Understanding Stake’s ownership and legal status in South Africa
Stake has become one of the world’s most recognizable names in online gambling, but its ownership structure and legal standing in South Africa remain complex topics that many bettors want to understand. This comprehensive guide explores who owns Stake, how it operates globally, and what its current status means for South African players.
The Founders Behind Stake
Stake is owned by Australian entrepreneurs Ed Craven and Bijan Tehrani, who co-founded the platform in 2017. The pair’s journey into the gambling industry began much earlier, with their partnership originating in the online gaming community of RuneScape during their teenage years.
Edward Craven, born in 1995 in Melbourne, Australia, developed an early fascination with gambling statistics after winning $6,000 on a family cruise at age 12. The duo first launched Primedice, a cryptocurrency-based online dice game, in 2013, followed by Easygo in 2016, a company specializing in online casino games.
Stake’s Corporate Structure
Stake operates under Medium Rare N.V., a company incorporated in Curaçao that holds an online casino license. The platform is licensed by the Curaçao Gaming Authority under license number OGL/2024/1451/0918, which provides its legal foundation for international operations.
The company maintains offices in Serbia, Australia, and Cyprus, with staff distributed globally. This international structure allows Stake to serve markets worldwide while operating from jurisdictions with favorable regulatory environments for online gambling.
Financial Success and Net Worth
The financial success of Stake has been remarkable. Revenue reached over $4.7 billion in 2024, with earlier reports indicating $2.6 billion in revenue for 2023. This explosive growth has translated into significant wealth for the founders.
Forbes estimates both Ed Craven and Bijan Tehrani have a net worth of approximately $2.8 billion each, though some sources suggest their combined fortune through Stake and their streaming platform Kick reaches $5.6 billion. By February 2025, some reports placed Craven’s individual wealth at $4.51 billion.
Stake’s Legal Status in South Africa
The reality for South African players is clear: Stake is not legally licensed to operate in South Africa. All forms of online gambling in South Africa are overseen by the National Gambling Board, which issues licenses to operators permitted to legally accept bets from South African residents.
Because Stake doesn’t have a license from the National Gambling Board, it cannot legally operate in South Africa and cannot officially accept customers from the country. The regulatory framework requires operators to obtain either National Licenses or Provincial Licenses from the relevant Provincial Gambling Boards.
Why Stake Isn’t Licensed in South Africa
South Africa’s gambling licensing system is highly restrictive. Gambling licenses are limited and are issued only after submitting a request for application (RFA) to the relevant regulatory authorities. Online bookmaker licenses are available in only a few provinces, such as the Western Cape, which operates a “license on request” regime.
The process is lengthy and expensive. The timeline for obtaining a license varies by province but generally takes 4 to 12 months for a decision. Additionally, the requirements often include significant local investment and ownership components.
The Broader Context
The National Gambling Board has intensified its efforts to combat unlawful online gambling activities in South Africa, showing growing concern over unlicensed gambling websites targeting South African consumers. This regulatory stance makes it unlikely that international operators like Stake will gain easy access to the South African market without major structural changes.
However, there have been significant changes in how South Africa regulates online gambling, and there’s potential that these laws might be relaxed in the future. Online gambling in South Africa showed year-on-year growth of 25.7% in 2024, indicating strong market demand that could influence future regulatory decisions.
What This Means for Players
For South African residents interested in online gambling, the situation is straightforward: they should only engage with bookmakers licensed by the National Gambling Board to ensure they’re participating in legal, safe, and fair betting activities.
While Stake operates in many countries worldwide and has built a reputation as a reliable platform, South African players have access to numerous excellent local bookmakers who offer legal ways to bet on major sports like rugby and cricket.
Looking Forward
The ownership of Stake remains firmly in the hands of Ed Craven and Bijan Tehrani, two Australian entrepreneurs who have built a gambling empire worth billions. Their success demonstrates the massive potential in the online gambling industry, but it also highlights the complex regulatory challenges facing international operators.
For South Africa, the question isn’t really about who owns Stake, but rather whether the country’s regulatory framework will evolve to accommodate international operators while maintaining consumer protection standards. Until then, Stake remains a globally significant platform that operates legally in many jurisdictions but not in South Africa.
The story of Stake’s ownership is ultimately one of entrepreneurial success in the digital age, built on cryptocurrency innovation and aggressive international expansion. However, for South African players, the more relevant story is about choosing licensed, regulated alternatives that provide legal gambling opportunities within the country’s established framework.
Understanding gambling regulations helps ensure safe, responsible gaming. Always verify the licensing status of any gambling platform before participating and gamble responsibly within your means.
