In a surprising move, Stake.com, the renowned crypto casino and sports betting site, is rumoured to be considering entering the Australian betting space.
Edward Craven, co-founder of Stake.com and Australia's youngest billionaire, along with his business partner Bijan Tehrani, are reportedly planning to launch a legal gambling operator that will compete with industry giants such as Tabcorp and Sportsbet.
Despite not currently being permitted to accept Australian punters due to the lack of a license, Craven and Tehrani have taken the first steps toward establishing their presence in Australia. They have registered the first Australian companies and trademarks for their global gambling brand, signalling their intent to enter the market.
To comply with regulations, the duo has registered Stake Gaming Pty Ltd with the Australian Securities and Investment Commission (ASIC). They have also filed an application with IP Australia to trademark the Stake Gaming brand.
Tehrani has also dropped hints about their plans to enter the legal gambling market, expressing their aim to introduce a regulated online corporate bookmaker that can rival the established players in the country.
Stake.com has witnessed remarkable growth since its inception in 2017, becoming a prominent player in the igaming scene. The platform generates a staggering $585m on a daily basis through its online casino and international sports betting business, contributing around 7% of the total Bitcoin transactions globally each day.
While the suspension of live gambling streams by Twitch dealt a blow to the business, Craven and Tehrani quickly rebounded by launching their own global streaming service called Kick. Even though the connection between Stake.com and Kick is not direct, there have been speculations that the streaming platform is being used as an advertising platform for Stake.com.
Although still gaining popularity compared to Twitch, Kick has attracted renowned streamers and viewers alike. Just days ago, the platform signed non-exclusive contracts with two of Twitch’s biggest names – xQc and Amouranth.
Stake.com, recognized for its bold marketing strategies, has inked a string of sports sponsorship agreements in the past months. These include co-title sponsorship with Alfa Romeo in Formula One, sponsorship of Tenshin Nasukawa's boxing debut, and an exclusive betting partnership with Volleyball Nations League for the 2023 season. Just last week rumours also surfaced that Stake.com is about to complete a sponsorship deal with Chelsea Football Club.