Stake Casino Gets Entangled in Legal Dispute in Australia
Crypto casino Stake's ambitions to expand in Australia face a setback due to a lawsuit from a Sydney share trading platform with the same name, aiming to block Stake's use of its brand in Australia.
The share trading platform launched a legal suit in the Federal Court last week with the goal of barring the live casino from promoting itself using the Stake brand in Australia. The legal action contended that the share trading platform has already built a reputation linked to the Stake name in the country.
According to the company, if the crypto gambling platform uses the same name in the country, it could cause confusion among consumers and suggest an affiliation between the two companies that doesn't exist.
The shared platform has therefore demanded that the casino halts the disputed conduct. However, Stake has purportedly declined or failed to adhere to this request.
Not the First Rodeo for Stake
The latest legal challenge comes after the casino received a lawsuit in February from a former business associate who filed a claim for $400 million in damages, alleging betrayal.
Stake allows players to bet using various cryptocurrencies like Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) on sports and online games.
The leading crypto casino was established by Ed Craven and his American partner Bijan Tehrani in 2017 and has rapidly gained prominence in the industry to become the seventh-largest gambling group worldwide. In the previous year, the company disclosed a gross gaming revenue of nearly $ 2.6 billion.
Stake's popularity in the industry was also aided by its significant agreement of $100 million annually with the renowned rapper Drake.