An article by Michael Schmitt
Stake is one of the world’s largest online casinos and sports betting platforms, yet it exists in a murky legal space. Founded in 2017 by Australian billionaire Edward Craven and Bijan Tehrani, Stake operates under the umbrella of Medium Rare N.V., a company registered in Curaçao, a jurisdiction infamous for its lax gambling regulations.
Despite its legal uncertainty, Stake has rapidly grown into a gambling behemoth, attracting millions of players worldwide. The company maintains offices in Serbia, Australia and Cyprus and processes payments through a subsidiary in Nicosia, Cyprus.
The company has an extensive sponsorship portfolio, demonstrating its aggressive marketing strategy. It serves as the principal sponsor for Everton Football Club in the English Premier League, as well as backing FBC Melgar, Fortaleza CEIF, Enyimba Football Club and Esporte Clube Juventude in football.
Beyond team sponsorships, Stake has partnered with prominent sporting events like the Davis Cup and the UFC, enhancing its global visibility.
The company is also involved in motorsports as a sponsor of the Stake Formula 1 Team. Its influence extends to individual athletes, with endorsements from notable figures such as Kun Agüero, UFC champions Israel Adesanya, Alex Pereira, Merab Dvalishvili, Alexandre Pantoja and Caio Borralho.
Furthermore, Stake has secured a staggering $100 million annual endorsement deal with Canadian rapper Drake, leveraging his global appeal and social media presence to promote the platform.
This expansive sponsorship network highlights Stake’s efforts to cement itself as a dominant global brand in sports and entertainment, despite its controversial operations in multiple jurisdictions.
Bijan Tehrani, Stake’s other co-founder, made headlines in late 2023 for purchasing a $47 million mansion in New York, a country where Stake is explicitly banned from operating.
Despite this, multiple reports suggest that the company encourages U.S. residents to bypass geo-blocks using VPNs, further calling into question its adherence to gambling regulations.
Table of Contents
Stake’s Licensed Operations
Stake currently holds several gambling licenses from different jurisdictions, allowing it to operate legally in some regions. These include:
- Curaçao – Operated by Medium Rare N.V. under Certificate of Operation (Application no. OGL/2024/1451/0918) issued by the Curaçao Gaming Control Authority.
- Colombia – Operated by Stake Colombia SAS, licensed and regulated by Coljuegos under license number C1751.
- United Kingdom – Operated under TGP Europe Ltd, licensed by the UK Gambling Commission under account number 38898.
- Mexico – Authorized through official brief NO.DGJS/DCRCA/2501/2021 and operated by Producciones Móviles S.A. DE C.V. under government permit DGAJS/SCEVF/P-06/2005-TER EN.
- Peru – Operated by Stake Peru SAC, licensed by Mincetur with Sportsbook License N° 4748-2024-MINCETUR/VMT/DGJCMT and Online Casino License N° 4749-2024-MINCETUR/VMT/DGJCMT.
While these licenses provide some legitimacy, Curaçao in particular has long been criticized for its lax enforcement, allowing online casinos to exploit global customers with minimal oversight. The question remains: How much regulatory credibility do these licenses really hold?
Stake’s Global Footprint – Analysis of Customer Reviews
Over a 10-day period, we analyzed Trustpilot reviews left by users from around the world. The results reveal a disturbing pattern of complaints, accusations of rigged games, blocked withdrawals and unexplained account closures.
One curious observation from our review analysis is the complete absence of Australian reviews. Given that Edward Craven is Australian, is it possible that Stake is avoiding operating in its co-founder’s home country? This raises serious ethical questions about its willingness to exploit foreign markets while steering clear of its own regulatory backyard.
Over a 10-day period, we analyzed Trustpilot reviews left by users from around the world, revealing a significant presence in multiple countries. Canada led with 36 reviews, followed by India (17 reviews), the United States (10 reviews) and France (8 reviews). Other notable countries included Nigeria, Bangladesh, Jordan and Indonesia, each with 5 reviews, while Turkey and Kosovo had 4 reviews each. South Africa, Romania and North Macedonia saw 3 reviews per country, whereas Russia, Georgia and Israel each had 2 reviews.
