Connect with us

Business

SoftBank-backed fantasy sports start-up accused over unlicensed gambling

Published

on

Unlock the Editor’s Digest for free

SoftBank-backed fantasy football start-up Sorare is facing charges of providing unlicensed gambling services by Britain’s betting regulator, in a blow to the company that has partnered with some of the world’s biggest sport leagues.

The Gambling Commission on Thursday said it was taking the French start-up to court next week over charges of providing unlicensed gambling facilities to consumers, in a rare use of the regulator’s powers.

Advertisement

Sorare, founded in 2018, was last valued in 2021 at $4.3bn when SoftBank led a $680mn investment into the Paris-based start-up. It has quickly expanded through a series of partnerships, including a multimillion-pound licensing deal with the English Premier League last year.

Sorare said it would challenge the charge. “We firmly deny any claims that Sorare is a gambling product under UK laws. The Commission has misunderstood our business and wrongly determined that gambling laws apply to Sorare,” it said.

The court case comes after the Gambling Commission kicked off an investigation into Sorare in 2021, as it sought to determine whether the fantasy game constitutes gambling and requires a licence. The hearing is set to take place at Birmingham Magistrates’ Court on October 4.

The company runs a popular online game that allows fans to pick an imagined team of real footballers, earning points according to their performance on the pitch. Players of the fantasy game can earn or buy digital football cards, known as non-fungible tokens, secured on the blockchain, which can also be traded as unique items.

Advertisement

Sorare expanded through a series of partnerships with athletes, clubs and leagues, at a time when the sports industry turned to cryptocurrencies and digital tokens to generate commercial revenues.

The Premier League, the world’s richest domestic club competition, obtained an option to buy an equity stake in Sorare as part of a wider four-year licensing deal struck in January 2023.

“The way that supporters follow their favourite teams and players is evolving and the Premier League is always looking for ways to engage with fans,” Premier League chief Richard Masters said at the time.

The Premier League declined to comment on Thursday.

Advertisement

Sorare also has licensing deals with Spanish football competition La Liga, Italy’s Serie A, and the German Bundesliga, among other leagues. Former football players Rio Ferdinand and Gerard Piqué are listed as partners on the Sorare website, alongside French star Kylian Mbappé.

In North America, it partnered with the National Basketball Association and Major League Baseball.

The UK’s gambling laws have failed to keep pace with the rapid expansion of online gambling. The former Conservative government last year published a white paper listing several major proposals to give tougher restrictions on online betting including maximum slot stakes. 

Additional reporting by Eri Sugiura

Advertisement

Source link

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

EU tech regulation gives Brexit Britain an opening

Published

on

Banker all-nighters create productivity paradox

Martin Wolf (Opinion, September 25) makes some astute observations about the EU and the regulatory effects it has on the technology sector. Arguably, this is a self-induced regulatory purgatory with significant negative consequences for growth and prosperity.

This is best demonstrated by regulations around artificial intelligence introduced by the Digital Markets Act — described by one commentator as helping to ensure the bloc is confined to the digital stone age. The geostrategic economic effects that are now in play will further hinder the EU’s competitiveness in all things technology related, with China, the US and, dare I say it, the UK being more agile and fleet of foot.

Until such time the EU recognises that it is within its own gift to reduce the regulatory burden on itself, it will increasingly become less relevant to its citizens and member states. Is this another Brexit dividend in the making?

John M Jones
London N19, UK

Advertisement

Source link

Continue Reading

Travel

Pretty Wetherspoons in former ‘super cinema’ named one of the UK’s best pubs by CAMRA

Published

on

The Savoy has been named one of the UK's best pubs

A WETHERSPOONS pub had made the shortlist for the UK’s best pubs.

The Savoy in Swindon has been shortlisted in The Campaign for Real Ale’s (CAMRA’s) Good Beer Guide 2025.

The Savoy has been named one of the UK's best pubs

5

The Savoy has been named one of the UK’s best pubsCredit: Wetherspoons
CAMRA praised the Wetherspoons for its long bar

5

Advertisement
CAMRA praised the Wetherspoons for its long barCredit: Wetherspoons
The pub converted the ground floor of an old cinema

5

The pub converted the ground floor of an old cinemaCredit: Wetherspoons

The annual guide looks at thousands of pubs across the UK, with hundreds making the shortlist.

And the Swindon Wetherspoons has made the shortlist.

