NFT platform Sorare investigated by UK gambling commission

The French fantasy soccer NFT platform is not registered with the UKGC pending an investigation

Sorare, an NFT platform where users can buy and trade NFT soccer cards is under investigation by the UK Gambling Commission (UKGC) which will establish whether Sorare requires an operating license.

The UKGC said in a statement that any activity that was completed on the Sorare site by UK customers is outside of the gambling regulations that a licensed operator should comply with.

“The Gambling Commission is currently carrying out enquiries into the company to establish whether Sorare.com requires an operating licence or whether the services it provides do not constitute gambling,” the UKCG confirmed.

The statement was not without pushback from Sorare, as a spokesperson for the NFT platform insisted it had done no wrong.

“We are very confident Sorare does not offer any forms of regulated gambling,” the spokesperson said.

“We will always engage and have an open dialogue with authorities who reach out to us to learn more about our game. We believe this is the responsible way to grow our game and community globally.”

Sorare partnerships

Footballers Rio Ferdinand, Antoine Griezmann, and Gerard Pique are investors in Sorare, which raised $680m this past month.

The platform recently inked a deal with both divisions of the Bundesliga – Germany’s domestic football league.

The deal with Germany’s top division came after Sorare’s deal with La Liga – Spain’s top domestic football league – with NFT trading cards of players from Barcelona, Real Madrid, and Atletico Madrid in September.

Sorare plans to build partnerships with all 20 football leagues across the globe by the end of 2022.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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