Ed Craven and Bijan Tehrani, co-founders of Stake.com, have reportedly acquired stakes in PointsBet, an Australian gambling company. The undisclosed investment was made through EasyGo Gaming and accounts for around 4.2% of the company’s shareholder register.
Stake.com is a popular crypto casino and sports betting website registered in Curaçao but managed from Melbourne. However, Australians are unable to place bets on the site due to legal restrictions on cryptocurrency-based betting in the country. Tehrani has previously expressed interest in obtaining an Australian betting license.
The acquisition of PointsBet is seen as a strategic move for Craven and Tehrani as they aim to enter the Australian market, despite facing legal hurdles. PointsBet, based in Melbourne, is a leading operator in Australia and was recently acquired by Fanatics for $225 million. The acquisition aims to enhance the company’s presence in Australia and Canada, in addition to expanding its operations in the US.
Since its founding in 2015, PointsBet has experienced rapid growth and is known for its unique sports betting feature, PointsBetting. Meanwhile, Stake.com, founded in 2017, has become a leader in sports betting, particularly in the realm of crypto betting. The company is focused on providing customers with high return-to-player rates and a secure gambling experience.
The acquisition of PointsBet’s stakes by Craven and Tehrani is part of their broader global expansion strategy, which includes recent entry into the Colombian market through the acquisition of Betfair Colombia. Despite the acquisition, key details remain undisclosed, as neither the stakeholders nor EasyGo Gaming have commented on the deal. The acquisition represents a significant milestone for Stake.com as it seeks to establish a stronger foothold in the traditional gambling market in Australia.