Australian media reports suggest that Ed Craven, co-founder of Stake.com, and his business partner Bijan Tehrani have acquired stakes in the online betting company PointsBet through their investment company, EasyGo Gaming. The exact amount of the investment has not been disclosed, but it is estimated to be around 4.2% of PointsBet’s shareholder register.
Stake.com, a popular crypto casino and sports betting website, is owned by Craven and Tehrani. Although the company is registered in Curaçao, it is managed from Melbourne. However, due to legal restrictions on cryptocurrency-based betting in Australia, Australians are unable to place bets on Stake.com. Tehrani has previously expressed interest in obtaining an Australian betting license, indicating the company’s desire to expand into the Australian market.
The acquisition of PointsBet is seen as a strategic move for Stake.com, as it aims to enter the traditional gambling market in Australia. PointsBet, based in Melbourne, is a leading operator in the country and has recently seen its US business acquired by Fanatics for $225 million. The funds from this acquisition will be used to improve PointsBet’s Australian and Canadian operations.
Established in 2015, PointsBet has experienced rapid growth in the Australian market, particularly after introducing its unique sports betting feature, PointsBetting, in 2017. The company is headquartered in Victoria and is a prominent sports betting provider in the country.
On the other hand, Stake.com, founded in 2017, has emerged as a leader in the world of sports betting, with a focus on crypto betting. The company prides itself on offering high return-to-player rates and a safe gambling experience for its customers.
The acquisition of PointsBet’s stakes by Ed Craven and Bijan Tehrani remains shrouded in secrecy, as neither the investors nor EasyGo Gaming have commented on the details of the deal. Nonetheless, the move signifies a significant development for Stake.com as it continues its global expansion, having recently entered the Colombian market through the acquisition of Betfair Colombia.