Stake to Close UK Site With the UKGC Supervising the Closure
Stake is set to lose its UK licence, with the UKGC supervising its closure.
Key Facts:
- Stake’s UK website will no longer operate as of March 2025
- Various issues have resulted in its parent company losing its licence
- Members can still access their accounts and make withdrawals before the closure date
Stake is due to shut down its UK website soon following a series of issues. TGP Europe, which is Stake’s white-label partner and licence holder, has confirmed its intention to close the site for good, and has informed the UKGC.
Anyone who visits Stake’s UK site will be met with a notification saying the site will cease operations on 10 March 2025. No new members are being accepted, though current members can still log in and withdraw funds.
Previous Problems
Two major incidents have contributed to the decision to close Stake’s UK website. The most recent of these resulted in the site’s licence being supervised for an unstated amount of time.
This was so that an investigation could be carried out into a video which used sexual content to promote Stake and gambling in general. The video, shot outside Nottingham Trent University, featured an adult actress and the Stake logo.
Back in April 2023, TGP Europe was fined £316,260 for several social responsibility and anti-money laundering failures on the Stake website. The fact that Stake has been involved in two serious incidents likely prompted its UK withdrawal.
Handling the Closure
The UKGC will oversee the closure of Stake’s UK website and ensure everything is done properly. Stake is well known for its high-profile sponsorship deal with Everton F.C. The UKGC will write to the club, advising it to stop promoting unlawful sites.
The regulatory authority also intends to gain confirmation that Everton has carried out due diligence on its partners and that people in the UK are unable to access unlicensed gambling sites.
Any club that Stake sponsors must use geo-blocking to help prevent access to unlawful sites, though people can easily circumvent this through VPNs. The UKGC has the right to start legal disputes against any club that promotes unlicensed gambling in any way.
The UKGC has a series of rules regarding the closure of a gambling site. TGP Europe and Stake must follow these rules and provide members with clear instructions on accessing their accounts and withdrawing any remaining funds.
The following is an update by Stake on its UK closure:
Stake has made a strategic decision in mutual agreement with TGP Europe to exit white-label agreements and focus on securing local licenses through our in-house platform and operations, building upon our growth in key regulated markets such as our recent expansions into Italy and Brazil. – Stake, TGP Europe, Stake Comments on Its UK Closure, SBC News
TGP Europe currently has 19 white-label partnerships with UK licences. Stake launched in the UK in 2021 as a subsidiary of Easygo, a crypto gaming group, though it didn’t accept crypto itself to meet its licensing requirements.
