Crypto Casino Stake.com sued for $400 million

[Zlantann]

400$ million is a decent amount of money, but not the end of the world for the biggest crypto casino around. I wouldn't say something would have to be sacrificed in case they have to pay the indemnity, rather it would have to temporarily delayed, because the flux of new income must cover the losses in a while.
However, you are right: there are different possible outcomes for this lawsuit yet. Stake can win, lose or a middle term agreement can be reached by both parts. Usually the initial asked amount by the accuser doesn't remain the same by the end of the cause.

400$ million settlement would be a big blow to the company. In fact, it could lead to bankruptcy because if the news of the loss of case spread people would be forced to start withdrawing their deposits because of fear of not being able to get their money back. Also, customers' trust in the company would reduce because customers would assume that they are heading towards bankruptcy. Therefore the belief that there would be an influx of new income might not be the real case.

It's probably going to end up with a negotiation and hopefully a better deal. I think this won't really reach a bitter end. Of course, the case has already been filed and the parties would definitely be defending each other in the court, but as always, the court would encourage the two parties to find a better way out, a way to sort this out that wouldn't really strain everything. After all, they are not just business partners. They are friends who have got a long way back.

The parties involved are close friends and former business partners. I am not sure Christopher Freeman who is claiming he conceived the idea of a crypto gaming company has any legal document to back up his claim that he was edged out. This is because he was a partner at Primedice but Stake was a new firm and he was not involved in the formation of the new company. He might get a favorable judgment in his claim that he was shut out of Primedice but his claim against stake might not see the light of the day. However, it would be generous if Tehrani and Craven drop a few million on their former friends who might be going through financial challenges instead of spending it on luxuries.   

[X-ray]

400$ million is a decent amount of money, but not the end of the world for the biggest crypto casino around. I wouldn't say something would have to be sacrificed in case they have to pay the indemnity, rather it would have to temporarily delayed, because the flux of new income must cover the losses in a while.
However, you are right: there are different possible outcomes for this lawsuit yet. Stake can win, lose or a middle term agreement can be reached by both parts. Usually the initial asked amount by the accuser doesn't remain the same by the end of the cause.

This is still a lawsuit. I guess there's no need to think this as main concern for now. So many companies have been facing the same issues once there are some parties that can't meet agreement at the same time. There are lots of ways to fix it.
Im thinking about possible thing to did a mediation between two parties. The conflict that was appearing in a big company was a common thing.
People are also seeing that how elon musk was getting sued by twitter and alon was also doing it for twitter. It's always too early to think about that.

[Pierre 2]

It is sad to see these kind of things happen with crypto involving casino projects. As others said I think it's hard to trust people when it comes to money and business. If stake com partners had somekind of legal arrangement when it was just new business they wouldn't deal with such issues. Maybe they already did (we don't know yet) and gonna use that on law case. Yet its still sad to see such kind of news.

[Kakmakr]

Guys..... $400 million is peanuts for Stake.com.... they probably have a gross income of over $1Billion Dollars on a monthly basis. (Gross income... not Net income)  

They also have enough money to pay for the best lawyers to defend them in court, so I will not be too worried about that. I think Stake might approach the ex-partner and offer him a lot less (out of court settlement) and then let him sign a non-disclosure... and that will be the end of that.  

They can even temporarily stop paying some of these over paid streamers or get out of the Watford / Everton / Drake / Adesanya sponsorships... to settle with him. (I think they are over marketing Stake in any way) 

[fullhdpixel]

Every businesses are subject to lawsuits. That is a common issue many companies and businesses face daily, what doesn't mean the casino is going to crash and go bankrupt for this reason despite the case's outcomes. I don't know how much Stake is currently dealing with in a daily basis, but for being the biggest crypto casino among all, I guess a hypothetical 400,000,000$ loss won't hurt them at all. Remember a sole gambler wagered more than 1$ billion dollars on the platform already. For the house it's much more profitable to keep operating, even if they have to pay an indemnity, than closing the doors and losing its income that will inevitably cover the prejudice after a while.

