The global football fantasy platform says it is "very confident" that it doesn't offer any forms of regulated gambling.
The crypto-focused global fantasy football platform Sorare has potentially run into trouble with Britain’s gambling regulator.
More than 200 top-flight clubs are officially licensed with the site — including Liverpool, one of the biggest teams in the Premier League.
Sorare offers digital trading cards featuring some of the world’s best-known football stars, which can be collected and exchanged by fans on a marketplace. Each have varying levels of rarity.
But according to the U.K. Gambling Commission, Sorare has failed to secure a license for its activities — meaning that it currently isn’t subject to the country’s regulations.
Consumers are now being urged to bear this in mind before they get involved with the website, adding:
“The Gambling Commission is currently carrying out enquiries into the company to establish whether Sorare.com requires an operating licence or whether the services it provides do not constitute gambling.”
Is Sorare in Trouble?
One of the biggest issues lies in how Sorare users can create line-ups based on the trading cards they own — and potentially earn points based on the performance of their squad. A thorny issue may lay in how crypto rewards can be available.
In a statement, Sorare said that its goal is to connect players with the clubs that they love — adding that it is “normal and expected” to receive questions from regulated.
However, the company doesn’t seem to think that it will require a license from the U.K. Gambling Commission, adding:
“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. 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.”