WILLEMSTAD – Curaçao's gambling regulator granted a license to the company behind global crypto casino Stake despite unresolved questions about who ultimately owned and controlled the operation, according to confidential regulatory records obtained and analyzed by Follow the Money.
FTM's investigation reports that Serbian national Mladen Vuckovic was listed as the owner of Medium Rare NV, the Curaçao-based company behind Stake.
Vuckovic, who was publicly known as Stake's chief executive, declared assets exceeding US$1 billion in a disclosure submitted to Curaçao regulators in 2024.
However, Australians Ed Craven and Bijan Tehrani are widely known internationally as the founders of Stake. According to FTM, neither was named in the Curaçao license application.
The distinction attracted the attention of Curaçao Gaming Authority officials.
According to FTM, regulators questioned whether Vuckovic was genuinely the company's sole owner after identifying loans and payments worth tens or, in some cases, hundreds of millions of dollars from Medium Rare to companies and individuals associated with Craven and Tehrani.
Despite these concerns, the license was granted.
Marcel Pheijffer, professor of forensic accountancy at Nyenrode Business University, reviewed the regulator's recommendation concerning Stake at FTM's request.
Given the uncertainty surrounding ownership, Pheijffer described the decision to grant a license as “incomprehensible.”
Offshore-finance expert Jan van Koningsveld offered a more nuanced assessment. He told FTM that unresolved uncertainty did not automatically mean the CGA should have rejected Stake's application. However, he said authorities could be expected to conduct an in-depth investigation and maintain ongoing supervision.
Stake has become one of the world's most recognizable crypto gambling brands, aided by high-profile marketing. Rapper Drake has been a prominent public figure associated with the company, while Stake previously sponsored the Sauber Formula One team.
FTM says previous reporting found that aggressive and sometimes covert marketing helped transform Stake into a multibillion-dollar company.
The Stake case goes to the heart of the issue raised by the Casino Secrets investigation: whether the identity listed on corporate and licensing documents necessarily reveals who ultimately owns, controls and benefits from an international gambling business.
Source: Follow the Money, Casino Secrets investigation by David Davidson, Sjors Hofstede and Lukas Kotkamp, with reporting in Curaçao by Dick Drayer.