Crypto Gambling Giant Stake.com Faces $400 Million Lawsuit

Stake.com, a cryptocurrency casino and betting platform, has been sued for $400 million by Christopher Freeman, a former associate. Freeman claims he co-founded Primedice, the predecessor to Stake.com, with Bijan Tehrani and Ed Craven. Freeman alleges that his stake in Primedice was reduced from 20% to 14% by Tehrani and Craven, who each held 40% and later formed Stake.com.

Freeman claims he suggested focusing on crypto-based online gambling, which Tehrani and Craven initially dismissed. According to Freeman, by 2016, Tehrani and Craven allegedly told him he would have to move to Australia if he wanted to be part of the new venture. Unwilling to do that, Freeman says his Primedice account and privileges were revoked and his former friends launched Stake.com as a crypto-based gambling portal without him.

Stake.com is valued at more than $1 billion, and Freeman is suing for $400 million, claiming the business was built using his ideas and Primedice funds. Stake UK has rejected the lawsuit, calling Freeman's claims "internally inconsistent, intentionally misleading, and provably false." Stake.com has processed more than $100 billion in bets across its casino and sports-betting arms.