Additionally, we found one review each from Guadeloupe, Jamaica, Mexico, Serbia, Kenya, Spain, Sweden, South Korea, Kuwait, Philippines, Bahrain, Vietnam, Mongolia, Algeria, Cambodia, Andorra, Ireland, Armenia, Pakistan, Sri Lanka, Ukraine, Norway, Austria, Japan, Montenegro, Germany and Malta.
This broad range of user locations underscores Stake’s global reach, often in jurisdictions where it lacks legal authorization to operate.
Legal and Illegal Status of Stake across Different Countries
Stake presents itself as a global online gambling platform, but its legal status varies significantly depending on the country. While the company holds licenses in a handful of jurisdictions, it operates in many others without official approval, often in direct violation of local gambling laws.
In some cases, Stake exploits regulatory loopholes to offer its services in gray markets, while in others, it blatantly disregards national restrictions.
This section provides a detailed breakdown of where Stake is legally permitted to operate, where it is outright banned and where it operates without the necessary local licenses, raising serious legal and ethical concerns.
Countries where Stake Operates Legally (Due to License or No Local Regulation)
In these jurisdictions, Stake is either officially licensed or benefits from the absence of strict regulations on offshore gambling operators.
While this legal standing allows the platform to operate without major obstacles, concerns remain regarding consumer protection, responsible gambling measures and the broader implications of unregulated online betting.
Canada – Online gambling is regulated at the provincial level, with each province having its own licensing authority. Ontario has its own regulated market under iGaming Ontario (IGO), where offshore operators must obtain a local license. However, in other provinces where no such local regulation exists, offshore operators like Stake can operate legally.
Mexico – Stake operates under a valid gaming license issued by the Mexican Gaming and Raffles Regulation (DGAJS), allowing it to provide gambling services legally in the country.
South Africa – Online gambling is regulated under the National Gambling Authority (NGB), which oversees licenses for legal operators. However, offshore operators are still widely accessible and not actively blocked, allowing Stake to continue offering its services.
Countries where Stake Operates Illegally (Due to Gambling Ban)
In these countries, gambling bans are strictly enforced, with governments either prohibiting all forms of betting or heavily restricting access to offshore operators. Stake’s presence in these regions is entirely illegal and its services, where not actively blocked, operate in direct violation of national laws and religious regulations.
Bangladesh – Online gambling is prohibited under Bangladeshi law, but offshore operators are still accessible. There is no local licensing authority, making Stake’s presence illegal.
Jordan – Online gambling is illegal under Islamic law and there is no licensing authority permitting foreign operators. Stake operates unlawfully.
Indonesia – Indonesia enforces Sharia law, banning all forms of gambling, including online casinos. The Indonesian government actively blocks foreign gambling sites.
Kosovo – Kosovo banned all gambling in 2019, citing crime and money laundering concerns. There is no legal way for Stake to operate.
Bahrain – All forms of gambling, including online gambling, are strictly prohibited under Islamic (Sharia) law and Bahraini Penal Code. There is no gaming authority that issues licenses, making any form of gambling illegal.
Vietnam – Vietnam has an outright ban on gambling for its citizens, with only a few state-run casinos available for foreigners. The government strictly enforces these laws, making Stake’s operations illegal.
Mongolia – Gambling is completely illegal in Mongolia and the government does not issue any licenses for online operators. Stake cannot operate in this country.
Cambodia – In 2019, Cambodia banned all online gambling under pressure from China, which led to the shutdown of previously licensed operators. There is no legal way for Stake to operate.
Pakistan – All forms of gambling are strictly prohibited under Islamic law and the Pakistan Penal Code. No local gaming authority exists and online gambling is completely illegal.
Sri Lanka – While land-based gambling exists in Sri Lanka, online gambling is not legally allowed and the government does not issue licenses for offshore operators.
Israel – Online gambling is banned, with only state-controlled lotteries and sports betting allowed. The Israeli Penal Law makes it illegal for any offshore casino to operate.
Kuwait – Gambling is entirely illegal under Islamic (Sharia) law and no licensing body exists to regulate or permit any form of online gambling.