Also the oldest Wetherspoons in Swindon, The Savoy is in a former cinema built in the mid 1930s.

Advertisement

The ‘super cinema’ seated as many as 2,000 people, with showings including the “best films across Britain and America” as well as stage shows and cinema clubs.

Read more on Wetherspoons

The Art Deco cinema sadly closed in 1991, before being converted to the Wetherspoons under the same name in 1996.

Not many of the original cinema features have remained in tact.

The pretty exterior has been restored, with the large billboards and double doors on the front.

Advertisement

Only the ground floor remains, although the pub has beautiful curved bookcases lining the main drinking area as well as vintage movie posters on the walls.

And like most Wetherspoons, it also has arcade machines and the classic Spoons carpet.

According to CAMRA: “The long bar has a very large selection of well-kept beers.

One of the UK’s prettiest Wetherspoons is in an up-and-coming seaside town

“The atmosphere is friendly and it is close to theatre, cinema, restaurants and shopping.”

Advertisement

It’s ranked highly with previous punters too, with many giving it five stars for great service as well as being cosy and spacious.

One said: “The food was excellent one of the best Wetherspoons I have been to.”

A second wrote: “One of the better Wetherspoon spots! The staff are exceptional and truly deserve 5 stars for their service.”

Someone else agreed: “This is a great Wetherspoons, it’s in an old cinema and has loads of character.”

Advertisement

Another simply said it was their “favourite Swindon pub”.

Inside is the classic Wetherspoons carpet as well as vintage movie posters and bookcases

5

Inside is the classic Wetherspoons carpet as well as vintage movie posters and bookcasesCredit: Wetherspoons

It’s not the only amazing Wetherspoons pub to visit in the UK.

The Samuel Peto in Folkestone is one of the prettier Spoons pubs, built in a former church.

Advertisement

Harrogate’s The Winter Gardens , built in the former Royal Baths, has been named one of the most beautiful in the country.

We also went down to the biggest Wetherspoons in the world.

How can I save money at Wetherspoons?

FREE refills – Buy a £1.50 tea, coffee or hot chocolate and you can get free refills. The deal is available all day, every day.

Check a map – Prices can vary from one location the next, even those close to each other.

Advertisement

So if you’re planning a pint at a Spoons, it’s worth popping in nearby pubs to see if you’re settling in at the cheapest.

Choose your day – Each night the pub chain runs certain food theme nights.

For instance, every Thursday night is curry club, where diners can get a main meal and a drink for a set price cheaper than usual.

Pick-up vouchers – Students can often pick up voucher books in their local near universities, which offer discounts on food and drink, so keep your eyes peeled.

Advertisement

Get appy – The Wetherspoons app allows you to order and pay for your drink and food from your table – but you don’t need to be in the pub to use it. 

Taking full advantage of this, cheeky customers have used social media to ask their friends and family to order them drinks. The app is free to download on the App Store or Google Play.

Check the date – Every year, Spoons holds its Tax Equality Day to highlight the benefits of a permanently reduced tax bill for the pub industry.

It usually takes place in September, and last year it fell on Thursday, September 14.

Advertisement

As well as its 12-day Real Ale Festival every Autumn, Wetherspoons also holds a Spring Festival.

Victoria Pavilion is found in the seaside town of Ramsgate – and its right on the beach.

And a new Wetherspoons hotel with a “tower suite” is set to open in an English seaside town soon.

Previous drinkers have praised the Swindon pub for great service and cosiness

5

Advertisement
Previous drinkers have praised the Swindon pub for great service and cosinessCredit: Wetherspoons

Source link

Continue Reading

Business

Britain’s last coal-fired plant closes after 142 years

Published

on

Britain’s last coal-fired plant closes after 142 years

Source link

Continue Reading

Business

We issued war loans, so why not pandemic bonds?

Published

on

We have heard much about the public finances, and how it’s “unfair” to burden future generations with the costs of the pandemic. However, is this a Treasury myth or fallacy? Millions of taxpayers alive today had to pay for the cost of war loans for the second world war. So is it fair to make them pay for the pandemic as well (Report, September 28)?

And if pandemics only occur once every 100 years or so, should there not be some adjustment to public sector borrowing to reflect this? Perhaps using some form of long-dated “pandemic bonds”?

In addition, the NHS has more than£60bn set aside for claims against it.

