Crypto-first operator Stake will give up its gambling license in the United Kingdom after the United Kingdom Gambling Commission (UKGC) launched an investigation into the company’s practices.
The crypto iGaming operator made the headlines after the appearance of Stake’s branding on a video with Bonnie Blue, a porn actor. The actor appeared at Nottingham Trent University, boasting of attempting to have sex with “barely legal 18-year-olds” in their first year of university study.
The advert was posted by an account that claims to be affiliated with Stake rather than the company itself and has since been removed.
Stake’s UK Operations Shut Down Following UKGC Scrutiny
Customers have been advised that Stake.uk.com, the online operator’s UK-facing website, will no longer be licensed from next month. The company’s white-label partner, TGP Europe Limited, has stated that the site will be shuttered entirely.
The UKGC had previously fined the Isle of Man-based company TGP Europe and Stake UK £320,000 for failing to meet AML standards and for social responsibility failings. TGP was ordered to “immediately stop accepting new registrations on the Stake.uk.com platform and remove redirection links from the main website.” The deadline for the complete closure is 11 March 2025.
Upon its closure, Stake commented: “Stake has made a strategic decision in mutual agreement with TGP Europe to exit white-label agreements and focus on securing local licenses through our in-house platform and operations, building upon our growth in key regulated markets such as our recent expansions into Italy and Brazil.”
UKGC Warns Premier League Clubs Over Unlicensed Gambling Deals
TGP Europe operates several white-label partnerships under UK licenses. Stakes was exceptionally high-profile, with the company’s logo featured on the front of English Premier League Football Club Everton’s jerseys.
The UKGC has announced it will be “writing to Everton—along with two other football clubs with unlicensed sponsors—warning of the risks of promoting unlawful gambling websites.”
The two other clubs in question are Nottingham Forest and Leicester, both of which are sponsored by unlicensed gambling sites in the United Kingdom. Nottingham Forest is sponsored by Kaiyun.com, whereas Leicester’s jerseys feature BC.Game.
BC.Game was declared bankrupt by a court in Curaçao in November 2024. Still, the Premier League club decided not to pursue alternative sponsorship after receiving assurances from the company that it could fulfill its financial obligations.
The UKGC will look for clubs to prove they have done due diligence on their white-label partners and that British consumers cannot transact with the websites. The regulator has assured it will be “taking steps to independently verify effective measures are in place.” Furthermore, club officers may be liable to criminal prosecution and a hefty fine if found guilty of promoting unlicensed gambling businesses.
Is Stake’s UK Exit a Setback or a Strategic Crypto Move?
Industry experts have cast doubt over the size of Stake in the GB market. The online crypto casino operator rose to fame as a crypto-first product and achieved monumental growth by accepting virtual currencies as deposits.
Although the UK-facing site did not offer crypto as payment, its exit via viral marketing stunt has certainly generated significant publicity and brand awareness.
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