Drake-endorsed crypto gambling firm Stake hit with lawsuit over name use

Australian Federal Court is now being asked to prohibit the gaming company from promoting itself using the Stake name in the country

article-image

John Steel/Shutterstock, modified by Blockworks

share

Crypto gambling firm Stake, co-founded by Australian billionaire Ed Craven and endorsed by Canadian music artist Drake, has hit a legal snag in its bid to enter the Australian market. 

Stake’s nationwide ambition is being challenged by a Sydney-based share trading platform of the same name, the Australian Associated Press reported Friday.

The trading platform reportedly filed a Federal Court lawsuit last week, seeking to prevent the casino from using the Stake brand within Australia. Stake, the casino, is barred from providing its services in Australia, according to its website.

It argues it has already built up a reputation with the Stake name within the country and that the crypto gambling firm’s use misleads consumers into believing the two are connected.

The Federal Court is now being asked to issue orders prohibiting the gaming company from promoting itself using the Stake name in Australia, per the report.

“The [share platform] has demanded that the [casino ceases] engaging in the conduct that is complained of … and the [casino has] refused or failed to do so,” the firm reportedly wrote.

In addition to the current legal headaches, a former business associate sued the casino’s founders in February for $400 million, accusing them of betrayal.

The company, which promotes itself as a “leading crypto casino” allowing wagers in bitcoin (BTC), ether (ETH), and dogecoin (DOGE) on sports events and online games, is currently incorporated in Curacao. 

Melbourne-based Craven and his American partner, Bijan Tehrani, have turned Stake into a significant player in the online gambling scene.  

Since its founding in 2017, Stake has grown to become the seventh-largest gambling group globally, reporting nearly $2.6 billion in gross gaming revenue last year.

Over that time, Stake has attracted high-rollers and high-profile endorsements, including a $100 million-per-year deal with rapper Drake.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

US dollars might technically be worth less, but it’s still good news

article-image

Apps are doing well, as is casino gaming, says Tom Schmidt of Dragonfly

article-image

Sponsored

Machine DeFi brings programmable peer-to-peer finance into contact with tangible machines that generate real-world value

article-image

What happens to your investment portfolio when the companies driving returns are no longer in it?

article-image

Wow, the ETF hype sure didn’t last long

article-image

The private sector lost 33,000 jobs in June; analysts had projected payrolls to add 100,000 positions