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Stake.com made $2.6bn in GGR in 2022

Stake.com made $2.6bn in GGR in 2022

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There are still those within the industry who turn their noses up at crypto gaming, or perhaps are not even bothered enough to take an interest. There may well be a moral issue, and there may well be some financial risk attached, but those who dismiss the concept on the basis that it won’t make good money are doing so out of ignorance of the realities.

According to the Financial Times in London, in the five years since its launch, Stake has risen to become the seventh-largest gambling group in the world by revenue, generating almost $2.6bn in gross gaming revenue last year alone.

This figure is an increase on the $1.2bn for 2021 and the seemingly modest $105m for 2020.

Eight years ago, when they had just turned 20, Australian friends Ed Craven and Bijan Tehrani created a crypto dice gambling platform called Primedice. This became the foundation for Stake.com which now offers online slots, table games, live casino and sports betting, accepting both fiat and cryptocurrencies.

Specific marketing efforts were directed at building trust in both cryptocurrencies and in the ‘newness’ of the business and, in 2022, Stake signed a £100m per year endorsement deal with the rapper, Drake. Stake also has the support of some big names, including sponsorship deals with Premier League club Everton and Alfa Romeo’s F1 team. 

Whist it is true to say that the majority of Stake’s customers are resident outside of Europe and North America, it is difficult to argue with the notion that the core concept is hugely popular. Of course at 27 and 28 years old respectively, Craven and Tehrani are significantly more in tune with the demands of the coming generation than most against whom they compete.