{"id":201220,"date":"2021-10-12T14:00:55","date_gmt":"2021-10-12T13:00:55","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=201220"},"modified":"2021-10-12T11:29:21","modified_gmt":"2021-10-12T10:29:21","slug":"crypto-nft-unicorn-sorare-hit-by-uk-regulators-over-operating-a-gambling-platform","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-nft-unicorn-sorare-hit-by-uk-regulators-over-operating-a-gambling-platform\/","title":{"rendered":"Crypto NFT unicorn Sorare hit by UK regulators over operating a \u2018gambling&#8217; platform"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The U.K. Gambling Commission, the country\u2019s premier gambling watchdog, has launched an investigation into cards trading platform Sorare, said a <\/span><a href=\"https:\/\/www.gamblingcommission.gov.uk\/news\/article\/consumer-information-notice-sorare-com\"><span style=\"font-weight: 400;\">notification<\/span><\/a><span style=\"font-weight: 400;\"> released Monday.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The commission alleged Sorare offered and operated an unregistered gambling platform targeted towards UK citizens. The country has strict laws to keep gambling and other speculative activities in check and requires such companies to mandatorily register with the U.K. Gambling Commission.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt has come to our attention the football-themed website, Sorare.com, is available to consumers in Great Britain. Sorare.com is not licensed by the Gambling Commission,\u201d the notice reads, adding:<\/span><\/p>\n<blockquote><p><b>\u201cThis 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.\u201d<\/b><\/p><\/blockquote>\n<h2><b>Legal arms reach out to Sorare<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Founded in 2018, Sorare is an online game where players buy officially licensed cards representing soccer players and build teams that play against each other, with the outcome based on the players' performance in real-life games.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Each card is a <\/span><a href=\"https:\/\/cryptoslate.com\/nfts\/\"><span style=\"font-weight: 400;\">nonfungible token (NFT)<\/span><\/a><span style=\"font-weight: 400;\">, a blockchain-based representation of a tangible\/intangible asset that proves its holder is the rightful owner of <\/span><i><span style=\"font-weight: 400;\">that<\/span><\/i><span style=\"font-weight: 400;\"> asset. Historic football teams from PSG to Barcelona, to Real Madrid feature on the Sorare app, with prices based on secondary market demand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s such trading that the U.K\u2019s gambling watchdog deems illicit. The notice advised Sorare users to consider the company\u2019s unlicensed nature consideration when deciding whether or not to use the platform.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The notice also said the commission is currently conducting \u201cinquiries into the company\u201d to determine whether Sorare needs an operating license or if its services do not constitute gambling.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On its part, Sorare said it is confident that none of its services fall under regulated gambling. \u201cThis has been confirmed by expert legal opinions at every stage since the company was founded, including during a number of fundraising rounds,\u201d the firm stated, adding it shall engage in an \u201copen dialogue\u201d with any relevant regulatory authorities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the crackdown comes on the back of Sorare\u2019s multimillion-dollar raise last month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sorare became a multibillion-dollar crypto unicorn earlier this year after raising $680 million in a funding round in September 2021. The round catapulted Sorare\u2019s valuation to $4.3 billion and was led by Japanese conglomerate SoftBank. But UK authorities are clearly unimpressed.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.K. Gambling Commission, the country\u2019s premier gambling watchdog, has launched an investigation into cards trading platform Sorare, said a notification released Monday.\u00a0 The commission alleged Sorare offered and operated an unregistered gambling platform targeted towards UK citizens. The country has strict laws to keep gambling and other speculative activities in check and requires such [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":194709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,60793,76232,11],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto NFT unicorn Sorare hit by UK regulators over operating a \u2018gambling&#039; platform<\/title>\n<meta name=\"description\" content=\"The U.K. Gambling Commission, the country\u2019s premier gambling watchdog, has launched an investigation into cards trading platform Sorare.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-nft-unicorn-sorare-hit-by-uk-regulators-over-operating-a-gambling-platform\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto NFT unicorn Sorare hit by UK regulators over operating a \u2018gambling&#039; platform\" \/>\n<meta property=\"og:description\" content=\"The U.K. Gambling Commission, the country\u2019s premier gambling watchdog, has launched an investigation into cards trading platform Sorare.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-nft-unicorn-sorare-hit-by-uk-regulators-over-operating-a-gambling-platform\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-12T13:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-12T10:29:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/UK-crypto-advertising.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/crypto-nft-unicorn-sorare-hit-by-uk-regulators-over-operating-a-gambling-platform\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/crypto-nft-unicorn-sorare-hit-by-uk-regulators-over-operating-a-gambling-platform\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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