A crypto gambling firm endorsed by Canadian music artist Drake and co-founded by Australian billionaire Ed Craven faces a legal hurdle in its attempt to enter the Australian market.
Stake promotes itself as a top “crypto casino,” where you can bet with bitcoin (BTC), ether (ETH), and dogecoin (DOGE) to engage in betting on sports events and virtual games like slots, blackjack, and roulette.
As reported by the Australian Associated Press, the share trading platform has recently initiated legal action in the Federal Court with the goal of barring the casino from utilizing the “Stake” brand within the country.
The share trading platform maintains that it has strategically developed a strong reputation linked to the name “Stake” in Australia.
It asserts that the crypto gambling company’s adoption of the same name generates confusion among customers, causing them to mistakenly infer a link between the two separate entities.
Craven is an Australian and his American partner, Bijan Tehrani, have made Stake a major player in online gambling which is officially based in Curacao.
Besides the current legal problems, the casino’s creators are facing another lawsuit. Someone they used to do business with is suing them for $400 million, saying they were treated unfairly.
Since it was established in 2017, Stake has grown a lot and has now become the seventh-largest gambling group globally. Last year they made around $2.6 billion from this.
During this time, Stake has managed to draw the attention of prominent gamblers and notable endorsements, one of which involves a substantial partnership with rapper Drake, amounting to $100 million annually.Â
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