- A Sydney-based share trading platform is suing Stake, the online crypto casino, to prevent it from using the same name.
- The trading platform argues that it has established goodwill and brand recognition in Australia under the name Stake.
- Stake, founded by billionaire Ed Craven and backed by hip-hop star Drake, is based in Curacao and offers crypto betting on sporting events and online games.
- Stake recently entered into sponsorship agreements with the Alfa Romeo Formula One team and partnered with Drake.
- In June, around 840 million casino bets were placed on Stake’s website.
Hot Take: Stake’s expansion plans may be hindered by the legal battle with the Australian share trading platform. The lawsuit seeks to prevent Stake from using its current name, which could impact the casino’s branding and recognition in the market. However, with high-profile partnerships like the Alfa Romeo Formula One sponsorship and the association with Drake, Stake has the potential to overcome this setback and continue its growth in the crypto betting industry.
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