Sorare has responded to the UK Gambling Commission (UKGC) decision to place its fantasy football platform under investigation.
Yesterday, 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.
A statement from the company read: “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.”
The fantasy football game allows players to buy, sell and trade virtual football cards to manage virtual fantasy teams competing in leagues and head-to-head matches.
Additionally, the enterprise claimed that when a product with a nascent technology becomes successful, it is ‘normal’ for there to be regulatory questions.
“Fans can celebrate their passion for football in a unique way, and 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,” added 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.”
Furthermore, the Non-Fungible Token (NFT) venture maintains that although there is an exchange element to its platform, Sorare players can only participate in fantasy football games by purchasing ‘fixed-price’ player cards. The games have no fixed odds outcome, with no player prizes allocated through a betting pool.
UKGC’s approach to granting online gambling licences has come under scrutiny following the collapse of Football Index, which lost its customers an estimated £80 million.
The organisation has said that it can not deter players from registering and participating in the games as it has not reached a determination on whether Sorare’s game-play could be deemed as a gambling transaction.
Last week, the Bundesliga signed an agreement with Sorare to be part of a fantasy game in a bid to reach more fans.
This partnership looked to allow fans, collectors and fantasy football players globally to freely play and trade with NFTs from the both Bundesliga and Bundesliga 2.