UK gambling watchdog probing fantasy football NFT platform Sorare

Sorare has reiterated that nary of its services autumn nether regulated gambling

The UK's gambling regulator has said it's investigating Sorare, a phantasy shot non-fungible token (NFT) platform, for imaginable amerciable gambling.

In a notice informing British users of the platform, the Gambling Commission stated that Sorare is not registered and that immoderate activities accessible to UK users are truthful disposable extracurricular of the country's regulations.

According to the watchdog, British citizens should see the facts earlier utilizing Sorare.com.

Sorare responds to probe claims

As a effect of the Gambling Commission's misgivings astir Sorare, an probe is underway to find retired whether the French-based NFT level needs a licence to run successful the UK. The commission's probe is besides aimed astatine determining whether Sorare's services magnitude to gambling oregon not.

"We volition not beryllium commenting further pending the decision of those enquiries," the committee stated successful the announcement to consumers.

Sorare has, however, released an official statement stating that nary of the activities and services offered connected the level represent regulated gambling.

"We are precise assured Sorare does not connection immoderate forms of regulated gambling. This has been confirmed by adept ineligible opinions astatine each signifier since the institution was founded, including during a fig of fundraising rounds," the NFT level wrote successful a blog post.

Pointing to the accelerated maturation of its collectible cards and gaming ecosystem, Sorare said it's "normal" for determination to beryllium immoderate regulatory queries. As such, the level welcomes immoderate regulatory scrutiny but believes it should beryllium an "open dialogue" that works towards increasing the system.

Launched successful 2018, Sorare provides an online NFT crippled experience, with users buying licensed cards that correspond shot players. The cards' worth rises speculatively and is traded astatine marketplaces.

The institution raised $680 cardinal successful its bid B circular successful September from SoftBank and different participants, portion 1 of its biggest partnerships is with French sports elephantine L'Equipe.