Stake Checked Out Over Social Posts
Stake, a crypto casino that sponsors a Premier League football team, is being investigated by the Advertising Standards Authority (ASA).
Crypto companies sponsoring football teams in the Premier League have been causing scrutiny, with Stake being the latest one. © Gerd Altmann, Pixabay
Key Facts:
- Everton’s shirts feature the logo of gambling company Stake
- The crypto betting site is coming under fire over social posts
- The ASA has now confirmed it is looking into the matter
- Stake is accused of promoting itself via unofficial advertising campaigns
Everton’s shirts feature the name of the betting company, which has partnerships with global stars such as the rapper Drake.
Stake has often drawn controversy and the cryptocurrency casino could be in hot water again with its activities on social media sites coming under pressure.
The site is accused of paying to have its logo superimposed on to viral social media posts and memes in order to attract more customers.
Questions have been asked over the social media strategy with investigations ongoing.
Unofficial Advertising Campaigns
Stake, which is based in Australia, is accused of conducting unofficial advertising campaigns.
After complaints were made about the company’s social media posts, the ASA has now confirmed it is looking into whether there have been any rule breaches.
When contacted by UK newspaper the Guardian, an ASA spokesperson said the body will assess “whether there are grounds for further action” against Stake.
One issue about the social strategy being used by Stake is that the posts in question appear to originate outside of the UK, though they can be freely viewed in this country.
The ASA noted there are questions about jurisdiction as a result and indicated it is possible that the matter will be referred to the UK Gambling Commission to investigate further.
Stake is obliged to comply with the UK advertising code as its holds a white label licence awarded by the Gambling Commission, which allows it to operate legally.
No Comment From Stake
Although there is increasing chatter online about Stake’s social media posts, the company is yet to offer any comment on the strategy it uses online.
The gambling firm, which Bijan Tehrani and Ed Craven founded in 2017, has had its logo imposed on a range of seemingly random content on social media networks such as X.
On X, which used to be known as Twitter prior to Elon Musk’s rebrand, Stake’s logo has been imposed on material such as pictures of eggs, as well as sporting statistics.
Some of the posts appear to be aimed at a young audience, which would raise questions over whether or not rules regarding gambling advertisements in the UK have been broken.
Copyright infringement is another potential rule breach from the Stake social media posts.
