First established in 2017 by founders Ed Craven and Bijan Tehrani, Stake.com is a digital platform that caters to a wide range of online bettors, providing avenues for sports betting and a diverse range of casino games. Its intuitive design and vast game library have garnered significant attention in the gambling community, and, coupled with its intuitive interfaces, have helped make sure that both novice and seasoned gamblers are well catered for.
However, before you get too excited, here’s the bad news: Stake isn’t permitted in the United States. This exclusion stems from regulatory challenges, prompting many, quite rightly, to question why.
In this article, we’re going to delve into the various factors contributing to Stake.com’s inaccessibility in the US, including its legal standing, and what this means for potential users. Best of all, however; we’ll shine the spotlight on the best alternative ways that US residents can bet that don’t involve the platform.
Why Does the US Restrict Stake.com?
Although Stake Casino is a global gambling site, it specifically doesn’t accept US clients. Stake Casino has a dedicated website for Americans, but ‘real’ bets are not accepted. Instead, US players can only play with virtual funds (source: https://www.valuewalk.com/cryptocurrency/best-stake-casino-alternatives/).
There’s no simple answer to why Stake.com faces some restrictions in the US, as it involves a complex interplay of factors. Let’s look at them:
Lack of Licensure
One primary reason is Stake.com’s lack of licensing in most US states. Gambling regulations vary dramatically across states, requiring operators to obtain legal licenses. Currently, Stake.com doesn’t hold licenses in most US jurisdictions, making its activities illegal within those areas.
Authorities in the US actively enforce gambling regulations. This includes efforts like:
- Geo-blocking: Some states and platforms implement technology to restrict access to unlicensed gambling sites like Stake.com from within their jurisdictions.
- Financial restrictions: Banks and payment processors might block transactions to or from unlicensed gambling platforms.
- Legal action: Authorities might initiate legal proceedings against unlicensed operators and individuals using them.
The use of cryptocurrencies by Stake.com adds another layer of complexity. Regulatory frameworks for cryptocurrencies are still evolving, and their association with gambling raises concerns about money laundering and illegal activities. The anonymity of crypto transactions can complicate tracking and monitoring, potentially aiding criminal activity.
Twitch Ban and Public Image
In 2022, Twitch banned the promotion of unlicensed gambling sites like Stake.com on its platform due to concerns about potential harm to viewers, particularly younger audiences. This further impacted Stake.com’s reach and public image in the US.
It’s worth noting that Stake.com emphasizes its commitment to responsible gambling and user verification protocols. Additionally, they’ve reportedly sought licenses in some US states. However, their lack of licenses in most jurisdictions contributes to the current restrictions they face.
Also Read: An Ultimate Guide to Slot Machines
Stake.com Alternatives for US Users
For those in the US seeking online wagering options, you can breathe a massive sigh of relief, because there are some great alternatives to take your pick from. One avenue of consideration could be heading to a traditional brick-and-mortar gambling establishment. Numerous states have embraced sports betting and casino operations, providing safe and legal avenues for when you fancy a flutter.
However, this isn’t for everyone, so if your state hasn’t yet legalized online betting, you can explore offshore or crypto platforms. These online casinos are completely kosher and adhere to the most stringent international regulations, so you can be sure your money and any personal information you use on these sites is 100% safe.
What’s just as good as these websites being legal and operating legitimately, they also offer a plethora of games and services akin to Stake.com.
Consequences of Stake.com’s US Ineligibility
Stake.com’s unavailability in the US has pretty big ramifications for potential users. The absence of the betting giant restricts American gamblers from engaging with the platform and narrows their online wagering choices (thankfully not by much). But, perhaps bigger than this is the fact that, subsequently, Stake.com faces missing massive revenue opportunities from the vast US market.
With the NCPG estimating that about 23.5 million adults (9.1%) in the United States participated in at least one form of gambling in 2022 and the AGA reporting that 53% of American adults have gambled in some form over the past year, it’s a big market to be locked out of.
Furthermore, this could, potentially, inadvertently, fuel an increase in illicit online gambling activities within the states. This is because the perceived lack of access to legitimate platforms could drive some enthusiasts towards unauthorized and potentially fraudulent gambling sites.
Ultimately, the US’s stance on Stake.com stems from a combination of licensing requirements, concerns regarding the potential for criminal activity, and efforts to enforce regulations and protect consumers. As legal and regulatory landscapes continue to evolve, the future of Stake.com’s operations in the US remains uncertain.