Swiss Regulator Asks: Are FIFA's Tokens a Gamble?

Switzerland's gambling regulator, Gespa, has initiated a preliminary investigation into FIFA's blockchain-based "Right to Buy" (RTB) tokens, which grant fans conditional rights to purchase tickets for the 2026 World Cup. The regulator is assessing whether these tokens, sold on FIFA's collect.fifa.com platform, constitute a form of gambling under Swiss law. Gespa Director Manuel Richard stated that the tokens "may be relevant under gambling legislation" and emphasized the need for further fact-finding to determine regulatory compliancetitle1^[1]. No accusations of wrongdoing have been made against FIFA, which has declined to comment on the mattertitle2^[2].

The RTB tokens function as non-fungible tokens (NFTs) that provide holders with a guaranteed opportunity to purchase tickets for specific matches once official sales open. However, some tokens are conditional, such as the $999 "Right to Final: England" collectible, which only grants ticket access if England reaches the World Cup finaltitle3^[3]. With 48 teams competing in 2026, most tokens will not result in ticket purchases, raising concerns about their speculative nature. FIFA reportedly earned approximately $15 million from RTB sales, according to The Athletictitle4^[4].

Gespa's inquiry centers on whether the resale of these tokens on FIFA's secondary marketplace-where some final tickets are now listed for up to $30,000-creates a gambling-like structure. Richard noted that the regulator is evaluating whether the tokens meet the legal definition of gambling, which typically involves chance, consideration, and a prizetitle5^[5]. If violations are identified, Gespa could compel Swiss-based companies to cease operations or request internet providers to block access to noncompliant foreign platforms. It is also obligated to notify prosecutors if criminal breaches are confirmedtitle6^[6].

FIFA's RTB initiative is part of its broader adoption of blockchain technology, developed in partnership with Modex Tech Ltd., a Switzerland-based blockchain firm. Modex, which has not yet been contacted by Gespa, operates the platform and facilitates secondary market tradingtitle7^[7]. The 2026 World Cup, hosted across 16 cities in the U.S., Mexico, and Canada, is projected to generate $11 billion in revenue for FIFA between 2023 and 2026title8^[8].

The probe highlights the growing regulatory scrutiny of blockchain-based ticketing models in high-demand events. While FIFA argues that RTBs address extreme ticket demand-citing the 23 million requests for 3.4 million tickets at the 2022 World Cup-Gespa's investigation underscores the legal ambiguities surrounding conditional digital assets. The outcome could set a precedent for how regulatory bodies assess similar innovations in sports and entertainment.