I can see that as well and yet those who get accused are still there standing strong. I think they only paid the amount that is being charged against them so that their business can run normally as usual. They will only get bankrupt once they pay a really huge amount and they don't have anything left for their company to start all over again.

Stake is a huge gambling site so whatever the amount that is being charged against them will easily be settled in no time. Their service is great and I didn't hear that they cheated someone before (their customer), so there is no real reason for their players to get scared and stop playing only because of this issue.

[goldkingcoiner]

I really doubt that there is any need to panic. Although for the time being, getting your funds out of stake.com would probably be a very smart bet. There are other good online gambling casinos to play on during this whole fiasco.

Although that being said, I think anyone can sue anyone for anything and demand any kind of sum. That does not make it a fact that stake.com has already lost. In fact, this could and probably might turn out to be complete hot air. Or as some people would say, a "nothing burger".

400 Million in damages in nothing to scoff at. Depending on the outcome of the lawsuit and the current financial stake of stake.com, things might go downhill really fast. Anyway, personally I will keep away and wait to see what happens.

[BitcoinAccepted]

I don't think there is any reason to panic either. That story with 400 million will end with a fizzle I suspect. Stake.com has been in this world for a long time and they really won't be fined for that much money. We have seen fines more often in the past, but those are fines up to a maximum of 400,000 EUR. Players/customers of stake.com do not have to worry and their money is safe in the account at stake.com
I also saw that they had some nice promotions lately.

[carlfebz2]

I don't think there is any reason to panic either. That story with 400 million will end with a fizzle I suspect. Stake.com has been in this world for a long time and they really won't be fined for that much money. We have seen fines more often in the past, but those are fines up to a maximum of 400,000 EUR. Players/customers of stake.com do not have to worry and their money is safe in the account at stake.com
I also saw that they had some nice promotions lately.

Cant really be avoided for some people not to panic nor mind about issues on the platform that they've been playing for a long time.I cant say that $400M fine wont really be that affecting Stake financial condition

but just been said that it is really a huge money but considering on how long they've been existing into this market then you can say that they might have billions in revenue which it would be an amount which they

might able to bare it out if ever this 400m sued amount would be pushed through.For Stake players then i dont think that it would be necessary for them to panic out.

[STT]

Go big or go home, if you are going to spend money on lawyers to sue then you arent likely to go for anything but the maximum amount possible.   The merits of the case, whether there is any slight chance of its success is not known to us.   Its even possible the lawsuit is just intimidate and cast bad publicity, in hope of a far larger cease fee; thats not a new trick.   We cant tell, Im not legally educated to decide so its just wait and see.

[bittraffic]

Go big or go home, if you are going to spend money on lawyers to sue then you arent likely to go for anything but the maximum amount possible.   The merits of the case, whether there is any slight chance of its success is not known to us.   Its even possible the lawsuit is just intimidate and cast bad publicity, in hope of a far larger cease fee; thats not a new trick.   We cant tell, Im not legally educated to decide so its just wait and see.

Assuming he was the one who have the plans to create the casino and all of its plans. What would that give him if he was out already while the two develop the casino? Its not like he patented it. Heck, the two could create something else and still be claimed by this guy that he plans everything about it.

But what could be more concerning is if the legal battle will force Stake to produce the information within the casino like the database because this could be political.

[Fundamentals Of]

It's probably going to end up with a negotiation and hopefully a better deal. I think this won't really reach a bitter end. Of course, the case has already been filed and the parties would definitely be defending each other in the court, but as always, the court would encourage the two parties to find a better way out, a way to sort this out that wouldn't really strain everything. After all, they are not just business partners. They are friends who have got a long way back.

The parties involved are close friends and former business partners. I am not sure Christopher Freeman who is claiming he conceived the idea of a crypto gaming company has any legal document to back up his claim that he was edged out. This is because he was a partner at Primedice but Stake was a new firm and he was not involved in the formation of the new company. He might get a favorable judgment in his claim that he was shut out of Primedice but his claim against stake might not see the light of the day. However, it would be generous if Tehrani and Craven drop a few million on their former friends who might be going through financial challenges instead of spending it on luxuries.   

