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2
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· Posted on
February 21, 2024

Stake.com's founders are being sued, but it's still managed to build a monstrous crypto casino in Oz

Stake's being sued by a former associate, but let's not forget it still managed to exploit a major legal loophole.

What's the key learning?

  • Stake.com is a massive online casino that is being sued by a former associate
  • Last year it was revealed that Stake.com is being run from an office in Melbourne, where online casinos are illegal
  • While it's illegal to run an online casino for Australians, it’s actually not illegal to operate an online casino from Australia

👉 Background: Stake.com is a massive online casino. We're talkin' more than 50 billion bets since 2017 and over 100,000 registered players. But it ain't your normal casino. It's all run with cryptocurrency - not traditional currency.

👉 What happened: Fast forward to today and a former associate is suing Stake.com’s two founders, ‘cos he says they cut him out of the business. But that's not even the wildest part of the Stake.com story…

👉 What else: Last year it was revealed that Stake.com is actually run from an office in Melbourne, where online casinos are illegal. And not the Caribbean - where it is registered.

What's the key learning?

💡While it is illegal to run an online casino for Australians, it’s actually not illegal to operate an online casino from Australia... for global customers.

💡 That's why Stake.com is the shirt sponsor for Watford, an English premier league club and has Drake as its main ambassador - because it's targeting a global audience.

💡 It’s a pretty big legal loophole and that's why authorities can't do anything about it. So it’ll be interesting to see A) how this lawsuit goes and B) whether the attention it brings could lead to the loophole being closed.

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