Stake bows out of UK as part of strategic decision

Stake, a global crypto sports betting and gaming platform, has confirmed that it is withdrawing from the market in the United Kingdom.

Stake drops white labels to focus on developing its own infrastructure

The company, which operated through a white-label agreement with TGP Europe, sent an update to the media, arguing that it made a "strategic decision" in mutual agreement with TGP Europe. A spokesperson for Stake said:

"Stake has made a strategic decision in mutual agreement with TGP Europe to exit white-label agreements and focus on securing local licences through our in-house platform and operations, building upon our growth in key regulated markets such as our recent expansions into Italy and Brazil."

The announcement comes shortly after the UK Gambling Commission revealed that it is investigating the platform over a viral social media video supposedly featuring Bonnie Blue, an adult actress.

In an announcement on the regulator’s website, the watchdog confirmed that Stake.uk.com will no longer be accepting wagers and deposits, and a final shutdown of the service will come on March 11, 2025.

Stake has removed the redirection to the website in the United Kingdom from its international dot com domain as well to further comply with the regulator’s demands. The UKGC said that the Stake-branded logo was visible in the aforementioned video that "featured an adult actress outside Nottingham Trent University."

The regulator took the opportunity to remind any current Premier League soccer clubs about the dangers of promoting unlicensed sponsors. Stake is currently the front-of-shirt sponsor for Everton.

In the meantime, the watchdog expects Stake to go through with its shutdown of operations in Great Britain and to ensure that players can no longer access the website after March 11.

UKGC expects orderly closure of business for Stake

In the meantime, Stake.uk.com has stopped accepting new registrations in the United Kingdom, as confirmed by TGP Europe Limited to the UKGC. This is not the first time that TGP Europe and the regulator have come head-to-head.

In April 2023, the company was fined £316,250 over anti-money laundering and social responsibility failures.

The UKGC has reminded TGP Europe and Stake that it expected an orderly closure of business and a focus on helping consumers obtain their funds and close their accounts.

Image credit: Unsplash.com