Switzerland’s gambling regulator, Gespa, is reportedly investigating whether FIFA’s blockchain-based “right-to-buy” tokens comply with national gambling laws. Manuel Richard, Gespa’s director, said an initial internal assessment has not provided sufficient grounds to close the inquiry.

In an interview with Bloomberg, Richard stated that Gespa’s next step is to determine whether regulatory action is warranted.

“Based on an initial internal assessment, it cannot be ruled out that the offering on collect.fifa.com may be relevant under gambling legislation. Gespa will now proceed with further fact-finding to determine whether regulatory action is required,” Richard said.

He clarified, however, that Gespa had not received any formal complaints prior to Bloomberg’s inquiry.

Launched in 2024, the tokens grant holders the right to purchase tickets to the 2026 FIFA World Cup finals—if their national team qualifies. Of the 51 participating countries in the 2026 tournament, tokens for eight have already sold out. Priced at $999 each, the tokens have reportedly generated $15 million in revenue for FIFA.

Some have, however, expressed concern that the vast majority of token holders will be left with digital assets that offer no functional utility. Critics also argue that this structure—where most participants pay for a chance that statistically favors loss—bears a closer resemblance to a gambling mechanism than to a conventional digital collectible.

The speculative nature of the “right-to-buy” tokens, combined with their limited redemption potential, has raised concerns about transparency, fairness and regulatory oversight in FIFA’s blockchain-based ticketing experiment.

During the previous World Cup, tickets were sold directly on FIFA’s website on a first-come, first-served basis. Under the new “right-to-buy” model, token holders gain conditional access to purchase tickets only if their team reaches a specific match. These tokens are also tradable on secondary markets.

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