From RuneScape to Billions: Inside the Easygo Empire Driving Stake and Kick

If you were to walk past the average tech office in Melbourne, you might expect to find software developers tinkering with accounting platforms or logistics apps. You probably wouldn’t expect to find the nerve center of a global financial empire that rivals the GDP of a small island nation. But that is exactly what Easygo Group has become. In a revelation that has sent ripples through the Australian financial sector, the private technology firm—which serves as the operational engine for the crypto gambling giant Stake.com and the streaming disruptor Kick—has pulled back the curtain on its finances.

The numbers are, frankly, staggering. For the financial year ending June 30, Easygo reported a net profit of AUD 257 million (approximately $171 million USD). To put that in perspective, this figure places the largely private, unlisted firm among the most profitable companies in the entire country, rubbing shoulders with banking institutions and mining conglomerates that have been around for decades. This profit was built on a massive revenue foundation of AUD 970 million ($645 million USD). Perhaps most surprisingly for critics who often characterize the crypto industry as tax-averse, the company paid a substantial AUD 152 million ($101 million USD) in corporate taxes to the Australian government during this period.

But these numbers are just the tip of the iceberg. To truly understand the scale of what is happening inside this Melbourne powerhouse, you have to look at the balance sheet. Filings with the Australian Securities & Investments Commission reveal that Easygo now holds net assets exceeding AUD 5 billion ($3.3 billion USD). This massive accumulation of wealth follows a significant internal restructuring late last year, where a consolidation of worldwide betting and media assets saw debts and assets shuffled to bring the empire under one roof. At the center of this storm are two young founders who have transitioned from gaming enthusiasts to billionaires in record time.

From RuneScape Gold to Real Gold: The Origin Story

To understand the DNA of Easygo and Stake, you have to go back to a virtual world that has nothing to do with casinos. Ed Craven, the face of the operation, and his US-based business partner Bijan Tehrani, didn’t meet in a boardroom or a business school. They met in the digital trenches of RuneScape, a massively multiplayer online role-playing game that defined a generation of gamers.

It was in this virtual economy that the duo first cut their teeth on the mechanics of value, trading, and risk. They realized early on that the thrill of the wager was universal, whether it was for digital swords or digital currency. In 2013, while Bitcoin was still a niche curiosity trading under $100, they launched Primedice. It wasn’t a flashy casino with neon graphics; it was a simple, stripped-down dice game that allowed users to wager cryptocurrency.

Crucially, Primedice was one of the pioneers of “provably fair” gambling. This concept is technical but essential to their success. In traditional online casinos, players have to trust that the code isn’t rigged. In the crypto world, trust is low. Provably fair algorithms allow the player to verify the randomness of every single roll using cryptographic hashes. It was a feature built by nerds, for nerds, and it built a cult following.

However, the road wasn’t a straight line to billions. When they eventually pivoted to launch Stake.com in 2017, aiming to create a comprehensive casino and sportsbook, it was initially a flop. The market was crowded, and they had burned through their crypto reserves during the 2017 crash. But they stuck to the philosophy that worked for Primedice: community-first engagement, instant crypto withdrawals, and transparency. Slowly, the tide turned. As the 2020 crypto bull run ignited, Stake was perfectly positioned to catch the wave, transforming from a struggling startup into a money-printing machine.

The Stake Engine: How the Billions Are Made

Today, Stake.com is the crown jewel of the Easygo portfolio. While exact figures for private companies can be murky, reports from major financial outlets like the Financial Times and Forbes have estimated the platform’s Gross Gaming Revenue (GGR) to be anywhere from $2.6 billion to a jaw-dropping $4.7 billion in 2024. If accurate, these figures put Stake on par with legacy gambling giants that have existed for half a century.

The platform’s success lies in its frictionless nature. Traditional gambling sites are often bogged down by slow banking transfers, intrusive identity checks, and currency conversion fees. Stake, by operating primarily with cryptocurrencies like Bitcoin, Ethereum, and Tether, bypassed these friction points. Money moves instantly. For a generation raised on the immediacy of the internet, this was a game-changer.

