Stake Founder Bets Big on Becoming Australia’s ChatGPT Rival

Ed Craven is best known as the co-founder of Stake, a crypto-driven online casino that has grown into a multibillion-dollar entertainment empire. However, the gambling mogul has now shifted his focus to another high-stakes arena: artificial intelligence. 

Together with systems builder Dave Lemphers, Craven is bankrolling MainCode, a Melbourne-based startup aiming to create Australia’s first sovereign large language model (LLM).

Betting on Sovereignty

While the Bitcoin-first casino revolutionised how players bet online, through seamless crypto payments, sleek design, and global accessibility, MainCode is chasing a different jackpot: building a homegrown AI to rival ChatGPT, Anthropic's Claude, and China's DeepSeek.

The project isn't just another tech startup looking to cash in on the AI wave. According to Lemphers, MainCode has a patriotic edge, stating:

We’re targeting the end of this year to release our first fully trained-from-scratch, sovereign large language model built entirely in Australia on infrastructure we operate and control.

If Stake’s success came from offering gamblers independence from traditional payment providers, MainCode is applying the same philosophy to data and AI. The company’s mission is simple: own every line, borrow nothing. Lempher explains that if you don’t own the main code, you don’t own the system. That idea gave the company its name, MainCode, and its guiding principle.

From Poker Hands to AI Patents

Lempher’s backstory reads like the career of a professional high-roller, only his chips were patents and startups. A Swinburne and Monash graduate, he moved to the US in 2009, worked at Microsoft’s Azure and machine learning labs, and went on to found and sell three AI startups. By the time he returned to Melbourne in 2019, he had built a reputation as a heavy-hitter in natural-language programming.

Craven, meanwhile, had already proven himself in gambling tech by disrupting the online casino industry with crypto wagering and live streaming integrations. If Stake was his moonshot in the casino industry, MainCode is his all-in bet on AI.

Raising the Stakes

Craven is MainCode’s majority investor, and while Lemphers won’t reveal the project’s exact cost, he concedes it’s a multi-million-dollar bet. Like building a sprawling casino resort, developing an LLM from scratch requires huge upfront capital: GPU infrastructure, data storage, training pipelines, and top-tier research talent.

Instead of blackjack dealers and roulette wheels, MainCode is filling its floor with PhDs. Among them are former Google researcher Dr Amanda Baughan, University of Melbourne graduates Dr Fabian Waschkowski and Dr Lukas Wesemann, and RMIT's Dr Sara RodrÍguez Gómez.

Lemphers said:

We’re building an environment where Australia’s best emerging AI talent can do the most important work of their careers with high agency, real ownership, and access to the tools they need to move fast.

In many ways, Craven’s casino empire is underwriting the “house” where Australia’s AI future will be played out.

Foreign Dependence: Playing Against the House

MainCode’s leaders see a risk in depending on overseas systems like OpenAI. Just as casino players know the house always wins, Lemphers warns that relying on foreign-owned AI means Australia is effectively playing at someone else's table:

Embedded bias or toxic training data from upstream sources quietly influences downstream decisions. These systems don’t just answer questions; they shape judgment, logic, and strategy.

MainCode’s sovereign model promises transparency and control, ensuring Australians aren’t subject to “invisible model contamination.” In gambling terms, it’s like auditing the cards before dealing instead of trusting a foreign dealer with a stacked deck.

An Aussie Jackpot in the Making?

The ambition isn’t small. Lemphers describes MainCode as a frontier-scale LLM, a phrase normally reserved for the likes of GPT-4. By building everything onshore “from metal to model,” MainCode hopes to ensure that Australian businesses, governments, and citizens can plug into a system aligned with local laws and values.

For Craven, it’s another chance to gamble on disruption. Stake proved that an online casino built around crypto could attract millions of users worldwide. Now, MainCode aims to prove that Australia can compete in the AI race, not just as a customer, but as a creator.

Stacking the Deck in Australia’s Favour

If Lempher’s is right, the AI boom could be Australia’s “next mining boom”, a transformative industry that creates wealth, jobs, and influence. And just as Craven’s Stake shook up global online gambling, MainCode could shuffle the deck in AI.

As Lemphers aptly states:

We’re building this to protect both the public and the commercial fabric of Australia’s AI future.

While the odds of success are astronomical, especially given ChatGPT's entrenched position in the AI market, if MainCode pulls it off, it will give Australia’s tech sector a seat at the global AI development table.