Fantasy Soccer NFT Sorare game under investigation by UK Gambling Commission
The UK Gambling Commission is investigating fantasy football platform NFT Sorare to determine whether or not its crypto-based fantasy game is a form of gambling.
The investigation comes after Paris-based Sorare raised $ 680 million last month. Sorare is not a licensed gambling operator and issued a statement on Monday saying he was “very confident” that he did not offer any form of regulated gambling.
âThe Gambling Commission is currently investigating the company to determine if Sorare.com requires a business license or if the services it provides do not constitute gambling. Consumers are encouraged to take this information into account when deciding whether or not to interact with the site, âthe UK Gambling Commission said in a statement.
Sorare allows users to buy and sell digital reader cards that are tokenized on the Ethereum blockchain. Users can then create queues with their tokens to participate in fantastic contests and earn points based on the actual performance of their players. Prizes are given out in the form of ETH cryptocurrency or rare in-game player cards.
Over 100 football clubs have licensing partnerships with Sorare, including teams such as Real Madrid, Liverpool and Juventus FC The MLS Players Association also has a licensing agreement with Sorare.
The UK government plans to ban Premier League clubs from selling jersey ads to gambling companies, which would follow Spain’s ban last year on betting sponsors appearing on La Liga club kits.
Following Spain’s ban on gaming sponsors, brands in the cryptocurrency space are increasingly becoming jersey sponsors for La Liga clubs, such as Valencia jersey sponsorship with the Socios fan token platform. A recent report from consulting firm GlobalData said that La Liga clubs have received $ 36.8 million in crypto partnerships this season.