Is Sorare profitable in 2026?

No. Sorare's revenue fell to about €43M in 2024 from €240M in 2022, while losses reportedly hit ~€100M in 2024. The company has set an internal goal of reaching profitability by end of 2026, but that target is unconfirmed and cash reserves were projected to shrink to ~$41M by end of 2025.

Is Sorare running out of money?

Cash reserves reportedly fell from $230M (2023) to $91M (2024) and were projected to hit ~$41M by end of 2025, per L'Informé reporting, against an estimated ~€100M annual burn rate. Sorare has raised no new capital since its September 2021 Series B.

Sorare is privately held, founded in 2018 by Nicolas Julia and Adrien Montfort. Its September 2021 Series B raised $680M at a $4.3B valuation, led by SoftBank Vision Fund 2 with Atomico, Bessemer, Benchmark and Accel. No new funding round has followed since.

Is Sorare facing legal trouble in the UK?

Yes. The UK Gambling Commission charged Sorare in September 2024 with three counts of providing unlicensed gambling facilities, the regulator's first prosecution of a major Web3 platform. Sorare pleaded not guilty in October 2024, and the case remained ongoing as of March 2026.

Who is Sorare's biggest competitor?

Dapper Labs, maker of NBA Top Shot, is Sorare's best-funded direct Web3 peer, reportedly valued at $7.6B in 2021 versus Sorare's $4.3B. Free incumbents like Fantasy Premier League, with about 9 million users, also pull attention away from Sorare's paid card model.

Could AI replace Sorare?

Sorare's core mechanic, officially licensed NFT player cards tied to leagues like the Premier League and NBA, is not AI-automatable. But peripheral third-party tools built around it, such as SorareData's lineup and price-projection analytics, are the kind of statistical tooling generative AI could commoditize.

France · France

Sorare

Paris fantasy sports platform selling licensed NFT player cards for real leagues.

Losing its protection

Assessed 29 July 2026 · Evidence as of 29 July 2026

The structural protection is eroding.

On the recordSince 29 July 2026 · Checkable from 2026 · Every call on the record Checkpoint: UK Gambling Commission criminal trial verdict on unlicensed gambling charges

The call

Sorare still holds real league licenses but is burning through its last cash while its home regulator and UK prosecutors decide its legal future.

Sorare lets fans collect and trade digital player cards from real soccer leagues, making money when people buy and sell them. It is hard to copy because it has official permission from the leagues themselves, but it is easy to replace because free fantasy sports games like Fantasy Premier League already give millions of people similar fun without charging money, and established games like EA Sports FC already let players collect cards with familiar brands. The company is in serious trouble: it spent far more money than it earned, regulators in the UK and France are investigating whether it is breaking gambling laws, and it is running out of cash. What happens next depends on whether the company can stop losing so much money by late 2026, whether courts rule that the game violates gambling rules, and whether France officially sets new card-game regulations. All three of these could reshape or end the business within the next year and a half.

Why

AI pressure: Third-party AI analytics tools like SorareData-style lineup and pricing bots. AI tools could commoditize the paid data edge some managers rely on, but this is not what is draining the business today. Could AI do the core job? Only partly.

Bigger players: EA Sports FC Ultimate Team, Dapper Labs NBA Top Shot, and free fantasy apps like FPL. Free or cheaper fantasy and card games already exist at scale, making Sorare's paid-card model a hard sell as its own revenue falls 82%. Could a giant copy it? Probably.

What protects it. Official, if non-exclusive, licenses with Premier League, La Liga, Bundesliga, Ligue 1, MLB, and NBA/NBPA, renewed into 2026.

What would change this call

UK Gambling Commission trial verdict on Sorare's unlicensed gambling prosecution. Shows whether Sorare's card model is ruled illegal gambling in its biggest market.
French JONUM decree gets signed or stays stalled through 2026. Shows whether Sorare's home-market legal status resolves or stays in limbo.
Sorare announces new funding round, down-round, sale, or runs out of cash by end-2026. Shows whether the ~$41M cash cushion converts to survival or collapse.

