Stake Referral Code CBG200 is a sign-up string for stake.com that, according to the offer details supplied for it, delivers a 200% deposit bonus plus a permanent 5% rakeback on all wagers. Those two components are the entire offer, and each one carries its own set of conditions. This article works through the terms side of the code rather than the headline: who is eligible, what is documented and what is not, which regions and products sit outside it, and the ways a bonus of this shape typically ends up forfeited before it is ever used. The aim is to leave you knowing exactly which questions to put to the operator's own terms page before any money moves.
Who sets the terms
The site behind the code is Stake, an online casino and sportsbook that launched in 2017 and operates at stake.com. It is run by Medium Rare N.V., registered at Fransche Bloemweg 4, Willemstad, Curaçao, and licensed by the Curaçao Gaming Authority under licence number OGL/2024/1451/0918. The business was co-founded and is owned by Ed Craven and Bijan Tehrani.
That matters for the fine print because the operator, not the person who distributed the code, is the party that writes and enforces the bonus conditions. CBG200 behaves like a private affiliate code rather than a public campaign banner: it is a specific string, handed out through a specific channel, that carries a specific stated offer. The value attached to it is what the distributor states it delivers. The rules governing how that value is released are the operator's, and they live on the operator's bonus terms page.
One consequence of the attribution model is worth stating early, because it is itself a term. Referral codes exist so that sign-ups arriving with the string are credited back to the referrer. For that attribution to stick, the code has to be present on the account from the beginning. Codes of this type are almost never applied retroactively, so a deposit made before the code is registered is the most common and most avoidable way of losing the whole offer.
Eligibility: age, location and the excluded list
The minimum age is 18, or the legal age where you live if that is higher. Location is the harder condition, and it is the one that costs people real money, because a bonus claimed from a country the operator does not serve is a wasted deposit rather than a wasted opportunity.
Players from a substantial list of jurisdictions are not accepted. Those reported to include:
Afghanistan, Argentina, Austria, Australia
Belgium, Brazil, Cyprus, Denmark
France, Greece, Israel, Poland
Portugal, Slovakia, the United Kingdom, Zimbabwe
That list is explicitly partial. Sources refer to further countries without naming them, so it should be treated as an indication rather than a complete register. The only reliable check is your own location against the operator's live terms, carried out before you deposit rather than after a withdrawal is queried.
There is also a platform boundary that is easy to miss. Stake runs a separate US-facing site on a different domain with entirely different mechanics. Nothing in this offer relates to that platform, and readers in the United States should not assume CBG200 reaches them. If you land on a different domain than stake.com, you are looking at a different product with different rules, and a code written for one will not necessarily do anything on the other.
How the two components differ in risk of loss
The 200% match
A deposit match gives you promotional credit calculated as a percentage of what you put in. At 200%, the bonus credit is worth twice the qualifying deposit: deposit 50 units and the match is 100, for a combined 150; deposit 200 and the match is 400, for a combined 600. The arithmetic is trivial. The framing is not. The matched portion is promotional credit subject to the operator's conditions. It is not cash you have won, and it is not yours to treat as your own until those conditions are satisfied.
This is the half of the offer that carries conditions you have not yet seen. No maximum bonus figure is stated for this code, and no minimum qualifying deposit is stated either. That absence is not the same as the absence of limits. It means the figures are not part of the offer information available here, and the operator's own bonus terms are the only place to establish them.
The permanent 5% rakeback
Rakeback works on a different mechanism and is therefore exposed to different risks. It returns a share of the amount wagered, regardless of whether those wagers won or lost. It is calculated on turnover, not outcome. At 5%, every 100 units staked corresponds to 5 units returned under the arrangement.
The offer describes the 5% as permanent and as applying to all wagers, so it is not a first-week promotion that lapses. That makes it structurally less fragile than matched credit: there is no clearing process to fail and no expiry window to miss. Its limitation is arithmetic rather than contractual, in that it only accumulates in proportion to how much you stake. Neither component changes the underlying odds of anything you play.
It is not stated whether the match and the rakeback are activated in one step or as two separate opt-ins. If, after entering the code, only one of the two appears on your account, that is a support question rather than something to guess at, and it is better raised before the first deposit than after.
The terms you must look up yourself
Some of the most consequential conditions are not part of the offer information available here, and inventing them would be worse than admitting the gap. A deposit bonus of this type carries wagering requirements and an expiry window. Both are set by the operator, and together they determine whether the matched credit is realistically usable at all. The checklist below is the minimum to read before opting in:
Whether CBG200 is restricted to a first deposit only, and whether an existing account holder can apply it at all
Whether the code itself carries an expiry date
The wagering multiplier attached to the matched credit, and the deadline for meeting it
Any maximum bonus amount and any minimum qualifying deposit
Which games or markets contribute toward wagering, and at what rate
That last point is where product exclusions usually hide. Contribution rates are the mechanism by which a bonus can be technically live but practically unclearable: if the games you actually want to play contribute at a reduced rate, or not at all, the multiplier you were quoted is not the multiplier you face. Read the contribution table, not just the headline requirement.
How offers like this get forfeited
Most losses of bonus value are procedural rather than dramatic. The pattern is consistent enough to list in the order it tends to happen:
Depositing before the code is registered on the account, so attribution never attaches and no match is credited.
Entering the string inexactly. Enter CBG200 exactly as written, with no spaces and no lowercase substitutions.
Signing up from a jurisdiction the operator does not serve, which invalidates the account rather than merely the bonus.
Opting in without reading the wagering multiplier, then running out of time inside an expiry window you never checked.
Playing products that contribute little or nothing toward the requirement, so turnover accrues far more slowly than expected.
Assuming a code intended for a first deposit can be applied to a later one.
The general shape of a safe application is therefore narrow. Check your jurisdiction against the current terms first. Begin registration at stake.com and complete the standard account details. Look for a promo or referral field during registration, and if the form does not show one, check whether the equivalent field exists in an account settings or bonus area. Sign-up forms label these inputs inconsistently, so treat promo, referral and voucher as the same slot. Confirm the code has registered before depositing. Read the current bonus terms in full, opt in only if you are satisfied with them, then make the qualifying deposit and check the credited balance matches the 200% calculation you expected.
Reading the package as a whole
Stake is a crypto-first platform and is widely described as a cryptocurrency casino, which matters for the deposit that triggers the match: it is expected to arrive in that form. A tiered VIP programme also runs alongside the standard account, though the specifics of its tiers are not something this article can set out, and they should not be assumed to interact with the code in any particular way.
On the terms alone, the rakeback is the more durable half. It does not expire, and it does not need clearing in the way matched credit does. The 200% match is the half with unstated conditions attached, and unstated conditions are where deposit bonuses most often disappoint people who did not read them. The structure suits someone who was already opening an account on a platform of this kind and who is comfortable reading bonus terms closely. It suits nobody in a restricted jurisdiction, and nobody who would deposit more than they are prepared to lose in order to maximise a match figure. Bonus credit inflates a displayed balance; it does not change what happens next.
Gambling involves risk and is intended for adults aged 18 or over (or the legal age in your jurisdiction). Bonuses carry wagering requirements — read them in full before opting in, never stake more than you can afford to lose, and seek support if gambling stops being entertainment.
Promotional terms, eligibility and values are set by the provider and can change at any time. Always confirm the current terms on the official site before signing up or completing a purchase.