Who owns Stake? Details explored as CEO announces permanent halt in any paid advertisements to X

Stake's CEO, Mladen Vučković, has reportedly announced the permanent halt on its paid advertisements to X. The statement was shared by user X, @FearedBuck, earlier on March 11. X users may be aware of the company's logo, which appears as an advertisement on X posts. Per Mashable, the company is a sports betting and online casino platform. It was founded by Bijan Tehrani and Edward Craven in 2017.

It was not uncommon for users to view the Stake's logo and advertisement on posts. An example below shows the "undisclosed advertisement." According to X's terms of conditions, it "prohibits the promotion of gambling content."

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Stake CEO announces permanent halt in any paid advertisements to X

CEO Mladen Vučković released a statement "after careful consideration." The statement reported a permanent halt on "paid advertisements to X users." Mladen revealed the company's "regret" and noted,

"We will continue operating as a company as usual and have given all users affected a free £5 bet on this week's Champion League games."

The statement noted that customers can log in to their accounts to understand the instructions and avail themselves of it. The statement also included an ambiguous statement that reads,

"We don't want to name any names but a certain Man United fan channel is to blame for all of this."

X user (@FearedBuck) shared the statement noting that "no Twitter/X account will be adding their Stake logo to clips or photos anymore." Netizens were quick to take to the comment section, with many expressing excitement. One user (@royal_bobby24) wrote,

"Them accounts are the worst thing to ever happen to twitter."

Many noted that the decision has come "finally" and noted that the Twitter they recognized earlier would be back. One user expressed their curiosity about people visiting the Stake website following the advertisements on X. They added,

"For example, would someone think, 'Oh, this is a good clip, I like it, let me check out because of the logo,' or ' let me check stake to know the whole clip' or 'let me go to stake to support these people' or on the flip side, 'Oh, I hate this video, but let me visit it because of the logo anyway'? "

He questioned the effectiveness of the advertisements and noted,

"It doesn’t seem like an effective advertisement. This might explain why they announce this which is good and those people who posting videos with stake logo, unfortunately, need to change career, or find another work, buddy."

The move comes months after Elon Musk had issued a warning on X. The tweet read,

"Please note that platform manipulation by buying large follower accounts and then using them to push paid narratives/scams will result in the annihilation of those accounts."

Another (@Kill_Switch) added,

"A clean feed to enjoy without that logo clutter!"

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While Elon Musk had issued a warning in December 2024, it was only months later that Mladen Vučković announced the permanent ban on advertisements. Mladen expressed his regret and is offering free betting money for its pre-existing users on X. Most users expressed relief to know about the decision.

What are your thoughts on this decision? Tell us in the comments below.