Michael Owen breached UK law by promoting unlicensed cryptocurrency casino

Michael Owen used his Twitter account to advertise an unlicensed cryptocurrency on line casino to the British public, in breach of UK legal guidelines relating to playing promoting.

He has additionally been instructed by the Promoting Requirements Authority (ASA) to delete a promotion for a controversial non-fungible token scheme for breaching guidelines about promoting cryptocurrency merchandise.

On Might 16, Owen printed two tweets promoting “Punt On line casino” which is registered within the Caribbean island of Curacao however has no UK licence.

Beneath UK regulation, solely betting companies licensed by the UK Playing Fee can legally be marketed to UK shoppers.

After The Athletic made enquiries, the tweets had been deleted and the Punt On line casino web site was “geo-blocked” for UK customers.

“Punt On line casino is a totally licensed Curacao on line casino working below the principles and laws related to that license,” a spokesperson stated. “We don’t goal or promote our on line casino to clients of any international locations and/or jurisdictions not allowed by such license.”

Individually, The Athletic can reveal that Owen has been instructed by the ASA to take away a tweet promoting non-fungible tokens (NFT) which attracted controversy by claiming to be “the first-ever (NFTs) that may’t lose their preliminary worth”.

What’s Punt On line casino?

In a press launch about Punt On line casino, Owen stated: “I’m a powerful believer within the energy of crypto, so teaming up with an revolutionary platform like Punt On line casino looks like a pure match.”

The press launch made no point out of what international locations or jurisdictions the agency is concentrating on, nonetheless.

Playing promoting is widespread in soccer and it is extremely widespread to see well-known ex-pros showing in adverts.

However the agency promoted by Owen may be very completely different from the likes of William Hill, Ladbrokes and Bet365, firms that are licenced and controlled by the UK Playing Fee — Punt On line casino has no UK licence.

One other uncommon factor about Punt On line casino is that it accepts cost in cryptocurrencies comparable to Bitcoin and Ethereum.

“Punt On line casino has shortly turn into a powerful participant within the crypto on line casino scene with its super-powered giveaways and excellent on-line on line casino platform,” the agency says.

Bookmakers concentrating on UK clients don’t are inclined to work with cryptocurrencies as a result of the playing regulator says the apply carries important dangers of cash laundering and criminal activity.

“Punt On line casino takes its duties as a legit and licensed on line casino operator very critically,” a spokesperson advised The Athletic.

Why can’t Punt be marketed to UK shoppers?

Beneath UK regulation, betting companies must have a licence from the UK Playing Fee with the intention to be marketed to UK shoppers, a spokesperson for the Promoting Requirements Company confirmed to The Athletic.

The Athletic has beforehand investigated a sequence of Asian playing firms, which promote on English soccer shirts in Chinese language and have little interest in the UK market.

However these companies use “white label” preparations to abide by UK regulation.

Although this apply is controversial — and below rising strain because the UK authorities is present process a overview into playing legal guidelines — it’s completely authorized.

The Playing Fee won’t touch upon particular instances however a spokesperson advised The Athletic that “on-line playing operators are required to carry a Playing Fee licence to transact with UK based mostly shoppers”.

“For the document, Punt On line casino is a totally licensed Curacao on line casino working below the principles and laws related to that license,” a Punt On line casino spokesperson stated. “We don’t goal or promote our on line casino to clients of any international locations and/or jurisdictions not allowed by such license.”

What concerning the NFTs?

This isn’t the primary time this month that Owen has attracted controversy over his sponsorship offers. Final month he promoted an NFT (non-fungible token) challenge which stated it’s the first scheme of its form “that may’t lose their preliminary worth”.

The concept appears to be that the NFT will include code which ensures it can’t be bought for decrease than the value it was initially purchased for, so it subsequently can’t be bought at a loss.

But when someone buys an NFT and the value falls, they then can not scale back their losses by promoting up, that means they lose the whole quantity they paid for it.

The Athletic can reveal that the Promoting Requirements Authority subsequently received in contact with Owen instructing him to delete the tweet, for breaching Promoting Requirements Authority guidelines about promoting cryptocurrency merchandise. A spokesperson for Owen confirmed the tweet was eliminated and the case is now closed.

(Photograph: Chris Brunskill/Fantasista/Getty Photographs)