Stake Withdraws from UK Market: Strategic Shift and Compliance Measures
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Stake, an international platform for cryptocurrency sports betting and gaming, has officially announced its decision to withdraw from the United Kingdom market.
Stake Ends White-Label Partnerships to Enhance Internal Infrastructure
‘Stake has mutually agreed with TGP Europe to terminate our white-label partnerships. Our focus will now shift towards obtaining local licenses via our own platform and operations, leveraging our progress in key regulated markets, such as our recent growth in Italy and Brazil.’
The company previously operated through a white-label partnership with TGP Europe. In a recent media update, Stake explained that the decision to exit this partnership was a strategic one, made in collaboration with TGP Europe.
- The UK Gambling Commission (UKGC) initiated an investigation into Stake following a viral social media video.
- Stake.uk.com will cease accepting bets and deposits, with a complete shutdown scheduled for March 11, 2025.
- Stake has removed UK-specific redirects from its international website to comply with regulatory demands.
- The UKGC warned Premier League clubs about risks associated with unlicensed sponsorships.
- Stake is currently a front-of-shirt sponsor for Everton.
UKGC Anticipates Smooth Business Closure for Stake
TGP Europe Limited confirmed to the UKGC that Stake.uk.com has halted the acceptance of new registrations in the UK.
This isn’t the first encounter between TGP Europe and the regulatory body. In April 2023, the company faced a fine of รล316,250 due to failures in anti-money laundering and social responsibility.
The UKGC emphasized the importance of an orderly business closure, stressing the need for assisting consumers in retrieving their funds and closing their accounts.