Stake is a Curaçao-based cryptocurrency online casino operated by Medium Rare NV, launched in 2017 by Ed Craven and Bijan Tehrani. The platform offers traditional casino games, sports betting, and live dealer streams, primarily using cryptocurrency transactions.
Stake Casino has emerged as one of the most prominent cryptocurrency-based online gambling platforms since its launch in 2017. Founded by Ed Craven and Bijan Tehrani, who previously established Easygo to develop games for online casinos in 2016, Stake has grown into a multi-billion dollar operation with reported revenues of 2.6 billion USD in 2022. The platform operates under a Curaçao online casino license held by Medium Rare NV, with offices spanning Serbia, Australia, and Cyprus.
The casino's business model centers on cryptocurrency transactions, supporting over 130 digital currencies and offering traditional casino games alongside sports betting. However, Stake's rapid growth has been accompanied by significant legal challenges, regulatory scrutiny, and serious concerns about player protection practices that warrant careful examination.
Stake Casino provides a comprehensive gaming library that includes traditional casino offerings such as slots, blackjack, and roulette, alongside sports betting capabilities. The platform distinguishes itself through live dealer video streams, creating an immersive experience that bridges online and physical casino environments.
The site's user interface is fully optimized for mobile devices, allowing players to access games directly through mobile browsers on both iOS and Android platforms without requiring dedicated applications. In December 2024, Stake became the first online casino to release an application for Apple Vision Pro, demonstrating its commitment to emerging technology platforms.
The platform's cryptocurrency focus represents both its primary advantage and a potential barrier to entry. Users can transact in over 130 different cryptocurrencies rather than traditional fiat currencies, which offers benefits including faster transaction processing, enhanced privacy, and reduced fees. However, this requirement means players must already possess or be willing to acquire cryptocurrency to participate.
Creating an account on Stake Casino follows a streamlined process designed for quick onboarding. New users provide basic information including a username, email address, date of birth, and password. The platform requires email verification to complete registration, which serves as a security measure linking accounts to valid email addresses.
This simplified registration process, while user-friendly, has raised questions about the adequacy of identity verification and age confirmation measures. The minimal barriers to entry contrast sharply with more stringent know-your-customer requirements implemented by traditionally licensed gambling operators in jurisdictions with robust consumer protection frameworks.
Stake operates a tiered VIP program that begins at Bronze level and progresses through Silver, Gold, and Platinum tiers. The program offers personalized bonuses, exclusive promotions, dedicated account managers, and higher wagering limits at elevated tiers. Players advance through tiers based on their wagering volume, creating incentives for increased gambling activity.
Documentation from former players reveals concerning practices employed by VIP hosts. These casino employees actively monitor player activity and intervene when users demonstrate high-value gambling patterns, even when those patterns indicate problematic behavior. VIP hosts provide bonuses, encouragement, and personalized attention designed to maintain player engagement and increase lifetime value to the platform.
In documented cases, players who lost tens of thousands of dollars within days received congratulatory messages from VIP hosts welcoming them to higher program tiers, accompanied by bonus funds framed as tools for recovery. This approach prioritizes player retention over harm prevention, raising serious ethical concerns about the platform's duty of care toward vulnerable users.
Stake Casino functions as a cryptocurrency-first gambling platform, allowing users to deposit, wager, and withdraw using digital currencies. The registration process requires basic information including username, email address, date of birth, and password, with email verification to complete account setup.
The platform operates through a tiered VIP system that identifies high-value players based on their wagering activity. VIP hosts monitor player behavior and provide personalized bonuses, exclusive promotions, and dedicated account management to retain active users.
Stake Casino operates in a complex and often contentious legal environment across multiple jurisdictions. The platform's Curaçao license provides a legal framework for operation, but this jurisdiction is known for relatively light regulatory oversight compared to established gambling regulators in the United Kingdom, Malta, or Gibraltar.
Despite its Australian founders and significant Australian user base, Stake Casino is not legally permitted to operate in Australia. The Interactive Gambling Act prohibits offering online casino services to Australian residents unless the operator holds an Australian license, which Stake does not possess. The company faces additional legal complications in Australia related to trademark disputes over the use of its name.
In response to these challenges, Stake launched Stake.us in August 2022 as a separate site designed for United States residents, attempting to navigate the fragmented regulatory landscape of American gambling laws through a sweepstakes model.
In February 2025, Stake announced it would surrender its UK gambling license following complaints about a social media advertisement featuring adult content actress Bonnie Blue. Regulators and advocacy groups criticized the advertisement for using sexual content to attract young customers. The company's UK operations closed on March 11, 2025, representing a significant market withdrawal driven by regulatory pressure.
