The announcement of Stake’s arrival on the Danish market was presented by certain specialized media as a major breakthrough in one of Europe’s strictest regulatory environments. However, a careful reading of the available facts suggests that this story needs to be qualified.
An existing license
“There’s something wrong with the way this Danish story is being presented,” admits Michael Schmitt on LinkedIn.
Contrary to what has been widely reported, Stake’s entry into Denmark does not correspond to the granting of a new five-year strategic license. The license in question is in fact valid until November 2, 2026. In other words, it is not an exceptional authorization or a new regulatory milestone, but a standard administrative validity.
Denmark is often described as one of the most rigorous and structured markets in the online gaming sector. Operating there is undeniably a major challenge for any international player. But this does not mean an immediate transformation of the competitive balance.
Some commentators have pitted Stake against incumbent operators such as bet365 or Betsson Group. However, this comparison needs to be contextualized. These groups have built their presence over several decades, in highly regulated jurisdictions, with compliance structures, public reporting systems and progressive expansion strategies. Their growth has taken place within a clear and sustainable regulatory framework. Stake, on the other hand, has developed along a different trajectory, largely associated with distribution first rooted in cryptocurrency-related digital environments and less structured markets before evolving towards more regulated frameworks.
Assertions to be verified
Another claim relayed in certain articles refers to Stake as the world’s largest online casino. A spectacular claim, but based on which indicators? With no clearly defined methodology, this qualification is more a matter of brand positioning than an objective statement. In a sector where financial transparency varies greatly from one operator to another, the use of superlatives requires measurable proof.
A primarily structural acquisition
The central element – and one that is often overlooked – is the structure of the new operation. The Danish entity operating VinderCasino was bought out, enabling Stake to rely on a vehicle that already held the operating license. The former Managing Director of this structure was retained in the organization as Managing Director of Stake Denmark. In legal terms, the operation is perfectly legal and in line with industry practice.
But the distinction is essential: this is not an ex nihilo entry into the market, but rather a takeover of an existing framework.
When communication takes precedence over analysis
This situation raises a broader question about the evolution of media coverage in the online gaming industry. When press releases are repeated almost verbatim, without any independent verification or perspective, the risk is that a technical operation is transformed into a spectacular strategic narrative.
This phenomenon is not specific to one player. It reflects a more global trend in a sector where access to data sometimes remains limited, and where expansion announcements quickly generate attention.
Entering a jurisdiction like Denmark is no trivial matter. The country imposes strict requirements in terms of compliance, player protection, financial transparency and operational control. The real measure of success will therefore lie not in the announcement itself, but in the ability to operate sustainably within this demanding framework.
Michael Schmitt:
“The real story is not that Stake entered Denmark. The real story is the speed with which certain players in the sector have repositioned a once dominant brand in the grey market as if it had always been among the leaders. And this change is worth analyzing.”