Michael Owen explodes for supporting Crypto Casino, NFT scheme

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Posted on: Jun 11, 2022 04:53 am.

Last updated on: Jun 11, 2022 04:53 am.

Former England soccer star Michael Owen has been criticized for promoting Punt Casino, an unlicensed crypto casino, in violation of UK gambling laws. the athlete reports.

Michael Owen
Michael Owen, pictured, made the unlikely promise that his NFTs “could not lose their original value”. (Image: Getty)

Separately, the former Liverpool and Real Madrid striker has been ordered by the UK’s Advertising Standards Authority (ASA) to stop promoting a non-fungible token (NFT) concept that claims to be “the first (NFTs) not to do so.” may lose their original value.”

Owen, who scored 40 goals for England and won the Ballon d’Or in 2001, was unveiled as Punt Casino’s ‘Global Brand Ambassador’ in February. The accompanying press release stated that he would appear in various commercial and online promotional campaigns for the casino and would be included in a quote attributed to Owen.

“I’m a big believer in the power of crypto, so working with an innovative platform like Punt Casino feels like a natural fit,” it reads.

Worth a point?

Owen’s profile is also a natural fit for the UK gambling market, despite Punt Casino’s lack of licensing in that jurisdiction. Its name “punt” is a specifically British slang word for betting.

the athlete said it made “requests” after which tweets promoting the casino itself were deleted and its activity “geo-blocked” from UK users.

Punt Casino is a fully licensed Curacao casino operating under the rules and regulations associated with that license,” a spokesman told The Athletic. “We do not target or advertise our casino to customers from countries and/or jurisdictions not permitted by such license.”

The statement is carefully worded. It’s not clear if the terms of Punt Casino’s Curacao license allowed it to target the UK, despite regulatory oversight on the tiny Caribbean island being notoriously lax.

“Misleading” NFTs

Owen’s tweets in support of the NFT program were also deleted after the ASA’s intervention. The ex-footballer claimed on Twitter last month: “Despite the criticism, my NFTs will be the first ones that cannot lose their original value.”

NFTs are digital tokens that can represent ownership of an underlying virtual item. Every NFT is unique. Once minted, it exists as a permanent and unique record of title that cannot be edited, erased, or copied.

The market for NFTs surged throughout 2021 but has plummeted in recent months. The median price is now less than half of its March 2021 peak.

The concept behind Owens NFTs is that each token contains a code that ensures it cannot be sold below the original purchase price. But no asset is immune to market pressures, and if no one wants to buy a token at the original price, it’s effectively worth nothing.

The ASA said the tweet is likely to mislead the public.

The agency is currently conducting a comprehensive review of the issue of NFT advertising.

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