Messages between Australian multi-billionaire Ed Craven and a former associate have unveiled the intricate operations of his online casino empire, Stake. The revelations come amid a legal battle that highlights the blurred lines between high-rolling entertainment and gambling addiction.
In a series of exchanges, Swedish millionaire Chris, who became a high roller at Stake, lost over $150,000 within months. His losses, however, bought him something more valuable: direct access to Stake’s CEO and co-founder, Ed Craven. The conversations, spanning from 2020 to 2024, reveal the complex roles Chris played at Stake, from client to collaborator, and ultimately, to a litigant seeking to reclaim $1.5 million in losses, alleging exploitation of his gambling addiction.
The Rise of Stake and VIP Treatment
Stake, under Craven’s leadership, rapidly ascended to become a global gambling powerhouse. Despite his busy schedule, Craven personally engaged with top clients, offering them VIP treatment. Chris, who initially lost millions on another platform, quickly became a significant player at Stake, receiving special bonuses and direct communication with Craven.
The full transcript of their interactions, obtained exclusively by the ABC, provides a window into how Craven built his gambling empire. It also exposes how he seemingly ignored red flags regarding Chris’s gambling problem. In one exchange, Chris confessed to losing track of money and going overboard on live blackjack, to which Craven responded with lighthearted banter and continued incentives.
The Allure and Risks of Online Gambling
Chris’s journey into the world of online gambling began as a teenager, when he amassed a fortune trading video game items and cryptocurrencies. By 2020, his crypto assets had ballooned, and he found himself drawn to the virtual slot machines of online casinos. His parents were unaware of his gambling activities, believing his wealth was merely from gaming profits.
Online, Chris was more candid about his gambling habits, sharing both wins and losses on social media. He also used his online presence to recruit affiliates for Bitcasino, earning a cut from their losses. This model, akin to a gambling pyramid scheme, was mirrored by Stake’s marketing strategy, which involved partnering with live-streaming influencers to attract new players.
Stake’s Innovative Marketing Strategy
With traditional advertising channels closed due to regulatory restrictions, Stake turned to live-streaming as a novel marketing approach. Under the guidance of Akhil Sarin, Stake’s first official marketer, the company partnered with streamers who showcased their gambling sessions online. This strategy proved highly effective, drawing tens of thousands of viewers and creating a community of young gamblers on platforms like Twitch.
Stake’s success in the streaming space led to lucrative partnerships with online celebrities, including xQc and Trainwreck, who reportedly received contracts worth over $1 million per month to gamble live. Chris, too, was lured to Stake with a VIP deal, granting him direct access to Craven and further entrenching his gambling habits.
The Legal Battle and Ethical Questions
In 2025, Chris initiated legal proceedings against Stake, using his conversations with Craven as evidence of exploitation. Despite the lighthearted nature of their exchanges, underlying signs of Chris’s gambling problem were evident. Craven’s responses often included offers of bonuses and cashback, even as Chris struggled with self-exclusion attempts.
“I think it’s kinda dumb too,” wrote Craven, advising Chris against circumventing a self-imposed ban. “But at the same time, there’s a lot of people it helps.”
Chris’s legal claim argues that Stake made “gross misuse” of his addiction, while the casino maintains that he was a “professional gambler” exploiting the situation to recover losses. The case raises broader ethical questions about the responsibilities of online casinos in monitoring and addressing problem gambling.
The Broader Impact and Future Implications
Stake’s rise coincided with the COVID-19 pandemic, which trapped many potential gamblers at home. The company’s aggressive marketing tactics and partnerships with high-profile influencers expanded its reach, but also drew scrutiny. The case against Stake could set a precedent for how online casinos handle claims of exploitation and addiction.
As the legal battle unfolds, it highlights the need for clearer regulations and more robust support systems for problem gamblers. The outcome could influence the future of online gambling, particularly in how companies engage with high-risk players and manage their marketing strategies.
In the meantime, Chris’s story serves as a cautionary tale of the seductive allure and potential dangers of online gambling, reminding stakeholders of the delicate balance between entertainment and exploitation.
