Swiss Regulators Question if FIFA's Blockchain Tokens Are Gambling, Not Ticketing

Switzerland's gambling regulator Gespa has initiated a preliminary investigation into FIFA's blockchain-based "Right to Buy" tokens for the 2026 World Cup, raising questions about whether the tokens constitute a form of gambling under local law Blockworks, [FIFA faces Swiss probe over blockchain ticket tokens]^[1]. The tokens, developed in partnership with blockchain firm Modex Tech Ltd., grant holders the right to purchase tickets for specific matches once sales open. For example, the $999 "Right to Final: England" token guarantees access to the final match only if England qualifies, introducing a speculative element as most buyers are unlikely to receive tickets if their teams are eliminated Bloomberg, [FIFA’s World Cup Blockchain-Based Ticketing System Faces …]^[2]. Gespa director Manuel Richard stated the offering "may be relevant under gambling legislation," though the regulator emphasized that further fact-finding is required to determine if regulatory action is warranted Swissinfo, [FIFA’s Blockchain-Based Ticketing System for 2026 World Cup …]^[3].

The structure of the tokens has drawn scrutiny due to their conditional utility and tradability on secondary markets. Holders can trade the tokens before ticket sales commence, creating a financial instrument that resembles speculative assets. FIFA reportedly generated approximately $15 million from these sales, according to The Athletic, while the 2026 tournament is projected to yield $11 billion in total revenue for FIFA between 2023 and 2026 Thesportscast, [FIFA’s World Cup 2026 Blockchain Ticket Tokens Face Swiss …]^[4]. The tokens differ from traditional ticketing systems, as they do not guarantee seating or team participation at the time of purchase, further complicating their classification under gambling or ticketing regulations Edgen, [Swiss Regulator Initiates Probe into FIFA's Blockchain World Cup …]^[5].

Gespa's probe centers on whether FIFA's offering aligns with Swiss gambling laws, which prohibit activities involving chance or speculative outcomes. The regulator noted it had not received prior complaints about the platform before Bloomberg's inquiries, and FIFA has declined to comment on the investigation . If the tokens are deemed to violate gambling laws, Gespa could demand FIFA halt the practice or request internet service providers block access to the platform. However, FIFA operates the FIFA Collect platform internationally, and Modex Tech, its blockchain partner, has not yet received direct communication from Gespa .

The investigation highlights broader regulatory challenges in the intersection of blockchain technology and traditional financial frameworks. The conditional nature of the tokens-where value depends on unpredictable outcomes like team performance-creates ambiguity in their legal classification. Analysts suggest the case could set a precedent for regulating similar Web3-based ticketing or loyalty programs, particularly in jurisdictions with stringent gambling laws . The tokens' secondary market trading further complicates compliance, as it introduces liquidity and price volatility typically associated with speculative assets.

FIFA's 2026 World Cup, hosted across the U.S., Mexico, and Canada, represents a significant revenue opportunity, with the majority of matches scheduled in the U.S., where crypto adoption is higher. The tournament's ticketing model reflects FIFA's broader push into blockchain technology, including discussions around a potential "FIFA Coin" to enhance fan engagement . However, the current probe underscores the risks of integrating novel financial instruments into large-scale events, where regulatory uncertainty could deter future adoption of Web3 solutions.

The outcome of Gespa's investigation could influence global regulatory approaches to blockchain-based ticketing and speculative digital assets. If the regulator concludes the tokens violate gambling laws, FIFA may face compliance adjustments or penalties, potentially deterring other sports organizations from adopting similar models. Conversely, a determination that the tokens fall outside gambling regulations could encourage further innovation in the sector. For now, the case remains a test of how existing legal frameworks adapt to emerging technologies in the sports and financial industries.