thecoinrepublic.com
The NFT fantasy soccer game dubbed “Sorare” is under scrutiny as of late as United Kingdom’s gambling commission is weighing as to whether or not the title should be applied with a gambling license requisite.
Gambling Commission inquiry
UK’s Gambling Commission recently launched an inquiry into the said NFT soccer game, which has been reported to have raised an impressive $680 million in funding back in September. Further, it was noted that the Gambling Commission is as of late carrying out inquiries into the firm to establish as to whether Sorare would be requiring a license to operate or whether the services that they’re offering are not deemed as gambling.
Sorare denies it
Sorare, on the other hand, stated in their recent blog post that they have since denied that they are involved in anything too close to be considered regulated gambling. They stated that they’re “very confident” that they do not provide any iterations of regulated gambling. Further, Sorare claims that such has already been confirmed by “expert legal opinions” at each stage since the firm was established including during several fundraising rounds.
The post went on to state that they will “engage and have an open dialogue” with authorities who want to have a word with them to educate them about their game as they believe that such a move is the responsible way for both their game and its community to flourish.
On October 8, the Gambling Commission published a press release stating that Sorare is not licensed by them. This means that any form of activity that has been completed within the site by consumers within Great Britain is outside of the gambling regulations by which every operator with a license should abide by.
Sorare made it clear on their website that they’re a fantasy football game that is blockchain-based as players can win rewards for choosing the best lineups.
Nonetheless, the website Gambling Insider, noted that the gambling and regulation partner at Keystone Law – Richard Williams – argued that Sorare could fall under the category of either pool betting or a gaming-regulated activity under the Gambling Act of 2005.
It was stated that the commission will no doubt be carrying out a thorough review regarding Sorare. The Gambling Commission pointed out though that there is a “legal question mark” over this.
Sorare was developed in 2018 by Adrien Montfort and Nicolas Julia where players can buy, sell, and manage a virtual team with digital playing cards.