Drake-Endorsed Crypto Sportsbook and Casino Stake.com Faces Legal Showdown Down Under

A Drake-endorsed and crypto-based sportsbook and gambling firm called Stake.com 

facing pressure from Australian regulators and a Sydney-based trading firm. Founded by billionaire Ed Craven and entrepreneur Bijan Tehrani, Stake offers players a chance to use cryptocurrencies including Bitcoin, Ethereum, and Dogecoin as assets for online gambling and for placing sports bets. The company operates under the jurisdiction of the Caribbean island nation of Curacao.

What’s in a Name?

The company recently filed applications for a casino license and registered various trademarks to allow it to enter the Australian market. These moves caught the attention of a Sydney-based share trading platform, also named Stake, which recently initiated legal action against the crypto casino. The trading company filed suit to prevent the use of the “Stake” name which it contends suggests a partnership of some kind between the two entities. The share trading platform specifically noted that statements made on the casino's website, including its e-commerce section accessible to Australians, were false and misleading.

A spokesperson from the trading platform explained, "We are concerned about the potential for customer confusion and harm to our brand and reputation due to the threatened use of the Stake brand in Australia by Stake.com in the context of gambling, casinos, and sports betting services." As a result, the share trading platform initiated legal proceedings against Stake.com in the Federal Court of Australia.The court received petitions to issue orders prohibiting the gaming company and its affiliated entities from utilizing the Stake name when promoting their services in Australia.

Drake Livestreams Wins and Losses 

Canadian artist Aubrey "Drake" Graham has partnered with Stake.com, engaging in live-streaming sessions with players through the Stake.com website and sharing his gambling experiences on Instagram. Drake is a noted gambler, with an expressed love for roulette and sports betting. He previously made $17 million playing roulette during a Stake.com livestream and he won a reported $1.2 million in Bitcoin with sports bets placed on Super Bowl LVII between the Kansas City Chiefs and the Philadelphia Eagles. Of course no one wins every bet, not even Drake, as he lost $1 million on Argentina winning the World Cup (his bet was for a win in regulation). 

Earlier this year, Stake.com announced a sponsorship agreement with the Alfa Romeo Formula One team that included its logo displayed at the Melbourne Grand Prix. It also reported 840 million casino bets made on its website in June and claimed responsibility for nearly six percent of all Bitcoin transactions globally.

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