Crypto betting platform Stake reveals plans for US market entry

Stake intends to enter the regulated US market through a significant undisclosed merger or acquisition

Crypto gambling and sports betting platform is gearing up for a significant move into the US market through a major acquisition, according to CEO Ed Craven.

In a recent livestream interview with The Gaming Update, Craven disclosed the company's strategic shift towards the regulated US market.

Craven stated, “Stake is preparing to enter the US market with a substantial acquisition that is on the horizon.” However, he refrained from divulging further details regarding the potential merger or acquisition.

The CEO's announcement comes after Twitch's decision to remove and three other crypto-first operators from its platform. Twitch claimed that these operators were operating outside the bounds of regulation and, consequently, could not be supported within its framework.

Expressing his views on the matter, Craven showed his discontent with the accusations, stating, “I believe there are unjust comments concerning what is considered acceptable versus unacceptable.

We hope to eventually resume our presence on Twitch under their guidelines after the acquisition. However, I'm uncertain if they will adhere to the concept of regulation versus non-regulation.”

Additionally, Craven shared his belief that the streaming platform Kick will surpass Stake in size. Kick recently reached the major milestone of over 10m user accounts. Craven emphasized the significance of creating a competitive platform in this space, noting that the opportunity is unparalleled. 

Craven attributed the creation of Kick to the relationships fostered within the Twitch ecosystem and the insights gained from interacting with talented creators, rather than Twitch's decision to ban gambling live streams.

Kick has been recently pulling top talent from the ranks of Twitch streamers by signing major deals with stars Felix ‘xQc' Lengyel and Amouranth. Other prominent Twitch streamers, including Ninja, have also left the platform in favor of Kick, amid controversy over Twitch's revenue sharing changes and due to Kick's higher revenue potential.

The US is not the only regulated market Stake has been eyeing. The crypto gambling platform has taken steps to enter the Australian betting market by registering Stake Gaming Pty Ltd with the Australian regulator and filing for trademarks, signaling its intent to compete with industry giants like Tabcorp and Sportsbet.

The platform's co-founders, Edward Craven and Bijan Tehrani, have expressed their desire to establish a regulated online corporate bookmaker that can rival existing players in the country.

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Written by Silvia Pavlof

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