Sorare backs its non-gambling status under UKGC evaluation

By | October 12, 2021

Sorare has issued a response to the UK Gambling Commission (UKGC) placing its blockchain fantasy football platform under investigation.  

Yesterday the UKGC issued a warning,  alerting the public that Sorare (Sorare.com) did not maintain a UK gambling licence.  

The Commission confirmed that it was evaluating Sorare’s fantasy football game and digital collectables platform, with regards to whether the business was required to operate under a licence. 

Though issuing a public warning, the UKGC maintained that it could not deter players from registering and participating in Sorare games as it had not reached a determination on whether Sorare’s game-play could be deemed as a gambling engagement/transaction.

Founded by Paris entrepreneurs Nicolas Julia (CEO) and Adrien Montfort (CTO) – Sorare aims to become the leading fantasy football platform for the ‘NFT collectables generation’.

The $680 million backed NFT venture maintains that although there is an exchange element to its platform, Sorare players can only participate in fantasy football games/leagues by purchasing fixed-price player cards.

Sorare underlined that there is no ‘randomised mechanism’ to its player card purchases as its customers are purchasing collectable items that cannot be defined as loot box engagements. 

The platform’s fantasy football games have no fixed odds outcome, with player prizes allocated by Sorare and not through a betting pool.

“We are very confident Sorare does not offer any forms of regulated gambling. This has been confirmed by expert legal opinions at every stage since the company was founded, including during a number of fundraising rounds.” Read a statement by Sorare. 

“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 UKGC’s approach to granting online gambling licences has come under scrutiny following the high-profile collapse of Football Index, which left its customers an estimated £80 million out of pocket. 

“At Sorare, fans can celebrate their passion for football in a unique way. By collecting rare NFT cards and playing our global fantasy football game, our community has unlocked a new way to connect with the players and clubs that they love. When a product with a nascent technology becomes successful, such as Sorare’s digital collectable cards and game, it is normal and expected for there to be regulatory questions,” Sorare affirmed. 

Leave a Reply

Your email address will not be published. Required fields are marked *