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The United Kingdom’s Gambling Commission released a consumer information notice to clarify Sorare is not licensed by the regulator which means “any activity completed on the site by consumers in Great Britain is outside of the gambling regulations that a licensed operator should comply with.”
The gambling watchdog of the United Kingdom warned in a consumer information notice dated Oct. 8 that Sorare’s business operates “outside of the gambling regulations that a licensed operator should comply with” and that consumers are advised to take this into account when deciding whether or not to use the platform.
The notice goes on to say that the Gambling Commission is looking into whether Sorare should be required to have a gambling license or if its services don’t actually constitute gambling.
While the company doesn’t offer any traditional forms of sports gambling, the speculative nature of their digital trading cards – whose values are largely driven by player performance – skirt the line of categorization.
In its official statement regarding the investigation, Sorare said it is “very confident [it] does not offer any forms of regulated gambling” and that it has confirmed this with legal experts since the company’s inception.
Sorare added that “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.”
The Paris-based non-fungible token (NFT) giant raised $680 million in a Series B funding round at a $4.3 billion valuation in September.
(Article Courtesy of CoinDesk)