Stake, a prominent name in the crypto gambling sector, is under scrutiny following the release of confidential Curaçao Gaming Authority documents. These records indicate that Medium Rare N.V., the company behind Stake, was awarded a gambling license despite ongoing inquiries into its ownership structure.
The leaked documents reveal that regulators were still trying to ascertain the true ownership of Medium Rare and its ties to Stake's founders, Ed Craven and Bijan Tehrani, when the license was conditionally granted on June 9, 2025. The gaming authority provided Medium Rare with a five-week window to clarify these relationships after the license was issued.
Stake has gained significant recognition as a leading crypto casino, boasting a multibillion-dollar valuation and high-profile endorsements, including rapper Drake.
According to the internal report, Mladen Vuckovic was identified as the sole ultimate beneficial owner and CEO of Medium Rare. However, the report highlighted that Craven and Tehrani are widely recognized as the founders of Stake, raising questions about the transparency of the ownership application.
The report also pointed out that the license was granted with specific conditions, including the necessity for Medium Rare to clarify its ownership and contractual ties with the Stake founders and other associated companies.
Further complicating matters, the report noted uncertainty regarding the true beneficial ownership of the company and its connections to various entities linked to Craven and Tehrani. Despite these concerns, the reviewers concluded that the license could be issued under certain conditions.
The Curaçao Gaming Authority (CGA) has acknowledged that it has previously granted licenses to gambling operators even when ownership issues were unresolved. In a statement, the CGA explained that it allows companies to meet licensing requirements gradually rather than imposing all conditions at once.
In response to the leaked documents, the CGA emphasized that it follows thorough internal procedures for due diligence and cautioned against making assumptions based on isolated documents without considering the full context of applications.