To cement their status, Stake didn’t just stay in the shadows of the internet; they bought their way into the mainstream spotlight. Their marketing strategy has been aggressive and expensive. They plastered their logo on the front of Premier League jerseys (Everton FC) and, perhaps most notably, took over the naming rights of a Formula 1 team (Sauber, branded as Stake F1 Team for specific seasons). They signed the rapper Drake, not just as a billboard, but as an active participant who livestreams his roulette sessions to hundreds of thousands of viewers. These aren’t just vanity projects; they are calculated moves to normalize a brand that operates in a high-risk, grey-market industry. By standing next to the world’s premier athletes and musicians, Stake borrows their legitimacy.

The “Sweepstakes” Loophole: Cracking the US Market

One of the most fascinating aspects of the Stake operation is how they handle the United States, a market notorious for its strict ban on online casinos. You cannot simply launch a crypto casino in America without facing the wrath of the Department of Justice. To navigate this, the company launched Stake.us, a “social casino” that operates on a entirely different legal framework known as the sweepstakes model.

Here is how the magic trick works: On Stake.us, you technically cannot deposit money to gamble. Instead, you purchase “Gold Coins,” which are a virtual currency with no monetary value—just for fun. But, when you buy these Gold Coins, the site gives you “Stake Cash” (or sweepstakes coins) as a free bonus. You can use this Stake Cash to play games, and crucially, if you win, you can redeem that Stake Cash for cryptocurrency prizes.

Legally, the argument is that because the Stake Cash was “free” (a bonus included with your purchase of Gold Coins) and because you can also get it via a free mail-in request (the “no purchase necessary” clause), it is a sweepstakes, not gambling. It’s a loophole that has allowed them to acquire millions of US users, but it is a precarious existence. Regulators in states like Michigan have already issued cease-and-desist orders, and class-action lawsuits are popping up in multiple states challenging the legality of this “dual-currency” system. For now, however, it remains a massive revenue driver, allowing them to tap into the world’s wealthiest economy while technically skirting its gambling laws.

Kick.com: The Billion-Dollar Disruptor

If Stake is the engine that generates the cash, Kick is the vehicle they are building to drive the future. Launched as a direct competitor to Amazon-owned Twitch, Kick.com was born out of necessity and ambition. Twitch had begun cracking down on gambling streams, threatening the very marketing funnel that Stake relied on. In response, Craven and Tehrani didn’t just complain; they built their own platform.

But Kick has evolved beyond just a safe haven for gambling streams. It has declared an ideological war on Twitch regarding the “creator economy.” For years, Twitch took a 50% cut of a streamer’s subscription revenue—a “tax” that many creators felt was exploitative. Kick launched with a headline-grabbing offer: a 95/5 revenue split. The creator keeps 95 cents on the dollar.

This loss-leader strategy is classic Silicon Valley disruption, funded by the deep pockets of the crypto gambling profits. It allowed them to poach massive talents like xQc (Félix Lengyel), who signed a non-exclusive deal worth a reported $100 million, and Amouranth (Kaitlyn Siragusa). These signings brought millions of young viewers to the platform.

The growth has been explosive. While Twitch’s viewership has plateaued or declined in certain quarters, Kick has reported monthly growth rates of nearly 9% in viewership hours. As of mid-2025, reports suggest the platform is logging over 130 million hours of watch time per month. However, the question of profitability looms large. Running a video streaming site is notoriously expensive due to bandwidth costs. With a 95/5 split and no massive ad network like Amazon’s, Kick is almost certainly burning cash. But for Easygo, this burn is likely viewed as a marketing expense—a customer acquisition cost for the broader empire.

The Corporate Fortress: Investing in Brick and Mortar

While the business is digital, the footprint is increasingly physical. Easygo is doubling down on its presence in Melbourne, a city that is fast becoming a tech hub for the Asia-Pacific region. The company currently employs 636 people, a number that has swelled rapidly as they insource everything from game design to compliance.

