Leaked records from Curaçao’s gambling regulator show that the crypto casino Stake received a Stake license while officials still had questions about its ownership and business links.
The records concern Medium Rare N.V., the Curaçao-registered company behind Stake.com. An investigation by Follow the Money, published as part of the Casino Secrets project, examined confidential files from the Curaçao Gaming Authority (CGA).
According to the published records, Medium Rare received a conditional Stake license on June 9, 2025. It named Serbian national Mladen Vuckovic as the company’s sole ultimate beneficial owner and chief executive. However, officials questioned whether he was the only person who ultimately owned or controlled the business.
The internal review noted that Stake founders Ed Craven and Bijan Tehrani were linked to the brand, but neither appeared in the ownership information submitted with the application. Assessors also raised questions about Medium Rare’s financial and contractual connections with companies linked to the founders.
Despite those concerns, reviewers concluded that a Stake license could be granted if the company met conditions.
One condition gave Medium Rare five weeks from the date of issue to explain its relationships with Craven, Tehrani and several related businesses. The company was also asked to clarify the agreements that allowed it to use the Stake brand, website domain and related subdomains.
The Stake license timeline published with the leaked material records the application as conditionally issued on June 9, 2025. The documents do not, by themselves, establish that Stake or its operator broke the law.
This case gained interest since it is known that when a company holds a gambling license, the regulator has already checked out the company. Issues surrounding beneficial ownership are important for regulators since they have to find out who owns and benefits from the company.
The leak forms part of a wider investigation into Curaçao’s gambling sector. Follow the Money reported that the files included information on hundreds of people connected to gambling companies licensed on the island. Other cases in the investigation also raised concerns about applications that moved forward despite unanswered questions from assessors.
The CGA has faced questions about how it handled applications during Curaçao’s shift to a new licensing framework. The regulator has said that the transition involved a phased approach, allowing operators to meet certain requirements over time. That explanation has become part of the debate over whether the system gave regulators enough control while the reforms were taking effect.
The Stake license issue has also prompted questions about the timing of regulatory checks. Critics may argue that ownership should be settled before approval, while regulators may point to transitional rules that let applicants complete outstanding steps after an initial decision. The CGA’s explanation and any later compliance findings will therefore matter to understanding the case.
The island is replacing its old structure with a system in which the regulator deals more directly with operators.
The disclosures do not confirm what the regulator ultimately concluded about Medium Rare’s ownership after the conditions were imposed. They do, however, show that officials identified questions before granting the conditional approval.
Stake has not been shown by the leaked records alone to have committed an offence. The key issue is whether the licensing process gave the regulator enough information to establish who controlled the company before the Stake license was issued. Further clarification from the operator or the CGA could help explain how the conditions were addressed, as related gambling news and insiders are paying attention to this matter.
