Leaked CGA Files Show Stake Operator Got Curaçao Licence Before Ownership Checks Finished
Leaked CGA files show Medium Rare N.V., which runs Stake, got a conditional Curaçao licence in June 2025 while its ownership was still under review.
What the Leaked Files Show
Confidential files taken from the Curaçao Gaming Authority (CGA) show that the regulator granted a conditional licence to Medium Rare N.V., the company that runs the Stake crypto casino, while its own reviewers still had questions about who ultimately owns and controls the business.
Stake's website names Medium Rare N.V. as its operator under CGA licence OGL/2024/1451/0918. According to the licensing timeline published with the leak, the CGA first granted that licence conditionally on 9 June 2025.
On paper, Mladen Vuckovic is Medium Rare's only ultimate beneficial owner and its CEO, according to an internal licensing report in the leak. The same report observed that Ed Craven and Bijan Tehrani, publicly known as Stake's founders, were not named in the application.
The findings were reported by Gambling Insider and by Dutch outlet Follow the Money, which published a wider investigation into the leak on 22 September 2026.
The Conditions Attached to Stake's Licence
Rather than settle the open questions before approval, the regulator wrote them into the licence as special conditions.
Under those conditions, Medium Rare had five weeks to set out its ownership structure and its dealings with Craven, Tehrani and five named companies: Easygo, Primedice, Sweepsteaks, Mebit d.o.o. and Well Done STK.
The regulator also asked for the contracts under which Medium Rare uses the Stake name and the Stake.com web addresses.
According to Follow the Money, CGA staff doubted that Vuckovic was the sole owner after spotting loans and payments involving people and companies connected to Craven and Tehrani.
Gambling Insider said the leaked files it examined do not reveal whether Medium Rare answered the regulator within the five weeks. Neither outlet reported a comment from Stake or Medium Rare.
How the Leak Happened and What the CGA Says
The documents were obtained by Lilith Wittmann, a Berlin-based hacker and researcher, and published on 22 September under the name Casino Secrets. Follow the Money said the material exposes about 800 owners behind nearly 650 licensed companies.
In a statement dated 22 September, the CGA said a German security researcher had accessed its online gaming portal through an account created in December 2025 under a false identity. The access lasted about nine months before it was detected and closed in September 2026.
The regulator called the intrusion a serious breach under Curaçao law and said it would report it to the relevant authorities.
Gambling Insider noted that the CGA has not challenged Follow the Money's finding that some licences were issued before ownership questions were settled. Speaking to Follow the Money, the CGA said requirements were being introduced step by step under the finance minister's responsibility, and that it would not immediately refuse a licence or end existing activities whenever a question or uncertainty came up.
In its own statement, the CGA said it had applied robust internal procedures when vetting applicants, and that judging its licensing from isolated documents, without the full context, would be misleading.
Why It Matters for Players and Curaçao's Reforms
Curaçao overhauled its online gaming framework under a policy in force since 15 November 2023, replacing the old master licence and sub-licence system with licences issued directly by the regulator. The reform was meant to give the CGA direct oversight of each licensee.
Many offshore and crypto casinos that accept players from around the world hold Curaçao licences. Players often treat a licence number as a sign that a regulator has checked who stands behind a site.
The leak suggests that, at least in Stake's case, a licence was issued while those checks were still open. The CGA's position is that phased compliance is a deliberate policy choice, not a failure of due diligence.
Players can look up a site in the CGA's public licence registry, but the registry confirms that a licence exists, not how questions raised during the review were resolved.
It remains unclear whether the CGA will revisit any files in light of the leak, or whether Medium Rare's licence conditions were met.
Frequently Asked Questions
Stake's website says it is run by Medium Rare N.V. under CGA licence OGL/2024/1451/0918. The leaked licensing timeline shows the licence was first granted conditionally on 9 June 2025, and players can check its current status in the regulator's public register.
Casino Secrets is the name given to tens of thousands of confidential documents taken from the Curaçao Gaming Authority's licensing system and published on 22 September 2026. Dutch outlet Follow the Money and other media reported on the files.
The CGA said the files were obtained through unauthorised access to its portal using a false identity and that it would report the breach. It defended its due diligence and said it introduces licensing requirements in phases.
That is not known. Gambling Insider said the leaked files it examined do not reveal whether Medium Rare answered the regulator within the five-week window, and no comment from the company was reported.
Paolo Pellegrini is Casino Adventurer's news editor, based in Rome, where he was born and raised. He covers the stories shaping the online gambling industry, from new regulations and tax changes to market openings and major deals, and always explains what they mean for players. He's naturally curious and starts every morning with the news and a strong espresso. Outside work, he's a lifelong AS Roma fan and loves cooking for friends on Sundays.
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