UK Gambling Regulator Investigates Soccer NFT Platform

UK Gambling Regulator Investigates Soccer NFT Platform

Fast-growing fantasy soccer and digital collectible platform in Europe, Sorare is being investigated by the Gambling Commission in the United Kingdom. In a warning mentioned in the Consumer Information Notice, which was dated October 8, 2021, the UK Regulator stated that the company “operates outside the gambling regulations that a licensed operator should comply with”.

Reason for the notice

The notice issued by the regulator further states that an investigation is underway into whether the company is required to have a gambling license. The investigation is also underway to check whether the services offered by the company in fact constitute gambling. The company does not offer traditional sports gambling services. Digital trading cards are speculative in nature. They are driven by the performance of players to a large extent. This may be skirting with the categorizations as mentioned in the regulations.

Response to the notice

In a statement released by the company, it mentioned that it was confident that the organization does not offer services that come under the purview of regulated gambling. The company states that it has taken legal opinion and has confirmed the same with legal experts since the incorporation of the company. The statement further mentioned that the company has always been willing to conduct an open dialogue with the regulatory authorities who reach out to the company and want to learn more about the services and offerings of the company. The company states that this is the healthy and responsible attitude to bring awareness to grow their business as well as their community on a global scale.

Company plans

The company that is based in Paris is a non-fungible token (NFT) leader. It has raised $680 million in Series B funding. The valuation of the funding was around $3.3 billion in September 2021.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.