After the English Premier League club lost several sponsors due to sanctions imposed after Russia’s invasion of Ukraine, Stake, an Australian-founded and led crypto casino, has struck a multi-year arrangement to become its principal sponsor.
Stake’s agreement with Everton comes just a few months after the Australian gambling operator announced Drake as its worldwide brand ambassador. To advertise the crypto casino, the extremely successful musician has recently appeared in livestreams playing roulette.
Stake.com was formed in Australia by two gaming entrepreneurs in their 20s — American-Australian Bijan Tehrani, 28, and Sydney-born, Melbourne-based Ed Craven, 26, who just purchased a mansion in Toorak for $38 million, as reported by The Age and The Sydney Morning Herald last year.
Stake (not to be confused with the low-cost share trading platform Stake) has evolved to become one of the world’s largest online casinos, managing over $US100 billion in bets across a variety of casino games and sports betting services since its launch in 2017.
Due to loopholes in Australian regulation that allow online casinos to have operations here even though they don’t service any Australian customers, the group has an office on Collins Street and is legally part-operated from Australia. In the United Kingdom, cryptocurrency betting is prohibited. Stake was recently banned from operating in France due to fears that French clients were accessing the site illegally.
Everton, a Premier League team where Australian football legend Tim Cahill spent eight years, survived relegation this year following a disastrous season in which it ended 16th in 2021/2022. The club is also in financial trouble, thanks to the departure of a number of sponsors tied to Uzbek billionaire Alisher Usmanov.
While the actual value of Stake’s sponsorship agreement is unknown, according to sports website The Athletic, the Usmanov enterprises’ deal with Everton was worth £20 million per year. Everton chose to drop its main shirt sponsorship arrangement with UK car dealer Cazoo as part of the deal.
Watford FC was demoted to the English Football League Championship following 25 loses during the season, with Stake as the major jersey sponsor.
Stake isn’t the first Australian corporation to sign an agreement to become the primary shirt sponsor of a Premier League team in England. Union Standard International, an Australian-based financial betting product company, was Sheffield United’s primary sponsor until it went bankrupt, owing investors more than $350 million.
Everton said that the sponsorship agreement with the casino and sports betting platform would begin in July, calling it the “highest value front-of-shirt deal in the Club’s 144-year history.”
Stake, according to Everton chief executive Denise Barrett-Baxendale, is an ambitious company with great expansion prospects.
“At this point in their journey, we’re all really eager to join into a collaboration with them.”
My talented colleagues in our new Revenue Team have made outstanding progress in recent months, working tirelessly to secure what is the Club’s largest main partnership deal ever – I’d like to congratulate them on this achievement and express my gratitude to Stake.com for choosing Everton as a long-term partner on behalf of everyone at the Club.”