A small fraction of this would pay the winter fuel allowance for the entire parliament — and save the NHS money, by reducing winter hospital admissions!

Advertisement

As chancellor Rachel Reeves will know, John Maynard Keynes negotiated the Anglo-American war loans, the strain of which probably killed him. Sadly, we do not have a genius like Keynes to help us today. Nonetheless, is this apparent fairness anomaly something the Treasury should reflect on, to relieve hardship?

David Campkin
Reading, Berkshire, UK

Source link

Advertisement
Continue Reading

Business

AI no match for the brain when it comes to languages

Published

on

Paul Shotton (“That old joke about the two kinds of European”, Letters, September 27) writes that artificial intelligence “will render modern language courses obsolete, and people’s time can be freed up to study something far more useful”. But he will know that AI can translate words well enough. However, putting them together to make sense in other languages requires a human brain and training. Word for word translation produces gobbledegook, as most people know.

When I studied modern languages it was certainly not just about translation, but art, history, literature and many other areas. My connections with current multilingual studies indicate that this is still the case. AI is a wonderful tool, a great asset and time saver, but not to be confused with the human brain, which is still needed to transform a message — one that makes sense — into another language.

Helen Campbell
Brussels, Belgium

Source link

Advertisement
Continue Reading

Travel

UK travel trends for 2025 revealed – including ‘kidcations’ and childhood trips

Published

on

Hilton has revealed UK travel trends they expect to see in 2025

ONE in five couples have booked separate beds when away on holiday.

A poll of travellers found sleeping arrangements could play a major role in holiday planning for 2025 – with 59 per cent admitting they sleep better alone.

Hilton has revealed UK travel trends they expect to see in 2025

2

Hilton has revealed UK travel trends they expect to see in 2025
The study was conducted by Hilton

2

Advertisement
The study was conducted by HiltonCredit: Alamy

And it’s not just having their own bed which is important, as 11 per cent have even booked different rooms.

Almost half (47 per cent) have done this to make sure they have a good night’s kip, and 28 per cent have done have different ‘sleep preferences’ to their partner.

The study, commissioned by Hilton, is part of its 2025 Trends Report which has coined eight new terms for emerging travel behaviours, with the trend of couples who book different rooms or beds described as ‘The Great Sleep Split.’

More than 13,000 adults from Australia, Brazil, China, Germany, India, Japan, Mexico, Saudi Arabia, Singapore, Türkiye, UAE, UK, and the US took part in the hotel brand’s global report.

Advertisement

Simon Vincent, executive vice president and president of Europe, Middle East and Africa at Hilton said: “Our 2025 Trends Report shows that resting and recharging continue to be primary motivators to travel, and exploring nostalgic destinations with family and friends is on the rise.”

Another relationship trend to rise in 2025 is the ‘Ex-cursion’, which found 34 per cent of people book a trip with friends immediately after going through a break-up.

While 45 per cent of parents indulge in ‘Nostalgications’ – taking their kids to destinations they visited as children.

Additionally, 51 per cent are now choosing to take their children away based on the places they always dreamed of exploring when they were young.

Advertisement

Solo travel has shown no sign of slowing down, with the separate Hilton study of 2,000 UK holidaymakers finding 34 per cent are yearning to go on a solo adventure before the end of 2025.

With this trend described as ‘Me-mooning’ in the trends report.

And while 21 per cent are out to meet new friends, the research, carried out through OnePoll, found 12 per cent are looking for a little romance along the way.

EIGHT TRAVEL TRENDS FOR 2025, ACCORDING TO HILTON REPORT

Advertisement

1.         The Great Sleep Split – Booking separate rooms or beds on a holiday, so you and your partner can get a better night’s sleep
2.         Me-Mooning – Going on a solo trip that is all about you
3.         Nostalgication – Going on a holiday with your family that you went on when you were a child
4.         Kidcation – When your little one shapes your holiday and its adventures
5.         DINKury Destinations – Dual-income-no-kids, happily spending more when it comes to holidays
6.         Ex-cursions – Going on a trip after a breakup to unwind and let your hair down
7.         Spontanitrip – When travellers embrace the thrill of the unknown, setting off on holiday with no plans – just pure spontaneity
8.         Flexiscape – When you mix and match different holiday styles—balancing relaxation with adventure to create the perfect all-in-one getaway

Source link

Continue Reading

Trending

Copyright © 2024 WordupNews.com