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· Posted on
February 21, 2024

Stake.com vs Stake: The Aussie rivals that make sibling rivalry look tame

Stake, the share trading platform, has taken legal action against Stake.com over the use of the name 'Stake' in Australia.

What's the key learning?

  • Stake believes that if Stake.com expands into Australia, it will confuse Aussie consumers into thinking the two brands are long-lost twins.
  • Stake.com has already tried to buy Stake trading platform's domain name from them and has also applied to register a bunch of trademarks in Australia.
  • Stake.com might not be available in Australia yet, but they've got a massive international presence and brand awareness.

👉 Background: There are two Stakes staking their claim in the fintech industry. Introducing:

  • Stake, the share trading platform, that was founded in Sydney, and has since become the third-largest broker in the country.
  • Stake.com. the crypto casino, that was founded in Melbourne, which only operates internationally because online crypto casinos are currently banned in Australia.

👉 What happened: Now, Stake, the share trading platform, has taken legal action against Stake.com over the use of the name 'Stake' in Australia. They believe that if Stake.com expands into Australia, it will confuse Aussie consumers into thinking the two brands are long-lost twins.

👉 What else: The fear isn't unfounded. Stake.com has already tried to buy Stake trading platform's domain name from them. And Stake.com has also applied to register a bunch of trademarks in Australia such as Stake Australia, Stake Bet, and Stake Casino.

What's the key learning?

💡When a company expands internationally, it needs to consider its local namesakes.

💡Stake.com might not be available in Australia yet, but they've got a massive international presence and brand awareness. We're talking marketing deals with Formula One and Drake. So if they do come to Australia, it will likely confuse some consumers.

💡Trademark battles happen time and time again:

  • Burger King tried to expand into Australia. But since the name was already trademarked by a local business in Adelaide, they rebranded to Hungry Jacks.
  • Sydney fashion designer Katie Perry successfully sued singer Katy Perryfor infringing the trademark of her clothing label brand.

‍

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