Ed Craven and Bijan Tehrani first met as teenagers online, where they developed a way for players of Runescape to wager on fights using in-game digital coins. The scheme, called “staking,” was profitable until they were reportedly removed from the platform. They now run Stake.com, the largest offshore crypto casino in the world, generating $2.6 billion in revenue last year. Their marketing instincts and willingness to operate in legal gray areas have made them billionaires, each worth an estimated $1.3 billion.
They have used their fortunes to sponsor Formula 1 cars, English Premier League jerseys, UFC events, and a new livestreaming service. Despite their success, Craven and Tehrani are focused on gaining legitimacy for their company, Stake. They combine controversial technologies and industries, facing challenges in overcoming public perception of their company’s values. Their ultimate goal is to establish credibility, no matter the cost.
The duo began dabbling in crypto in 2013, coding a game called Primedice where users could bet Bitcoin on the roll of a virtual die. Their ambitions grew, leading to the launch of Stake in 2017, offering slots, table games, and a sportsbook with wagers in cryptocurrency. They took advantage of the growing popularity of Bitcoin, with its value skyrocketing by late 2017. Stake operated in offshore havens like Curaçao, where regulations and oversight were minimal, enabling them to keep costs low and offer better odds to gamblers.
Stake’s success continued to grow, with their gross gaming revenue rising from $100 million to over $2 billion between 2020 and 2022. The company, self-funded and split between Craven and Tehrani, earned hundreds of millions in profits. They invested in marketing, sponsoring an English Premier League soccer jersey and a Formula 1 team. Despite the lavish spending on marketing, their focus is now on protecting what they have built by complying with regulations in more countries and expanding into noncrypto operations in various regions.
The founders have diversified beyond gambling, launching Kick, a livestreaming competitor to Twitch in late 2022. They used a similar strategy to Stake, offering looser restrictions and attractive benefits to lure prominent creators to the platform. However, Kick has faced challenges with content moderation and profitability. Despite operating at a deficit, Craven and Tehrani remain focused on growth and are personally investing in the business. Their success with Stake has enabled them to venture into new opportunities, emphasizing their belief in the business.
Craven and Tehrani are cautious with crypto investments, converting much of Stake’s revenue into government-backed fiat currencies to mitigate risks. They acknowledge the volatility of the crypto market and do not want to double down on risky investments. Their ability to adapt to changing regulations and market trends has allowed them to build a successful business empire, with Stake at the forefront of the crypto casino market. Their journey from teenage entrepreneurs to self-made billionaires is a testament to their entrepreneurial spirit and willingness to take risks in pursuit of success.