It's hard to prove that Freeman was indeed the person who pitched the idea of a casino. Everything was probably verbal. But since he also claimed that he was also one of those who designed it, he might have some proofs for it. Otherwise it would be very difficult for him to fight for a claim. 

But again, I think this will end up in a friendly negotiation. Freeman might not get his $400m demand but at least he will still receive a good amount rather than nothing at all.

[tabas]

Go big or go home, if you are going to spend money on lawyers to sue then you arent likely to go for anything but the maximum amount possible.   The merits of the case, whether there is any slight chance of its success is not known to us.   Its even possible the lawsuit is just intimidate and cast bad publicity, in hope of a far larger cease fee; thats not a new trick.   We cant tell, Im not legally educated to decide so its just wait and see.

If this go on the process and will require a lot of money for both end, we have an idea on who's going to be totally okay proceeding with the litigation process.
In the end, both of them will have to pay for all of those fees for this sue action and possibly that there's no one that will take other's money but all of them have taken money just for the process.
I'm not sure though if that's easily understood but if you know what I mean, that's likely what will happen since it's an individual against a corporation that has billions on stack.

[romero121]

Go big or go home, if you are going to spend money on lawyers to sue then you arent likely to go for anything but the maximum amount possible.   The merits of the case, whether there is any slight chance of its success is not known to us.   Its even possible the lawsuit is just intimidate and cast bad publicity, in hope of a far larger cease fee; thats not a new trick.   We cant tell, Im not legally educated to decide so its just wait and see.

Yes, and through an article read about the guy mentioning that Ed have bought very expensive homes. This is unwanted and based on what he have mentioned and connected to the incident, it looks like he's trying to create some bad publicity. As stated we can't be conclusive on something that have reached the judiciary.

[Baofeng]

It's probably going to end up with a negotiation and hopefully a better deal. I think this won't really reach a bitter end. Of course, the case has already been filed and the parties would definitely be defending each other in the court, but as always, the court would encourage the two parties to find a better way out, a way to sort this out that wouldn't really strain everything. After all, they are not just business partners. They are friends who have got a long way back.

The parties involved are close friends and former business partners. I am not sure Christopher Freeman who is claiming he conceived the idea of a crypto gaming company has any legal document to back up his claim that he was edged out. This is because he was a partner at Primedice but Stake was a new firm and he was not involved in the formation of the new company. He might get a favorable judgment in his claim that he was shut out of Primedice but his claim against stake might not see the light of the day. However, it would be generous if Tehrani and Craven drop a few million on their former friends who might be going through financial challenges instead of spending it on luxuries.   

It's hard to prove that Freeman was indeed the person who pitched the idea of a casino. Everything was probably verbal. But since he also claimed that he was also one of those who designed it, he might have some proofs for it. Otherwise it would be very difficult for him to fight for a claim. 

I'm also thinking the same, unless they have written contract it's very difficult to prove in the court. There could be narratives behind this lawsuit.

But again, I think this will end up in a friendly negotiation. Freeman might not get his $400m demand but at least he will still receive a good amount rather than nothing at all.

If he is wise (I'm assuming he is), he will have to settle it with his ex-friends and live with it. There is no way that the court will give him to his demand. So it's going to be bitter sweet divorce for them and they can go and continue their war outside with their competition in crypto platform.

[Wakate]

It is sad to see these kind of things happen with crypto involving casino projects. As others said I think it's hard to trust people when it comes to money and business. If stake com partners had somekind of legal arrangement when it was just new business they wouldn't deal with such issues. Maybe they already did (we don't know yet) and gonna use that on law case. Yet its still sad to see such kind of news.

You should not be very surprised because this kind of thing had been happening before now ams I don't think stake.com would be the first company to be sued based of this kind of category which looks somehow obvious. A legal sue that be taking in anyone or company so this can only end in compensation or wrong move.
If stake stand to be not guilty of any of the legal attack then no compensation will be made. This is not a good reason to leave or staking cashing out funds because of legal attack.