Key numbers

Revenue fell about 82%, from ~€240M (2022) to €43M (2024) (2024)
Cash reserves projected to drop to ~$41M by end of 2025 (2025-09)
No new funding raised since $680M Series B in Sept 2021 (2026)

Named risks

Cash reserves projected to fall to ~$41M by end of 2025 against heavy burn. Severity: high
UK Gambling Commission prosecution for unlicensed gambling still unresolved as of March 2026. Severity: high
Revenue collapsed ~82% from €240M (2022) to €43M (2024). Severity: high
French JONUM decree needed to legitimize model remains unsigned as of mid-2026. Severity: medium
No new capital raised since September 2021 Series B amid depressed Web3 funding market. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Dapper Labs (NBA Top Shot)	gaining on	Reported $7.6B valuation in 2021 vs Sorare's $4.3B, better capitalized direct peer
EA Sports FC (Ultimate Team)	losing to	Dominant mainstream card-collection franchise occupying same category economically
Fantasy Premier League	losing to	Free platform with ~9M users dwarfs Sorare's paid card-holding base as of 2023
OpenSea	contesting	General NFT marketplace competing for Sorare secondary-trading volume, reported $13.3B valuation

Questions people ask

Is Sorare profitable in 2026?: No. Sorare's revenue fell to about €43M in 2024 from €240M in 2022, while losses reportedly hit ~€100M in 2024. The company has set an internal goal of reaching profitability by end of 2026, but that target is unconfirmed and cash reserves were projected to shrink to ~$41M by end of 2025.
Is Sorare running out of money?: Cash reserves reportedly fell from $230M (2023) to $91M (2024) and were projected to hit ~$41M by end of 2025, per L'Informé reporting, against an estimated ~€100M annual burn rate. Sorare has raised no new capital since its September 2021 Series B.
Who owns Sorare?: Sorare is privately held, founded in 2018 by Nicolas Julia and Adrien Montfort. Its September 2021 Series B raised $680M at a $4.3B valuation, led by SoftBank Vision Fund 2 with Atomico, Bessemer, Benchmark and Accel. No new funding round has followed since.
Is Sorare facing legal trouble in the UK?: Yes. The UK Gambling Commission charged Sorare in September 2024 with three counts of providing unlicensed gambling facilities, the regulator's first prosecution of a major Web3 platform. Sorare pleaded not guilty in October 2024, and the case remained ongoing as of March 2026.
Who is Sorare's biggest competitor?: Dapper Labs, maker of NBA Top Shot, is Sorare's best-funded direct Web3 peer, reportedly valued at $7.6B in 2021 versus Sorare's $4.3B. Free incumbents like Fantasy Premier League, with about 9 million users, also pull attention away from Sorare's paid card model.
Could AI replace Sorare?: Sorare's core mechanic, officially licensed NFT player cards tied to leagues like the Premier League and NBA, is not AI-automatable. But peripheral third-party tools built around it, such as SorareData's lineup and price-projection analytics, are the kind of statistical tooling generative AI could commoditize.

Timeline

2026-05CEO claims revenue up 22% YoY, renews MLB and NBA partnerships despite US retrenchment
2025-11Announces 35% staff layoffs, closes NY office, CTO Montfort steps down from operations
2025-11Completes migration of NFT cards from Ethereum/StarkEx to Solana blockchain
2025-09Cash reserves reported projected to fall to ~$41M by end of 2025
2024-09UK Gambling Commission charges Sorare with 3 counts of unlicensed gambling
2024-03Lays off 22 employees (13% of staff) in New York, centralizes in Paris
2024Revenue falls to €43M, losses reportedly reach ~€100M
2023Revenue falls to €59M from ~€240M annualized in 2022
2021-09Raises $680M Series B led by SoftBank Vision Fund 2 at $4.3B valuation

Revision history

29 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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