel AA.

In January 2023, the Alfa Romeo F1 Team announced that Stake would be their title sponsor in a multi-year deal, with the team renamed to "Alfa Romeo F1 Team Stake".[21] The sponsorship deal continued with Sauber after Alfa Romeo's departure from Formula One at the end of the 2023 season. Sauber entered the 2024 and will enter 2025 seasons as "Stake F1 Team Kick Sauber" but goes as "Stake F1 Team" on a day-to-day basis.[22]

References

  1. Web site: Fletcher . Robert . 10 February 2022 . Stake.com extends UFC LatAm partnership to cover Brazil . 27 April 2022 . iGaming Business . en-GB.
  2. Stake Crypto Casino Resumes Operations After $41M Exploit . finance.yahoo.com.
  3. Web site: Danckert . Sarah . 10 December 2021 . The secret Australian origins of the world's biggest crypto casino . 25 April 2022 . The Sydney Morning Herald . en.
  4. Web site: Medium Rare N.V. :: Curaçao :: OpenCorporates . 12 September 2023 . opencorporates.com.
  5. Web site: Begley . Patrick . 22 February 2024 . Stake: Inside Edward Craven’s ‘money machine’ . subscription . live . https://web.archive.org/web/20240221180811/https://www.smh.com.au/national/the-private-chat-messages-from-inside-an-australian-billionaire-s-money-machine-20240216-p5f5l2.html . 21 February 2024 . 15 April 2024 . The Sydney Morning Herald.
  6. Web site: Orme-Claye . Ted . 17 December 2021 . Stake.com commences UK sports betting and casino operations . 25 April 2022 . SBC News . en-US.
  7. Web site: Chaser . Bitcoin . 2 August 2022 . Stake.us Casino Officially Launched For US Players . 22 January 2024 . BitcoinChaser . en-US.
  8. Web site: Danckert . Sarah . 27 June 2023 . Australian-based Stake.com founders dodge $580 million claim . 5 September 2023 . The Sydney Morning Herald . en.
  9. News: Davies . Rob . Rosca . Matei . 3 September 2022 . Crypto gambling site that sponsors Everton FC hit with $400m lawsuit . en-GB . The Guardian . 5 September 2023 . 0261-3077.
  10. Web site: Mason . Max . 5 September 2023 . More than $60m stolen from Young Rich Lister's crypto casino . subscription . 5 September 2023 . Australian Financial Review . en.
  11. Web site: Mason . Max . 8 September 2023 . North Korea behind $60m heist from Young Rich Lister's crypto casino . subscription . 9 September 2023 . Australian Financial Review . en.
  12. Web site: Danckert . Sarah . 17 March 2022 . Australian casino donates to Ukraine but questions remain over Russian gamblers . 25 April 2022 . The Sydney Morning Herald . en.
  13. Web site: Orme-Claye . Ted . 20 January 2021 . The UFC's middleweight king combines with Stake.com . 27 April 2022 . Insider Sport . en-US.
  14. Web site: Hunt . Holly . 22 July 2021 . Watford inks 'club-record' principal partnership with Stake.com . 27 April 2022 . Insider Sport . en-US.
  15. Web site: Thomas . Joe . Everton new shirt sponsor revealed as 'record' deal struck with gambling firm . Liverpool Echo . 18 June 2022 . 9 June 2022.
  16. Web site: 16 August 2022. Mumbai City FC Announce Stake News As A Principal Partner. 18 August 2022. Mumbai City FC. en-US. 18 August 2022. https://web.archive.org/web/20220818170643/https://www.mumbaicityfc.com/news/mumbai-city-fc-announce-stake-news-as-principal-partner. live.
  17. Web site: Sale . Jessie . 1 February 2022 . Stake.com signs Sergio Aguero to boost global brand visibility . 27 April 2022 . SBC News . en-US.
  18. Web site: Fletcher . Robert . 15 March 2022 . Stake.com links up with motorsports' Fittipaldi brothers . 27 April 2022 . iGaming Business . en-GB.
  19. Web site: 3 March 2022 . Drake to host exclusive live streams on Stake.com . 4 May 2022 . SBC News . en-US.
  20. Web site: Ross . James . 29 March 2022 . Stake.com enters the ring to sponsor the 'Big Drama' in Japan . 27 April 2022 . CasinoBeats . en-US.
  21. Web site: Alfa Romeo confirm new title sponsor and team name change ahead of 2023 season Formula 1® . 28 January 2023 . formula1.com . en.
  22. Web site: Cooper . Adam . 1 January 2024 . Renamed Stake F1 team reveals new logo . live . https://web.archive.org/web/20240101091941/https://www.motorsport.com/f1/news/renamed-stake-f1-team-reveals-new-logo/10561773 . 1 January 2024 . 1 January 2024 . Motorsport.com . en.

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