A former partner of Stake.com is suing Stake founders Ed Craven, and Bijan Tehrani for 400 Million USD in damages after he was allegedly excluded from the wildly successful crypto gambling company.
And, it does sound a lot like the Mark Zuckerberg vs The Winklevoss Twins saga, doesn’t it?
I’m not surprised. Because when there are companies as revolutionary as Facebook or Stake.com, lawsuits are bound to fly around.
Because everybody wants a piece of the pie, and in Stake’s case, it’s a $1 Billion-worth chunk.
The rise of the Largest Bitcoin Casino in the World
Something you most probably didn’t know is that Stake.com was actually founded in Melbourne in 2017 by Ed Craven, and Bijan Tehrani.
And, this duo has taken the crypto gambling scene by storm with their innovative way of marketing, seeing their company grow into a $1 Billion operation.
With the pop artist Drake as its major ambassador, some of the most popular (famous or infamous) influencers in the world on their side, and being the lead-shirt sponsor of English Premier League soccer team Everton, Stake.com is believed to have taken in over $US100 billion in bets across its casino and sports betting companies.
The crypto-only casino’s co-founders are also not shy to strut their wealth as the 27-year-old co-founder, Craven, recently made headlines by paying a record-breaking AUD 80 million for a mansion in the swanky area of Toorak. Interestingly, the previous record of AUD 38 million for a Toorak home was also purchased by entities connected to Craven earlier this year.
And, with money flying around like that, there’s bound to be a disgruntled ex-colleague, somewhere down the line.
How It All Happened
To make a long story short, Freeman, Craven, and Tehrani were co-owners of Primedice, a betting site that was established in 2013.
Freeman claims that in 2016, it was his idea to establish a cryptocurrency casino but that his partners turned down this idea due to potential regulatory concerns.
He also claims that he was discouraged to join a new enterprise in the same year (Stake.com) after he was informed that he could only join in if he relocated to Australia and he also claims that both his previous partners stated that the new venture would only accept FIAT currencies, like Euro and USD.
“He reasoned it was highly competitive and presented personal risks which he was not prepared to accept, and he did not want to be forced to move to Australia to pursue a fiat-based gambling business”.
According to Freeman, his access to the Primedice account was eventually blocked and never returned, and his shares in Primedice were reduced to 14% in order to compensate other key members of the development team when the company was still in its early stages.
Stake.com said in a statement:
“The complaint filed by Chris Freeman contains allegations that are internally inconsistent, intentionally misleading, and provably false.” The company described the claim as a “desperate attempt to spread false information”, adding Freeman had no claim to the money he said he was owed.’’
We’ll just have to wait and see how this one pans out but I honestly can’t see that it will have a negative impact on this respected casino. It already has a bad-boy image but in a uber-cool way and the service and product it is delivering is honestly one of the best, if not the best, in the industry.
And, that is why Stake is attracting thousands of new players weekly. They do things differently but in an incredibly well-thought-out professional manner and are obviously giving their players exactly what they are looking for.
And, they’re not going to stop anytime soon!