The company has made headlines in the local real estate market with its plans to relocate. Currently based in the Melbourne CBD, Easygo is preparing for a massive move to a new headquarters in Cremorne in 2026. Cremorne is often dubbed “Silicon Yarra” due to its density of tech firms and creative agencies. The move is not just about desk space; it is a statement of intent. The company spent substantial sums—AUD 70 million ($46.6 million USD) on tech and infrastructure alone in the last reporting period—to ensure they have the hardware to support their global operations.

Inside the financial reports, we also see how the founders are rewarded. Ed Craven, listed as the sole director, took a relatively modest official salary of AUD 250,000 ($166,340 USD). Of course, this salary is negligible compared to the equity value he holds. The real wealth is in the AUD 5 billion asset valuation. The company also spent AUD 118 million ($78.5 million USD) on salaries and staff perks, signaling that they are paying top dollar to attract talent away from traditional tech giants like Atlassian or Google.

Strategic Acquisitions: Buying the Competition

Easygo isn’t just building; it’s buying. The company has been on an acquisition spree to diversify its holdings and, crucially, to acquire regulated licenses. The “grey market” (countries where crypto gambling is neither explicitly legal nor illegal) is profitable but risky. To future-proof the business, they need clean, regulated revenue streams.

Recent moves include the acquisition of Stake’s Danish branch, allowing them to operate legally in Denmark’s strictly regulated market. They have also moved into Italy, acquiring local operators Baldo Line and Idealbet. These purchases are strategic. They provide a “shield” of legitimacy. When regulators in other countries ask if Stake is a legitimate operator, the company can point to its licenses in Denmark, Italy, and the UK as proof of its compliance standards.

Furthermore, Easygo operates its own game studios. Instead of paying licensing fees to third-party game providers (like Play’n GO or NetEnt) for every spin of a slot machine, they build the games in-house. Titles like “Plinko” or “Mines,” which are incredibly simple but addictive, are developed internally. This vertical integration means that when a user loses money on a Stake original game, the house keeps 100% of the profit margin, rather than sharing a cut with a software vendor.

The Regulatory Elephant in the Room

Despite the profit and the glitz, the empire faces significant threats. The world of crypto gambling is under the microscope. In Australia, the very country where Easygo is headquartered, Stake.com is banned. The Interactive Gambling Act prohibits offering online casino services to Australian residents. The company uses strict geo-blocking to ensure no Australians can play, a necessary measure to keep their staff and executives out of legal hot water at home.

However, the pressure is mounting globally. The “sweepstakes” model in the US is facing its toughest test yet, with class-action lawsuits alleging that it is simply illegal gambling in disguise. If a court rules against them, the US revenue hose could be turned off overnight. Similarly, other jurisdictions like Brazil and the Netherlands are tightening their online gambling laws, forcing operators to either pay expensive licensing fees or exit the market entirely.

There is also the issue of reputation. Kick has faced criticism for its moderation policies (or lack thereof), with controversies surrounding hate speech and toxic behavior on the platform. While the “free speech” angle appeals to a certain demographic, it scares away the “brand safe” advertisers that are necessary for the platform to eventually become profitable on its own merits.

Future Forecast: The Gamble on Growth

Looking ahead, the trajectory for Easygo seems to be one of aggressive diversification. The global online gambling market is projected to continue its growth, with some analysts forecasting the crypto-specific segment to reach tens of billions in annual revenue by the end of the decade. As traditional finance merges with decentralized finance (DeFi), the friction of using crypto for betting will decrease, potentially expanding Stake’s Total Addressable Market (TAM).

We can expect Easygo to continue buying up smaller, regulated operators in Europe and Latin America to hedge against regulatory crackdowns. The move to the Cremorne office suggests they are planning for a headcount of over 1,000 employees soon, indicating that their appetite for development and expansion hasn’t been sated.

There is also the lingering question of an IPO. While currently a private money-printing machine, the consolidation of assets and the professionalization of their financial reporting (audited profits, tax transparency) are often the precursors to a public listing. However, given the regulatory grey areas they operate in, a listing on a major exchange like the ASX or NASDAQ would be fraught with compliance hurdles. For now, Ed Craven and Bijan Tehrani seem content to remain the kings of the private sector, sitting atop a cash mountain that keeps growing with every roll of the digital dice.