The phrase highlights or compares a specific characteristic when evaluating something or someone. He's low in the charisma stakes, but his intelligence is unmatched.
Pro Tip 2/3
Imaginative Context
Often used to create a hypothetical competition in which qualities are assessed. In the dessert stakes, her chocolate cake takes first prize.
Pro Tip 3/3
Subjectivity
Indicates the speaker's personal opinion or subjective judgment, not a factual measurement. In the fun stakes, the party tonight was rather low.