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A former business partner and boyhood friend named Christopher Freeman is suing Stake.com, an online casino established by Australian millionaire Ed Craven and his business partner Bijan Tehrani, for more than $500 million. The lawsuit, which was filed in the Southern District Court of New York, alleges that Craven and Tehrani excluded Freeman from their firm and demands a staggering $588 million in damages.
Plaintiff Claims He Was Unlawfully Terminated from the Company
The bitcoin dice gambling website Primedice was first established by Freeman, Tehrani, and Craven in 2013. However, Tehrani and Craven broke away from Freeman in 2016 and started Stake.com. Freeman is suing the two for $588 million in damages on the grounds that he was unlawfully fired from the company.
He claims that despite guarantees that he would still hold a partnership stake, Tehrani and Craven entirely cut him out of Primedice and turned the business potential that came from the Primedice concept into Stake.com.
Freeman Alleges He Should Have Had a 20% Stake in Stake.com
Freeman asserts in court filings that he is entitled to a 20% part of Stake.com, as well as past-due sums from Primedice and numerous alternative cryptocurrencies totaling at least $200 million. In addition, he asserts that Tehrani and Craven provided a variety of online gambling choices on the Stake platform, including a dice game that directly competes with Primedice and devalues it.
Additionally, Freeman claims that the pair informed him that they intended to import a fiat casino to Australia since building a virtual casino would be too expensive. He turned them down because he thought a fiat money casino would have too many rivals and be too risky.
In August 2022, Freeman filed a civil lawsuit in New York, seeking $400 million in damages and claiming that he had been wrongfully excluded from Stake. Additionally, he alleges that Tehrani and Craven broke their agreement between 2016 and the present and is requesting $558 million in damages. Freeman alleges that he was the victim of repeated fraud, theft of his concepts for a bitcoin casino, and interference with his prospective economic advantage.
Stake.Com: A Crypto Online Casino
Founded in 2017, Stake.com provides its customers with typical online casino games such as no deposit slots, blackjack, and roulette as well as sports betting. It also had options for video streaming and live dealer games. Users usually do not use fiat currencies but instead make use of crypto for deposits and withdrawals.
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A variety of gaming alternatives are available at the cryptocurrency-based online casino Stake.com, including dice, blackjack, roulette, poker, and more. The website enables users to wager using several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others.
Additionally, it provides a VIP rewards program for regular users and a referral scheme for those who bring friends to the website. Since its introduction, Stake.com has experienced enormous growth, with daily wagers now exceeding $400 million.
The Company’s Future Might Be at Stake
Since its debut, Stake.com has had phenomenal growth, with daily wagers topping $400 million and growing to become one of the most well-known online casinos in the sector. In addition to its founders, this success has benefited investors and users who have had access to a variety of gaming choices utilizing different cryptocurrencies.
The emergence of Stake.com and other cryptocurrency-based online casinos may be ascribed to cryptocurrencies’ increasing popularity and mainstream use. Online gaming sites find cryptocurrencies to be an appealing alternative because they provide a level of security and anonymity that regular fiat currency does not. Additionally, because cryptocurrencies are decentralized, they enable rapid and simple transactions, making them a practical choice for online casinos.
The market for cryptocurrency gaming is anticipated to reach $94.4 billion by 2027, rising at a CAGR of 11.5% during the forecast period, according to a study by MarketsandMarkets. The use of cryptocurrencies, the acceptability of online gambling, and the expanding usage of mobile devices for online gambling are some of the factors that are fueling this expansion. There will probably be more online casinos adopting bitcoins as a mode of payment as the market expands.
It is important to follow the developments of the lawsuit brought against Stake.com and its creators. Freeman has leveled serious claims, and he is asking for hefty compensation. It will be fascinating to watch how the case develops in court, despite Craven and Tehrani’s claims that it is “provably false” and “utterly frivolous.”
The verdict in this case might have a big influence on Stake.com’s future and the future of the online gambling market in general. It is essential to keep in mind that the specifics and results are susceptible to change because this is an ongoing legal matter. It is also important to note that Stake.com continues to function and provide services while this issue is still pending.
