Stake, a crypto casino, has rapidly risen to become the world’s seventh-largest gambling group in terms of revenue.
In 2022 alone, it generated nearly $2.6 billion in gross gaming revenue, up from $1.8 billion in 2021 and just $105 million the year prior.
Founded by childhood friends Ed Craven and Bijan Tehrani, the platform offers video poker, casino games, and sports betting and accepts both fiat and cryptocurrencies such as bitcoin, ether, dogecoin, and bitcoin cash.
Its founders had previously created crypto dice gambling platform Primedice, which served as the foundation for Stake’s beginnings.
To build trust with potential customers, Stake invested heavily in marketing to counteract the negative stigma attached to both crypto and gambling.
This approach attracted several high-rollers, people willing to spend lavishly on gambling, and the platform now boasts 600,000 regular users, primarily from loosely regulated jurisdictions across Southeast Asia, Japan, and Brazil.
Stake has garnered support from a variety of big names, including Canadian rapper Drake, who reportedly signed a $100 million-per-year endorsement deal with the platform in 2022 and has won $38 million by gambling bitcoin on the site.
The casino also secured sponsorship deals with Everton and Alfa Romeo’s F1 team.
However, Stake has faced legal challenges as well. Christopher Freeman, a former business associate who worked on Primedice, sued Craven and Tehrani for $400 million, alleging that they had misled him about their next venture, secretly betraying him in the process.
Despite these obstacles, Stake continues to flourish, even as the crypto market experiences volatility.