According to subject‐sensitive invariantism (SSI), whether S knows that p depends not only on the subject's epistemic position (the presence of a true belief, sufficient warrant, etc.) but also on non‐epistemic factors present in the subject's situation; such factors are seen as “encroaching” on the subject's epistemic standing. Not the only such non‐epistemic factor but the most prominent one consists in the subject's practical stakes. Stakes‐based SSI holds that two subjects can be in the same epistemic position with respect to (...) some proposition but with different stakes for the two subjects so that one of them might know the proposition while the other might fail to know it. It is remarkable that the notion of stakes has not been discussed much in great detail at all so far. This paper takes a closer look at this notion and proposes a detailed, new analysis. It turns out that there is more than one kind of stakes, namely event‐stakes, knowledge‐stakes and action‐stakes. I discuss several issues that even plausible notions of stakes raise and propose solutions. (shrink)