Stake.com founders are sued for 400 million dollars

The founders of the world’s biggest online cryptocurrency casino, Stake.com, are being sued for $400 million in a civil lawsuit in New York, USA. Christopher Freeman, a former partner to Stake.com’s Australian founders Ed Craven and Bijan Tehrani, accuses Craven and Tehrani of having misled him while the iGaming company was formed.

The two founders, on the other hand, claim that Freeman’s accusations are false. Their company lawyers answer that the allegations come from nowhere.

In a statement to the Australian press, the company said: “The complaint filed by Chris Freeman contains allegations that are internally inconsistent, intentionally misleading, and provably false. It amounts to a desperate attempt to spread false information.”

The three men started the casino business Primedice when they were in college in 2013 – several years before Stake.com was founded. Freeman says in his civil court action in the Southern District of New York that he was deceived by his former partners when Stake.com was created. According to Freeman, Craven and Tehrani said they would start a casino operating with traditional currency, so-called Fiat money.

Freeman states that he wasn’t interested in such a business and instead prompted for a cryptocurrency site. He also claims that his former partners said he needed to move from the US to Australia to be part of Stake.com. Craven and Tehrani deny these accusations as well.

Stake.com claims to have processed 100 billion dollars on casino and sports betting. Freeman is trying to show the company’s success in his lawsuit by pointing out that Craven recently bought the most expensive house in Melbourne for 80 million Australian dollars. He also claims that he was a childhood friend of Tehrani and that they went to the same primary and high school in the American state of Connecticut.

More about Stake.com

Stake.com is said to be the biggest cryptocurrency casino in the world. It was first considered to be an offshore business until Australian newspapers last year revealed that the company was founded in Melbourne, Australia, in 2017.

Although created in Australia, the company holds its online casino licence in Curacao. Apart from Australia, the company also has offices in Serbia and Cyprus.  

The sports betting and casino site today sponsors the English Premier League football team Everton. It is also an official partner with the Canadian rapper Drake and the Ultimate Fighting Championship (UFC).

When Stake.com was launched in the UK last year, the site sidestepped from its cryptocurrency focus, only offering transactions in fiat currency to apply to UK licensing regulations.