Stake.com has become a popular gambling destination for online punters in various jurisdictions, including Australia. However, the company has never officially entered the Australian market.
In its recent preparation to take this bold step, Stake found itself in the middle of a lawsuit filed by a Sydney-based share trading platform that bears the same name. The Sydney firm has asked the Australian Federal Court to prohibit the gaming company from promoting its brand using the Stake name in Australia.
Stake Gaming Platform History
Launched officially in 2017, Stake.com is an exciting, modern real-money casino with millions of bets placed every month. Stake is mainly recognized as a sports betting platform but also features impressive casino games, including pokies, blackjacks, roulettes, poker, baccarat, live dealer shows, and more.
Players love Stake for its intuitive design, lucrative promotions, and secure cryptocurrency transactions. HipHop sensation Aubrey "Drake" Graham is also known to bet using Stake.com and even has a partnership with the platform.
Stake was created by Melbourne-based billionaire Ed Craven and his American partner Bijan Tehrani. The site is licensed in Curacao but welcomes players from various jurisdictions, including Australia.
Stake claims to be responsible for up to 840 million casino bets made in June, accounting for about 6% of all Bitcoin transactions worldwide. The cryptocurrency casino only allows payments made through Bitcoin, Litecoin, Tether, Ethereum, and other popular cryptos. Punters can enjoy more privacy and anonymity while betting on sports and casino games.
In recent years, Stake has been preparing for official entry into the Australian market by applying for a local license and registering various trademarks. In January 2023, Stake announced a new sponsorship deal with Formula 1 team Alfa Romeo, a partnership that saw its brand proudly displayed at the Melbourne Grand Prix.
The company’s increasing involvement in Australia has drawn attention from Sydney-based Stake, which focuses on share trading. According to the trading company, Stake.com has breached the law by using a brand name belonging to them.
Stake and Drake’s Endorsement
Stake and rap megastar Drake are tied together in various ways. The Canadian HipHop artist has openly endorsed the betting platform and is known to explore sports betting, roulettes, and other gambling products on the site.
Drake is also known to post his exploits on his Instagram page and was a fan before becoming a partner. There's even a page on Stake describing Drake's journey from player to partner. One of Drake’s infamous gambling highlights at Stake.com includes
when he won $12 million on roulette.
Drake also lost $800,000 after backing Barcelona to beat Real Madrid in a match that ended 3-1 in favor of Los Blancos. The rapper can be seen live-streaming with other players using the Stake website. He also loves to post stories of him gambling on the site, usually on classic casino games and sports events.
Sports betting and casino gambling fans in Australia are free to join Drake at Stake.com since no law prohibits them. However, the site is yet to receive an official license permitting it to operate in the country.
Why Stake Is Being Sued in Australia
Stake is being sued by a Sydney-based share trading platform with the same name. The trading company filed a lawsuit with the Federal Court, seeking to bar its namesake from using the Stake brand to promote itself in Australia.
According to the lawsuit, the betting platform illegally uses the brand name in Australia as the trading platform has already built a reputation and goodwill with the Australian public.
The documents seen by the AAP also argue that the crypto gambling company’s use of the Stake brand name suggests to consumers that the two companies are connected when they’re not. The trading company insists that statements made by the betting platform, including accessible information in its e-shop, are intentionally falsified and misleading. The share company has asked the casino to cease engaging in deceptive conduct, but the casino has failed to change.
Stake, the trading firm, is now asking the Federal Court to step in and release orders prohibiting the gambling company from promoting itself using the Stake brand name within Australia.
What the Lawsuit Means for Aussie Punters
Fans of casino games and sports betting will be disheartened by the new lawsuit facing Stake.com. The website had so much promise, but recent developments may infer a lack of due diligence should the Sydney-based firm win the case.
If Stake can't use the brand name in Australia, they might have to develop a new name for the country or forgo it altogether. The latter could deny Aussie players a chance to enjoy what has become the most trusted cryptocurrency gambling website.
Fortunately, punters can explore many other reputable casinos and sportsbooks that operate legally in Australia. Whether you fancy classic roulettes like Drake or prefer blackjacks, craps, baccarat, poker, and live dealer shows, Australia is home to many legitimate casinos.
Sports bettors can also find reliable bookmakers offering bets on all popular disciplines in Australia and the rest of the world. Stake.com might still win the lawsuit and proceed with their plans to enter Australia, so punters will be waiting on the Federal Court’s judgment.
Source:
https://www.bluemountainsgazette.com.au/story/8314230/high-stakes-as-billionaires-crypto-gambling-firm-sued
Disclaimer
It is important to clarify that Stake.com, the cryptocurrency-based gambling platform discussed in this article, is not affiliated with or related to Stakes.com, a separate online casino. You can read our review of Stakes.com/review/stakes-casino to learn more about this brand. While their names may appear similar, these are two distinct entities operating independently of each other. Any references to Stake.com in this article pertain exclusively to the cryptocurrency betting platform founded by Ed Craven and Bijan Tehrani in 2017, and not to Stakes.com or any other similarly named services.
More on Bitcoin and Cryptocurrency:
