Stake License Leak: Curaçao Granted Approval Despite Ownership Doubts

The world of crypto gambling is reeling from a revelation originating in the Caribbean. Leaked documents from the Curaçao Gaming Authority (CGA) present a questionable picture of its licensing practices. At the heart of the scandal is Stake, one of the most prominent names in online gambling, famously represented by rapper Drake. The records prove that the company behind Stake, Medium Rare N.V., was granted a conditional license on June 9, 2025, even though the regulatory body still had significant questions regarding the company's true ownership structure.

The investigation is based on tens of thousands of confidential documents obtained by Berlin-based hacker and researcher Lilith Wittmann from the CGA's internal licensing system. Published as Casino Secrets on September 22, the leak involved collaboration with the investigative platform Follow the Money and other media outlets. The documents suggest that Curaçaoan regulators chose to allow operations to continue despite glaring compliance issues, opting for post-licensing clarifications instead of pre-approval verification.

Numbers and facts

Internal reports identify Mladen Vuckovic as the sole ultimate beneficial owner and CEO of Medium Rare N.V. However, reviewers noted discrepancies, as Ed Craven and Bijan Tehrani are widely recognized as Stake's founders but were not disclosed in the application. The license issued on June 9, 2025, came with specific strings attached. The company was given a five-week window to clarify its contractual relationships with Craven, Tehrani, and several connected entities including Easygo, Primedice, Sweepsteaks, and Well Done STK.

Furthermore, the CGA required Medium Rare to explain the agreements governing the use of the Stake brand and the Stake.com domain. The regulator defended this practice in a statement to Follow the Money, claiming it decided not to implement all requirements at once to give companies a chance to comply step by step. A spokesperson stated that they would not immediately refuse a license due to uncertainty. A separate press release from September 22 insisted that the CGA followed robust internal procedures during its due diligence phase.

Background

The leak comes at a time when Curaçao's oversight is already under international pressure. The island has been attempting to shed its reputation as a safe haven for poorly regulated operators. However, the fact that a multi-billion-dollar entity like Stake could receive a license while internal reports noted that the applicant's true beneficial ownership remained unclear undermines these efforts.

"What is unclear is the applicant’s true beneficial ownership and its connections and business/contractual arrangements with EC, BT, Easygo, Primedice, Sweepsteaks and Well Done STK." - Excerpt from the internal CGA licensing report

In addition to the Stake revelations, reports on other platforms like helixbet.me highlight the risks of operating in poorly regulated environments. In that case, licenses such as OGL/2024/106/0170 were revoked in December 2025, yet the sites allegedly continued to operate with fake games and manipulated win data. Such examples illustrate why a thorough vetting of beneficial owners and software is critical before any license is granted.

Why it matters for German players

For players in Germany, these revelations serve as a clear warning signal. Operators like Stake do not hold a license from the Gemeinsame Glücksspielbehörde der Länder (GGL). Playing on such platforms places users in a legal gray area or involves illegal gambling activities. The German Interstate Treaty on Gambling 2021 (GlüStV 2021) was specifically designed to enforce transparency. In Germany, all beneficial owners must be disclosed and vetted before a brand can appear on the official whitelist.

Moreover, licensed German casinos offer protection mechanisms often missing from overseas crypto-casinos. The monthly deposit limit of 1,000 euros via the LUGAS system and the 1 euro per spin limit for slots are legally mandated. The GGL monitors compliance to ensure players do not end up with companies whose ownership structures are a mystery even to their own regulators. The safety of funds and personal data is never guaranteed with an operator lacking a GGL license.

What it means for GGL-licensed casinos

Legal German operators compete directly with these global giants but must adhere to significantly stricter standards. The Stake case proves that international licenses are often not worth the paper they are printed on if critical conditions are only met after approval. GGL-licensed casinos can leverage this scandal to emphasize their own integrity. In Germany, there is no step-by-step fulfillment of core criteria regarding owner verification. Either the structure is transparent and clean, or no license is issued. This creates a level of security that Curaçao-based casinos clearly fail to provide at this time.