South Korea – Gambling, including online gambling, is prohibited for South Korean citizens under the Criminal Act. While some state-controlled betting is allowed, foreign casinos like Stake cannot operate legally.
Countries where Stake Operates Illegally (Due to Requiring a Local License which it does not hold)
In these countries, online gambling is permitted only for operators that obtain a local license from the relevant national authority.
Despite strict regulations, Stake continues to operate without authorization, making its presence unlawful and subject to potential enforcement actions by regulatory bodies.
United States – Online gambling is heavily regulated at both the federal and state levels. Some states have legal markets, but Stake does not have a license from the United States Gambling Commission or any state regulatory body. The platform is explicitly blocked from operating in the country.
France – The Autorité Nationale des Jeux (ANJ) strictly regulates all forms of online gambling and foreign operators must obtain a local license. Stake does not have this approval and is blocked in France.
Norway – The Norwegian Gambling Authority (Lotteri- og stiftelsestilsynet) maintains a strict monopoly on gambling, only allowing state-run platforms. Foreign operators like Stake are blocked from offering services.
Germany – Germany’s gambling industry is regulated under the Interstate Treaty on Gambling (GlüStV 2021), requiring operators to obtain a German gaming license. Since Stake does not have one, its operations are illegal.
Spain – Online gambling is regulated by Dirección General de Ordenación del Juego (DGOJ), which requires all foreign operators to be licensed. Stake does not have this license and is not authorized to operate.
Sweden – The Swedish Gambling Authority (Spelinspektionen) requires all gambling operators to obtain a local Swedish gaming license. Stake is not licensed and is therefore illegal in Sweden.
Malta – Malta’s online gambling industry is regulated by the Malta Gaming Authority (MGA), which requires all operators to obtain a local license. Stake does not hold an MGA license, making its operations unauthorized under Maltese law.
Russia – The Russian government heavily restricts foreign online gambling operators and the Federal Tax Service blocks access to unauthorized sites. Stake is blacklisted in Russia.
India – India’s gambling laws vary by state, with some states banning online gambling and others allowing it under strict regulation. There is no national regulatory body for offshore gambling, making Stake’s operations unauthorized in states where local approval is required.
Nigeria – Online gambling is regulated under the National Lottery Regulatory Commission (NLRC), which issues local licenses. Stake does not have an NLRC license, making it unauthorized.
Turkey – Turkey enforces strict gambling laws, allowing only state-run platforms. The Banking Regulation and Supervision Agency (BDDK) ensures that payments to offshore casinos are blocked, making Stake illegal.
Romania – The Romanian National Gambling Office (ONJN) requires all gambling operators to obtain a local license. Stake does not have one, making its operations illegal.
North Macedonia – Online gambling is regulated by the State Lottery of North Macedonia and all operators must be licensed. Stake is not registered, making it unauthorized.
Georgia – Online gambling is regulated under Georgia’s Revenue Service and foreign operators must register to offer services. Stake is not licensed, making it illegal.
Serbia – Serbia’s Games of Chance Administration oversees online gambling licenses. Stake does not hold a Serbian license, making its operations unauthorized.
Kenya – Online gambling is regulated by the Betting Control and Licensing Authority (BCLB). Stake has no local approval, making it illegal.
Philippines – The Philippine Amusement and Gaming Corporation (PAGCOR) licenses online gambling. Foreign operators must obtain a license to operate legally.
Andorra – Andorra requires a local gambling license and foreign operators must comply with state regulations. Stake has not registered, making it illegal.
Ireland – Online gambling is regulated by the Irish Revenue Commissioners and foreign operators must be licensed. Stake does not have an Irish license.
Ukraine – Ukraine legalized online gambling in 2020 and operators must be licensed under the Commission for Regulation of Gambling and Lotteries (KRAIL). Stake is not registered.
Austria – Austria regulates online gambling under the Federal Ministry of Finance, requiring all operators to obtain a local license. Stake is not authorized.
Japan – Japan bans online gambling, except for state-controlled betting. There is no way for Stake to legally operate.
Montenegro – Online gambling is regulated by the Games of Chance Administration and all foreign operators must register. Stake is unlicensed.
