As of the 10th March 2025 Stake will cease operations in the UK, the gambling commission has announced.
This decision has been made following an investigation into reports that the Stake logo has been used across multiple adult content images and videos across various social media platforms.
This is not the first time the company has come under scrutiny by the law; the Guardian revealed that Australian Stake was controversially offering their customers a $10 ‘free’ bet if they wagered $5000 in a single week, and British Stake was investigated after reports that they were doing little to prevent UK customers using cryptocurrency through VPNs, despite the site having no authorisation to allow this.
As such, the gambling commission has insisted that the football team, Everton, remove affiliation with the company which has been a sponsor of the team since 2022. If they do not comply with this, the team could face prosecution.
As Stake closes, there will likely be ripple effects impacting the UK’s gambling economy. For one, other websites will have significantly less competition. There are still many options available for all different kinds of gamblers across the UK (Source:ukgamblingsitesnotongamstop.com). Some sites operate overseas and can accept gamblers who have signed up for the Gamstop self-exclusion program.
Additionally, the gambling commission’s decision to force Stake to close underscores the country’s commitment to keeping the gambling sector legal and well-regulated. Such a move is sure to act as a deterrent for illegal companies and websites as well as ensuring all operational sites remain legal.
It is also likely that Stake’s closure will prompt other websites to look at and adjust their own marketing strategies. Promotional material will likely become better regulated, with websites taking extra care to ensure their name is not involved in advertising that could be detrimental to their company.
There is also a minor risk that after the closure of Stake, the economy could experience a short-term drop in tax revenue from the gambling sector. However, with so many other big names in gambling, this effect is expected to be negligible.
And of course, Everton is likely to drop all associations with Stake as a company to avoid legal action being made against the team. Especially because this is not the first time Stake has come into direct legal trouble. The first time, in April 2023, saw TGP Europe, Stake’s parent company, fined a total of £316, 250 for not displaying enough commitment to anti-money laundering and social responsibility schemes.
The UK Gambling Commission has also made known its commitment to aiding gamblers as well as cracking down on unlawful gambling companies by introducing a financial risk feedback pilot for a scheme that will begin in April of this year.
Customers with Stake accounts in the UK will lose access to their accounts after the 10th of March 2025. As such, Stake has advised all its customers to withdraw their funds before the closing date, to avoid losing any of their money.
