A legal battle has erupted between two companies that share the name “Stake” – a Sydney-based share trading platform and the popular online casino & sportsbook operator. Both companies are claiming rights to the Stake brand name, resulting in a trademark dispute that could have significant implications for their respective businesses.
Ed Craven, a billionaire entrepreneur, co-founded the online casino Stake in 2017 with his American business partner, Bijan Tehrani. Operating out of Curacao in the Caribbean, the company has positioned itself as a leading online crypto casino. Stake offers users the ability to place bets on sports events and enjoy casino games such as slots, blackjack, and roulette. Customers can make transactions using a variety of cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. Craven, currently based in Melbourne, originally faced challenges launching Stake in Australia, as the company was required to obtain a casino license before operating.
In contrast, the Australian share trading platform named Stake has been operating in the country for some time, establishing a significant presence and reputation under the Stake name. The platform has taken issue with the online casino’s use of the same brand name, arguing that it has already built goodwill around the Stake brand within Australia.
Legal documents filed by the share trading platform highlight the goodwill associated with the Stake name, according to the Australian Associated Press. The company asserts that the online casino’s use of the Stake brand name could potentially confuse consumers and erode the hard-earned reputation of the trading platform
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