![]() ![]() “The Gambling Commission is currently carrying out enquiries into the company to establish whether requires an operating licence, or whether the services it provides do not constitute gambling.” “Consumers are being advised to consider this information when deciding whether or not to interact with the site,” the post on the regulator’s website reads. It also means that if the brand suddenly goes out of business overnight, those with funds tied up in the game may not have any recourse to get their money back. What Has the Gambling Commission Said?Ī brief but in-detail post on the Gambling Commission confirms that they are looking into Sorare to determine what status the platform deserves.Īt the time of writing, they had not licenced Sorare to operate in the UK market – meaning that they currently doing so illegally if it is decided that their product is of a betting nature. ![]() The company’s owners claim to be profitable already, although that could take a hit if the Gambling Commission considers them to be offering a gambling product. Initially founded in 2019, Sorare began accumulating funding publically and from sources including UbiSoft, Consensys and E-Ventures, while an ad campaign in December 2020 featuring Barcelona star Gerard Pique saw another £3.5 million in the kitty. The NFT element is that the cards are classed as ‘digital collectibles’ and non-fungible tokens, with some of them provably rare and owned sorely by the holder. These teams are then ranked based upon the performances of the five footballers that they feature, with points earned for goals, clean sheets and the like. The idea is that players build their own fantasy team by buying and selling the digital cards that Sorare supplies. Like many things these days, the Sorare platform is powered by the Ethereum blockchain, which gives the game a slightly mysterious yet completely anonymous feel. “We will always engage and have an open dialogue with authorities who reach out to us to learn more about our game.” What is Sorare? Image Credit:Ira Lichi, Bigstockphoto “This has been confirmed by expert legal opinions at every stage since the company was founded, including during a number of fundraising rounds,” a spokesperson said. They raised an incredible $750 million in funding prior to and during their launch, and already some 140 clubs from around the world – including Real Madrid – have launched their own player cards on the platform.īut is it gambling? That’s the big question here, although Sorare claim they are not breaching any UK laws despite not having a licence to operate – they believe their product cannot be classified as betting. Unlike the old days of school playground sticker swaps, the Sorare cards have an inherent monetary value, and that goes up and down based upon the player’s performances out on the pitch.Īnd that is one of the reasons why the Commission is keeping a close eye on things, because there is an innate similarity between Sorare’s product and that of the doomed Football Index, where traders would buy and sell fictitious shares in players that would rise and fall in value based upon how well they played. ![]() That’s the cryptic question that the UK Gambling Commission must answer as they investigate the future of Sorare, a brand that offers their players the chance to trade NFT cards of their favourite footballers.
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