The national gambling authority has reportedly issued a warning to a French company accused of providing sports betting.
Sorare: Simple gameplay and impressive results
Sorare is a French startup that offers an online fantasy football platform founded 4 years ago by Nicolas Julia and Adrien Montfort.
The principle is simple: collect the cards of different players and football stars, looks a bit like sandwich thumbnails. With the difference that here everything happens online, more precisely on the blockchain. The platform uses the Ethereum network and the NFT (Non Fungible Tokens) principle. for his collectible cards. We remind you that NFT allows you to guarantee the authenticity and ownership of a digital object and to register it in the blockchain. As such, these cards are also interchangeable outside of Sorare on various existing NFT platforms.
Beyond ease of use and fun, Sorare innovates in its offers. Cards with true meaning. Blockchain technology, the Ethereum network and NFT allow each user to own unique and authenticated cards. They can be highly appreciated
Sorare has experienced a meteoric rise since its inception. The company claims increase in the number of users and recently collaborated with Kylian M’Bappe and AC Milan.
The National Gaming Authority is independent administrative body intervention in gambling industry. According to its website:
The National Gambling Authority was created out of the need to create a unified and consistent regulation of gambling and gaming, with strengthened powers to provide better protection for players. Therefore, all monopoly or competition players in the French market, all types of permitted games (lotteries, horse betting, sports betting, poker) are regulated by the same body, which is currently responsible for a very large area of regulation. . wide and varied.
These missions include Prevention of excessive gamblingprotection of minors, integrity of gaming operations o Prevention of fraudulent activities.
So the regulator just sent Sorare’s warning. He asks the French company to prove that it does not offer veiled sports betting. The authorities, in particular, raise the question of the link between real player performance and game play. This moment has prompted the regulator to take an interest in Sorare. In effect, the cards gain and lose value in the game. based on the actual performance of each player.
It’s rare explicitly denies these allegations. For them, their users’ purchases are not tied to a single game. like a bet. The user holds their cards in the form of NFT and can be used:
When the Sorare card is played in our fantasy game, it is never lost. This card can be played 1 time or 500 times in both Season 1 and Season 10.
Impact on Sorara
In the event that Sorare is recognized as a sports betting service provider,The consequences can be severe for a French company First it will have to submit to one much less taxation compared to today. Second, it should increase control especially in business Registration as fares in France are highly regulated.
Sorare has not yet officially responded and we await your reply. This message could come complicate its development and its impressive growth. It’s hard to imagine such a scenario at this point, but this warning reflects some criticism of Sorare, particularly in relation to the announcement of a partnership with star Kylian M’Baptized, who has been accused of another way to speculate not a game, as the platform claims.
To learn more about cryptocurrency fantasy leagues, check out our article here.