On September 4, 2023, Stake suffered a major security breach when over 41 million USD was stolen from one of its Ethereum wallets. The Federal Bureau of Investigation subsequently attributed the attack to North Korea's Lazarus Group, a state-sponsored hacking organization known for targeting cryptocurrency platforms.
While Stake uses advanced SSL encryption to protect player information and financial data, this incident highlighted the inherent risks associated with cryptocurrency-based platforms that maintain large digital asset reserves. The company's response and player compensation measures following the breach received mixed reactions from the gambling community.
Multiple investigations and firsthand accounts from former players paint a troubling picture of Stake's approach to responsible gambling. While the platform claims to employ behavioral science to proactively detect and address signs of gambling harm, documented cases suggest these measures are inadequate or inconsistently applied.
Former players have reported losing hundreds of thousands or even millions of dollars on the platform without receiving meaningful intervention or welfare checks. In several documented cases, players who attempted to self-exclude were contacted by VIP hosts offering bonuses and incentives to return to the platform, directly undermining harm prevention efforts.
A former Stake employee characterized documented cases of player harm as mild compared to the flood of complaints from addicted players the site receives daily, suggesting systemic issues with the platform's duty of care toward vulnerable users.
Stake offers various promotional programs including a 75,000 USD weekly raffle, 100,000 USD race competitions, and partnerships with game providers like Pragmatic Play for drops and wins promotions. The platform does not offer a traditional welcome bonus, instead focusing on rakeback programs and ongoing promotions for active players.
Users who register with specific promotional codes can access lifetime rakeback programs, typically offering 15 percent returns on wagering activity. While these programs provide value to players, they also create incentives for sustained gambling activity that may not align with responsible gambling principles.
Stake has invested heavily in high-profile sponsorships to build brand recognition and legitimacy. The platform maintains partnerships with rapper Drake, the Stake F1 Team, UFC, Everton Football Club, Esporte Clube Juventude, and FBC Melgar. These sponsorships have generated significant controversy, with critics arguing that gambling platforms should not receive mainstream sports and entertainment endorsements that normalize gambling to young audiences.
Stake Casino represents a significant player in the cryptocurrency gambling space, offering a technologically sophisticated platform with extensive game selection and cryptocurrency integration. However, the platform's operations raise substantial concerns about player protection, regulatory compliance, and ethical business practices. The documented cases of VIP hosts encouraging problem gambling, inadequate self-exclusion measures, and aggressive player retention tactics suggest a business model that prioritizes revenue over user welfare. Prospective users should carefully consider these factors alongside the platform's legal status in their jurisdiction before engaging with Stake Casino. The platform's withdrawal from the UK market and ongoing legal challenges in Australia demonstrate the increasing regulatory scrutiny facing cryptocurrency gambling operators.
No, Stake Casino is not legally permitted to operate in Australia. The Interactive Gambling Act prohibits online casino services to Australian residents unless the operator holds an Australian license, which Stake does not possess.
Stake Casino supports over 130 cryptocurrencies including Bitcoin, Ethereum, Ripple, and numerous other digital assets for deposits, wagering, and withdrawals.
Stake does not offer a traditional welcome bonus. Instead, the platform focuses on ongoing promotions, rakeback programs, and VIP rewards for active players.
The VIP program operates on a tiered system from Bronze to Platinum based on wagering volume. Higher tiers receive personalized bonuses, dedicated account managers, exclusive promotions, and increased wagering limits.
Stake uses SSL encryption and holds a Curaçao license, but the platform experienced a 41 million USD hack in September 2023 attributed to North Korea's Lazarus Group, highlighting security risks inherent to cryptocurrency platforms.
Yes, Stake Casino is fully optimized for mobile browsers on iOS and Android devices. The platform also released an Apple Vision Pro application in December 2024.
Stake surrendered its UK gambling license in February 2025 following regulatory complaints about inappropriate advertising content. The company's UK business closed on March 11, 2025.
While Stake claims to have responsible gambling tools and behavioral detection systems, multiple documented cases and investigations have raised serious concerns about the adequacy and consistent application of these measures.
Stake Casino maintains high-profile sponsorships across sports and entertainment to build brand recognition globally.
Stake offers a comprehensive selection of classic casino games including slots, blackjack, roulette, and live dealer options with video streaming capabilities.
Comprehensive sports betting capabilities covering major sporting events worldwide with cryptocurrency wagering options and competitive odds.
Stake Casino closed its UK operations after surrendering its gambling license due to complaints about inappropriate advertising content.
Stake became the first online casino to release an application for Apple Vision Pro, expanding into spatial computing platforms.
The Federal Bureau of Investigation confirmed that North Korea's Lazarus Group was responsible for stealing over 41 million USD from Stake's Ethereum wallet.