- Stake crypto casino allows users to gamble online with Bitcoin, Ethereum, Dogecoin
- An investment firm by the same name filed a lawsuit against the high-profile casino
- They want to stop the casino from using the Stake brand
A cryptocurrency gambling company endorsed by hip hop star Drake and founded by billionaire Ed Craven is facing serious challenges providing services to Australian players, Australian media platform 9News reported.
The crypto casino, called Stake, allows users to gamble online with Bitcoin, Ethereum, Dogecoin and other cryptocurrencies on various games and sporting events. The games include blackjack, slot machines, and roulette.
No license for gambling down under
Stake has a gaming and gambling license from Curacao. The founder is based in Melbourne. However, the platform is not allowed to provide gambling services in Australia yet. It has applied for a casino license and registered several trademarks in preparing for market entry.
Brand name claims
Its activity drew the attention of an eponymous Sydney-based share trading platform. Last week, that Stake filed a lawsuit against the high-profile crypto casino, requesting to stop the company from using the Stake brand.
The investment company claims its name is associated with its good reputation in the country. According to the plaintiff, the crypto gambling company broke the law by using and intending to use the Stake name, making the false impression that the two companies were connected.
The share trading firm claims the casino made false and misleading statements on its website, including its online shop, which Australians can access. They have asked the Australian Federal Court to bar the gaming company from using this name to promote itself in the local market.
Sponsorship deal with F1
The gaming firm and the Alfa Romeo Formula One team announced a sponsorship deal early this year. Stake’s logo was displayed at the Melbourne Grand Prix.
Canadian rapper Drake, whose real name is Aubrey Graham, posts social media stories of himself gambling on Stake and live streams with players through the Stake website.
Stake claims to account for 6% of Bitcoin transactions across the globe and reports 840 million casino bets were made on its website in June.