How is Stake Getting Away with Everything?
Despite operating illegally in dozens of jurisdictions, Stake has managed to avoid significant legal consequences. The company has built a billion-dollar empire while blatantly violating gambling laws in multiple countries, leaving the question:
How does Stake continue to thrive in plain sight?
Curaçao’s Weak Oversight: A Rubber Stamp for Global Illegality
Stake’s primary regulatory cover comes from Curaçao, a tiny Caribbean island notorious for its lax gambling laws. While Curaçao issues gaming licenses, its regulatory authority, the Curaçao Gaming Control Authority, has little to no power to enforce its rules beyond its borders.
This has made the country a haven for offshore casinos, as it provides an official-looking license without any real oversight. In practice, the Curaçao license allows operators like Stake to operate in almost any market without facing meaningful scrutiny, giving the illusion of legitimacy while sidestepping local laws.
Curaçao’s failure to enforce international gambling laws has allowed Stake to maintain operations in countries where it is outright banned, as no meaningful sanctions or penalties are imposed. This regulatory weakness has enabled the company to continue generating billions in revenue while dodging legal accountability.
Encouraging Players to Bypass Geo-Blocks with VPNs
Stake has also been accused of openly encouraging players to use Virtual Private Networks (VPNs) to bypass local gambling restrictions. In jurisdictions like the United States, where the platform is explicitly blocked, many reports suggest that players are given instructions on how to access the site through VPNs to circumvent government-imposed restrictions.
Even more damning is the allegation that Stake actively turns a blind eye to this practice. Although publicly, co-founder Edward Craven has stated that the company removes U.S. players from its platform, a lawsuit filed against Stake has claimed that the company knowingly allows American users to deposit and gamble using VPNs. This raises serious concerns about the company’s commitment to compliance with international gambling laws.
If Stake were truly concerned about adhering to local regulations, it would actively prevent VPN usage and implement stronger geo-blocking measures. Instead, it appears that the company deliberately exploits these loopholes to continue profiting from markets where it is illegal.
Government Inaction: Are Regulators Looking the Other Way?
One of the most puzzling aspects of Stake’s operations is the lack of serious legal action against the company, despite its widespread illegal activity. In many countries, regulators either lack the resources or the political will to crack down on offshore gambling operators.
While some nations, such as Norway, Sweden, Spain, France and Germany, have implemented strict blocks on unlicensed gambling websites, others simply issue warnings with little to no follow-through.
A major issue is that online gambling regulation is highly fragmented. Many governments focus their enforcement efforts on land-based casinos and national gambling providers, while offshore operators like Stake continue to exploit legal loopholes.
The company’s aggressive marketing strategies, high-profile sponsorships with sports teams and celebrity endorsements allow it to present itself as a legitimate operation, further complicating regulatory efforts.
A Global Casino Operating in the Shadows
Stake is a textbook example of an offshore gambling empire exploiting weak regulations to operate illegally in restricted markets. Despite being banned or unlicensed in multiple countries, it continues to thrive, fueled by aggressive marketing, celebrity endorsements and regulatory loopholes.
While governments claim to be cracking down on illegal gambling, Stake’s continued success proves otherwise. Its billion-dollar operations remain largely unchecked, shielded by a Curaçao license that provides virtually no enforcement power. The company’s reliance on VPN usage to bypass restrictions further highlights its blatant disregard for gambling laws.
The most troubling aspect is the question of why regulators across the globe are failing to take meaningful action. Is it incompetence, a lack of resources, or outright complicity? How can a company openly defy laws in dozens of countries and still secure major sponsorships with Premier League teams and Formula One?
Until global authorities take serious action, Stake will continue to operate in the shadows, exploiting regulatory weaknesses and profiting from a system that refuses to hold it accountable. The gambling industry is in dire need of reform, but as long as companies like Stake are allowed to flourish, the idea of fair and regulated online gambling remains nothing more than an illusion.
A message from Michael:
you are investigating the legal status, regulatory violations, or corporate practices of online gambling platforms like Stake, TRIDER.UK is here to provide the clarity you need. With extensive expertise in investigative research, we specialize in uncovering critical insights through in-depth company analysis.
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