The incredible success of two entrepreneurs who believed in a crypto casino
The use of Crypto has yet to reach every consumer: while it remains an enigma for many, with both older and younger generations grappling with its complexities, a growing number of entrepreneurs are demonstrating its vast potential. Among these trailblazers are Ed Craven and Bijan Tehrani, founders of Stake, whose venture into the crypto casino space has set new industry standards.
Casino conquest
In the crowded field of online crypto casinos, few have achieved the prominence of Stake. Founded in 2017 by Craven and Tehrani, who bonded over their shared passion for gaming, Stakes.Us Casino is one of the major players in the entire sportsbook and casino industry. While other crypto competitors remain on the fringes, Stake has firmly established itself in the mainstream. The iGaming sector, generating billions annually, presents both immense opportunities and intense competition. So, what has propelled Stake to such heights of success?
From gaming buddies to industry leaders
Craven and Tehrani’s journey began with a shared interest in gaming, which led them to develop a platform for betting on the popular game Runescape. Though their initial project wasn’t a hit with the producers of the title, it laid the groundwork for their future collaboration.
Prior to launching Stake, they founded Easygo, a company specialising in casino game development. Building on this foundation, Stake was introduced in 2017, marking their ambitious foray into the crypto casino arena.
The formula for success
In an industry where crypto casinos are often viewed as niche players, Stake has managed to bridge the gap between cryptocurrency and traditional gaming. Unlike many crypto platforms, Stake does not overtly advertise its cryptocurrency origins. Its sophisticated design and acceptance of conventional payment methods, including bank cards and digital wallets, cater to a broader audience.
Moreover, Stake’s extensive sportsbook sets it apart. While many crypto casinos offer sports betting as an afterthought, Stake provides comprehensive coverage, which has undoubtedly contributed to its growing customer base. Craven and Tehrani’s strategic focus on infrastructure and branding has been instrumental in their success.
Strength to strength
Stake has made significant strides in maintaining its visibility through high-profile sponsorship deals. The operator’s partnership with Everton FC in 2022, which set a revenue record for the club, was a landmark deal. Additionally, Stake has secured sponsorships with Watford FC and Gillingham football club, and extended its reach into Formula One, boxing, and UFC.
One of Stake’s most notable endorsements came with Canadian rapper Drake, who became the public face of the brand in 2022. The deal, initially valued at $100,000 per year, has likely seen increased figures in subsequent years, reflecting Stake’s growth. In 2022, the company reported an impressive $2.6 billion in revenue.
A blueprint for success
The operator continues to evolve, and despite a challenging industry and global economic climate, these numbers are expected to grow further.
The success of Stake is a remarkable achievement for two gamers who believed in the potential of a crypto casino. However, this success is no fluke. Craven and Tehrani’s approach can be seen as a blueprint for anyone looking to enter the industry.
While confusion around cryptocurrency persists, appealing to the mainstream has been crucial. It is this broad customer base that has propelled Stake to its multi-billion-dollar success.
