Crypto casino Stake probed by ASA over social media posts

Crypto casino Stake probed by ASA over social media posts

A leading global crypto casino and betting site is having its social media posts investigated by the Advertising Standards Agency (ASA) in the UK.

Stake is based in Australia but the company has been awarded a white-label licence to operate in the UK from the Gambling Commission, which regulates the sector.

This means that it is legal to use for sports betting and casino games in the UK, with Stake needing to abide by the UK’s rules and regulations regarding gambling advertising as a result.

Stake, which is the shirt sponsor of Premier League side Everton and has been since the summer of 2022, has come under fire over its social media strategy in recent months.

The company’s logo has been superimposed on a range of viral social media posts, which include apparently random choices such as bowls of hard-boiled eggs.

Stake’s logo has also been placed on material promoting OnlyFans accounts, with questions raised about the legitimacy of the crypto casino’s social media strategy as a result of the move.

With some of the posts using memes, some have suggested Stake could be aiming to reach a young audience, which could be against ASA rules.

The ASA confirmed when contacted by UK newspaper the Guardian that it would be assessing the posts to see “whether there are grounds for further action”.

It is unclear to what extent Stake is involved in the social media strategy, which some have claimed on X – formerly known as Twitter – has earned them large sums for their accounts.

Online influencers have claimed to have been approached via direct messages on X and told they could earn payments for posts that feature the logo of the crypto casino site.

Tesla entrepreneur Elon Musk, who bought Twitter and rebranded the site as X, previously promised the “annihilation” of accounts that were deemed to be engaging in “platform manipulation by buying large follower accounts and then using them to push paid narratives”.

Although some of the accounts promoting Stake have disappeared, many remain in place.

Since the crypto casino was founded in 2017 by Bijan Tehrani and Ed Craven, Stake has become one of the biggest players in a fast growing part of the gambling industry.

The company has partnerships with a wide range of sports stars as well as teaming up with celebrities such as Drake, who often posts online about his bets on the Stake platform.

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