British gambling regulator suspects Sorare of lack of license
The UK Gambling Commission (UKGC) is investigating one of the most popular NFT games, the French fantasy football platform Sorare.
In its press release, the gambling regulator announced that it is studying the issue of the need for additional licensing for Sorare. UKGC representatives also warned local citizens that investing in Sorare products and services is at their own risk.
Sorare allows players to purchase and sell cards licensed by official clubs and football players. More than 100 teams from all over the world are represented within the platform, and its participants can not only collect items but also take part in various competitions, winning new cards or awards in the Ethereum equivalent. The platform plans to add other sports soon.
Until the investigation is completed, UKGC announced its intention not to provide additional media comments. Sorare representatives, in turn, responded promptly to the regulator's statement, saying that their product raised the expected “regulatory issue”. But they strongly believe that Sorare's product does not fall under any form of regulated gambling. In addition, the company's management clarified that it is always open for dialogue with the official departments of any country, considering this approach “responsible” from the point of view of further business development around the world.
As a reminder, fantasy football team Sorare recently managed to raise $680 million in a Serie B funding round at an estimate of $4.3 billion.
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