Posted on: March 11, 2022, 06:11h.
Last updated on: March 11, 2022, 06:11h.
The mystery buyer of a A$38.5 million (US$28 million) Melbourne mansion has been identified by Australian media as the 26-year-old co-founder of one of the world’s biggest crypto-betting operations.
Ed Craven established community-based betting platform Stake.com in 2017. Today, it has over 500,000 registered users and high-profile sponsorship agreements with the UFC and Watford FC in the English Premier League. It also counts multi-platinum record selling hip-hop star Drake as a brand ambassador.
The company is estimated to be worth more than $1 billion, according to The Sydney Morning Herald (SMH).
Craven also owns Easygo, a B2B crypto gaming software provider based on the Isle of Man.
How the Other Half Live
His new pad is one of Australia’s most expensive homes. The luxury mansion in Melbourne’s affluent suburb of Toorak spans 6,500sq-feet and boasts a three-car garage, four bedrooms (only four?), and as many bathrooms.
The interior is fashioned in an art-deco style that includes a curved staircase and modernist sculptures. “An in-ground pool adds to the resort-style backyard with a landscaped garden and outdoor entertainment area,” reads the real-estate agent spiel.
The previous owner was Will Deague, CEO of property develop the Deague Group, who bought the property in 2018 for $12.2 million. Deague had the house knocked down and started over, rebuilding the mansion from the ground up, and making a 200 percent return on his investment.
Craven is upgrading from a A$15 million (US$10 million) penthouse apartment in Melbourne’s Southbank area, which is also home to the Crown Casino Melbourne.
No Aussie Bets
Stake.com was recently the subject of a SMH “exposé” that questioned why a crypto-online casino based its HQ in Melbourne when online casino gambling is illegal in Australia.
SMH was perhaps disappointed to learn that Stake.com does not take any bets from within Australia and therefore was not breaking any laws, which made for a pretty toothless exposé.
Nevertheless, SMH raised the legitimate point that the company’s licensing in Curacao means it escapes the stringent anti-money laundering controls that it would be subject to elsewhere.
Stake.com is not licensed in the US and does not accept US customers. But it made its licensed UK debut in December. UK customers can only bet using fiat currency, as the country does not license crypto betting.