Sorare, a fantasy soccer non-fungible token (NFT) <a href="https://www.cryptoknowmics.com/news/soccer-game-sorare-raises-680-million-in-softbank-led-funding-round/">platform</a> is currently being investigated by the United Kingdom's gambling watchdog, the U.K. Gambling Commission.
<h2><strong>Sorare NFT Platform Under Investigation by U.K's Gambling Regulator</strong></h2>
In a consumer information <a href="https://www.gamblingcommission.gov.uk/news/article/consumer-information-notice-sorare-com" target="_blank" rel="nofollow noopener">notice</a> from Oct. 8, the U.K. Gambling Commission warned 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.

<em>"This means that any activity completed on the site by consumers in Great Britain is outside of the gambling regulations that a licensed operator should comply with,"</em> said the notice, adding, <em>"The Gambling Commission is currently carrying out inquiries into the company to establish whether Sorare.com requires an operating license or whether the services it provides do not constitute gambling.</em>

In its official <a href="https://medium.com/sorare/official-statement-5349bcf5f7da" target="_blank" rel="nofollow noopener">statement</a> regarding the investigation, Sorare clarified that it's “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.

While the company doesn’t offer any traditional forms of sports gambling, the speculative nature of its digital trading cards, whose values are largely driven by player performance perhaps caught the regulator's eye.

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.”
<h2><strong>The Marketplace Values Over $4.3 Billion</strong></h2>
In September, Sorare had raised $680 million in a Series B funding round at a $4.3 billion valuation and has since grown to become one of the largest NFT platforms. In 2020, the firm had raised $4 million in seed funding before going on to raise a $5o million series A and a $680 million Series B round led by SoftBank in 2021.

The platform enables soccer fans to trade NFT cards of popular players powered by the Ethereum blockchain which operates much like other fantasy sports websites. Since its launch, more than 120 football clubs have launched player <a href="https://www.cryptoknowmics.com/news/nft-sales-volumes-exceed-10-billion-in-the-third-quarter/">NFTs</a> on the platform.

NFT Platform Sorare is Being Investigated by the U.K. Gambling Commission

Sorare, a fantasy soccer non-fungible token (NFT) platform is being investigated by the United Kingdom's gambling watchdog, the U.K. Gambling Commission.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

NFT Platform Sorare is Being Investigated by the U.K. Gambling Commission

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