I have just reviewed a quite detailed analysis about Stake, that cryptocurrency casino which has become a controversial phenomenon in the online gaming industry. What draws attention is the scale of this business: we are talking about a platform that processes approximately 10 billion dollars in bets monthly, which accounts for around 4% of Bitcoin's annual transaction volume. The numbers are impressive.

What’s interesting is how Ed Craven, the co-founder, has built this from practically nothing. His personal fortune reaches billions of dollars according to recent reports, and he owns a mansion in Melbourne valued at over 56 million dollars. But behind these numbers, there is a rather problematic story.

In 2025, Bloomberg conducted an exhaustive analysis of 1,500 hours of live streams of players on Kick, Craven’s streaming platform. What they found was particularly questionable: influencers like Drake showed higher payout rates in Easygo’s games, Stake’s parent company, four times above the average. Drake won four jackpots in an hour playing slot machines, something statistically unlikely. When Stake was asked to explain this, they simply denied manipulating the odds.

What concerns me most is how this platform attracts minors. A Swedish teenager who entered Stake at age 15 ended up losing about 1.5 million dollars in cryptocurrencies over seven years. Craven, the founder, acted as his VIP manager, communicating almost daily via Telegram, offering reloads, and bypassing his self-exclusion requests. When the boy tried to leave, Craven simply unlocked his account.

This influencer strategy is calculated. Stake has hired thousands of editors to distribute videos of big wins, generating between 500 and 800 dollars per million views. Some streamers receive six-figure contracts and even eight-figure monthly earnings. What they don’t reveal is that many of them are using platform funds, not real money. One streamer publicly admitted that other influencers “pretend to use real money, but I know very well they don’t.”

From a regulatory perspective, Stake operates in a gray area. It is registered in Curaçao, practically unregulated, and although it is blocked in major markets like the United States, the United Kingdom, and France, users can use VPNs to bypass restrictions. Even in Australia, where Craven lives, the platform is banned, but it continues to operate.

What’s fascinating from a business analysis standpoint is how Craven has monetized this so effectively. In 2024, Stake reported revenues of 47 billion dollars after bonuses, an 80% increase from 2022. The annual deposit volume reached 18 billion dollars. And all this without being available in the main markets.

There are now multiple class-action lawsuits against Stake in the United States, particularly in California and Missouri, accusing the platform of deceptive business practices aimed at minors and problem gamblers. Some plaintiffs claim that the live streams of highly improbable wins present a misleading picture of the real risks.

What’s clear is that, although Craven continues living luxuriously in Melbourne and the main influencers remain on the platform—with the notable exception of Adin Ross, who moved to Rainbet—the regulatory pressure is increasing. Curaçao finally imposed fines in 2025, although they were symbolic compared to Stake’s revenues.

This case illustrates how the combination of cryptocurrencies, unregulated influencers, and a legal vacuum can create an extremely profitable but potentially destructive business. Stake’s model has proven to be scalable, but it has also left a trail of addicted players, minors with gambling problems, and unanswered questions about the integrity of its odds.