[Oshosondy]

It is sad to see these kind of things happen with crypto involving casino projects. As others said I think it's hard to trust people when it comes to money and business. If stake com partners had somekind of legal arrangement when it was just new business they wouldn't deal with such issues. Maybe they already did (we don't know yet) and gonna use that on law case. Yet its still sad to see such kind of news.

Before crypto are existing as been suit cases in court, this is not new. We do not know who is right or wrong too. We can not call this a bad news, things like this are happening in life.

Also not that Stake fold up, it is still a reputable gambling site. I am even surprised that OP is afraid and have the conclusion that people should move their money out of Stake, but it is just a legal case in a way that Stake users will not be affect.

[blue_hurricanger]

Guys..... $400 million is peanuts for Stake.com.... they probably have a gross income of over $1Billion Dollars on a monthly basis. (Gross income... not Net income)  

They also have enough money to pay for the best lawyers to defend them in court, so I will not be too worried about that. I think Stake might approach the ex-partner and offer him a lot less (out of court settlement) and then let him sign a non-disclosure... and that will be the end of that.  

They can even temporarily stop paying some of these over paid streamers or get out of the Watford / Everton / Drake / Adesanya sponsorships... to settle with him. (I think they are over marketing Stake in any way) 

$400 million is big even for Stake.com, dude. If you want something to scale, look at bitcointalk Stake.com signature campaign. They pay at least a few thousand dollars per week for the participants. If they got like 10% of that $400 million, they would take over all other signature campaigns in bitcointalk, at the Gambling section.
Think about 10,000 participants with each getting paid around $50. 1,000 x $50 x 48 weeks per year = $2.4 million dollars. Just 10% of that $400 million is enough for them to run that kind of signature campaign for years. Advertise took a lot of money and $400 million isn't a small number, you see?

[mindrust]

Even if he don’t win the lawsuit these news will be devastating for the casino’s public image. Now lots if people will panic and withdraw funds because of that. It may even send the casino to bankruptcy. Stake/Primedice is (or was) one of the biggest casinos in this space and not many people had any serious problems with them. They (probably) still have a good reputation but these news might change everything.

I don't think that this could be a significant news for Primedice/Stake, they are the prime movers of crypto casinos and with that it's hard to see them losing that position because they are fighting against one another in the court. For sure there will be competitions already that will try to take a piece of the pie, but it will not be easy as this 2 are still on the top of this very niche. Unless there have been issues like not paying their whales, but in this case? as othes mentioned it's just about the money and not their reputation is on the line.

The fiercest battles usually happen between brothers.

It may not look like a significant event to you but like I said if they can't come to an agreement, this might be the end for primedice/stake.com for good. That's also why I don't like to do business with partners. Partners mean trouble. Fuck em. The best way to do business is doing it alone. It may pay lower but you will have the peace of mind which is more valuable than almost anything imo.

[Adbitco]

As a long time Stake user this makes me feel concerned, I'll be withdrawing all of my funds and going elsewhere!

Do you mean that is the best choice?
No, i think all will be fine and i believe is lack of understanding and bridging of contracts cause most problems.
well you can choose to go away with your funds maybe if Tehrani finally settle with Christopher Freeman.

although this would be a very tough case reading from here

The firm affirmed that it would stand its ground and not give in to Freeman’s demands. The founders of the Bitcoin casino were quite confident about the court dismissing Freeman’s claims shortly.

[Fundamentals Of]

But again, I think this will end up in a friendly negotiation. Freeman might not get his $400m demand but at least he will still receive a good amount rather than nothing at all.

If he is wise (I'm assuming he is), he will have to settle it with his ex-friends and live with it. There is no way that the court will give him to his demand. So it's going to be bitter sweet divorce for them and they can go and continue their war outside with their competition in crypto platform.

It will all depend on what they would present to the court and whether they are enough to convince the court's judge of their claims. Both parties are apparently saying two different things. So it will all boil down to hard evidences that would hold water after strict scrutiny by the opposing lawyers as well as by the judge.

To my mind, this $400m is already ballooned. It is probably a bloated amount, the maximum, so that in case of a negotiation or in case it would be lowered down, it would still be a significant amount.