ZenSports Introducing New Way To Bet On Sports
Mark Thomas, one of the co-founders of the ZenSports company, is hoping to introduce a new way of sports in the United States. ZenSports was initially created as a way to connect people looking to play recreational sports and games, but they have shifted over the last 18 months.
Thomas and his ZenSports company began focusing on sports betting after the Supreme Court lifted the federal ban on sports betting in the United States, and now they are looking to take their company to the next level.
ZenSports offers customers a chance to place real-life bets against other people that are on the app. While ZenSports does not offer any of the bets themselves, they serve as the marketplace where bettors can set betting odds and exchange bets against each other.
While ZenSports currently has customers from over 90 countries from around the world, they hold a license in Curacao. ZenSports is currently setting up bets for over 30 sporting leagues from around the country, but they have yet to find a way to break into the United States sports betting industry.
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ZenSports works in much of the same way that sports betting works through sportsbooks, but the bets are offered by an individual and placed by another individual. ZenSports is currently available through an app that is available for download on both iOS and Android devices.
The company is planning to introduce a website as well for those customers who would rather use the computer as opposed to logging on to a mobile app.
Money can be used on the ZenSports app, but the site specializes in cryptocurrency. ZenSports calls this cryptocurrency, “Sports,” and customers will save some money on fees if bets are placed using the sports.
ZenSports charges a fee for all bets that are placed and made on the site, but their fees are much smaller than what sportsbooks will charge by adjusting the betting lines to make money.
How this works is that one user will log on to the app and set a wager for a particular sporting event. That user sets the amount they are willing to wager on the game, and then it is placed on the marketplace.
Another user can come along and accept the entire wager as it is presented, or they can make a counteroffer. While most of the bets placed on ZenSports are for single games, the app does allow users to offer prop bets as well.
ZenSports Looking to Enter Growing US Market
The next step for ZenSports is to break into the growing sports betting industry in the United States. The sports betting industry is more competitive than it is in other parts of the world, and they aren’t able to offer sports betting as a standalone sports betting app.
ZenSports will have to either purchase a land-based sportsbook of form a partnership with one that already exists. Partnerships cost plenty of money, and that is something that ZenSports currently does not have.
The company has raised close to $2 million since switching to sports betting, but they are looking to raise another $10 million in the next couple of months.
ZenSports is currently targeting two states that have a booming sports betting industry and one state that is just getting things going. Nevada and New Jersey are two of the biggest states in the sports betting market at this time, and ZenSports is trying to find a way to break into the industry.
They are also targeting Colorado, as that state is set to launch sports betting on May 1.