A sports betting exchange platform could be coming to the United States soon, and that process took a considerable step earlier this week. ZenSports recently announced a deal with Strategic Gaming Management (SGM), and that deal could pave the way for the sports betting exchange to become a reality.
ZenSports already operates an international sports betting exchange, even though they are an American based company. This new merger will allow them to bring that industry to the US.
The deal included the opportunity for ZenSports to buy the Big Wheel Casino, located in Lovelock, Nevada. They also have the chance to take over the current sportsbook at Baldini’s Sports Casino in Sparks, Nevada.
If ZenSports goes through with the deal and purchases a casino, they could apply for a sports betting license in Nevada. ZenSports has been looking to break into the US market, but they have been looking for a casino partner.
ZenSports can buy Big Wheel in 2023, but they are expected to exercise that option much sooner. The company is looking to get its technology certified within the next 6-9 months. Then they will apply the opportunity to buy the casino, according to one of their co-founders.
The betting exchange program that ZenSports offers allows bettors to create a wager on their exchange and then enable other customers to decide if they want to take on the bet. ZenSports does not charge juice for wagers set, but charges commission on the transactions.
This type of betting is prevalent overseas, and ZenSports believes that it will be popular in the United States as well. Nevada will likely see the first sports betting exchange platform in the US, but other states will probably be involved soon.
Colorado Could be Next
While ZenSports is currently working on this deal and partnership, they also appear to have their eyes on another state. ZenSports is reportedly also working on a contract with a casino in Colorado that would allow them to launch their betting exchange program in Cripple Creek, Colorado.
If this deal goes through, ZenSports would be able to apply for a license in another state in the US, and they would be well on their way towards creating a massive market in the industry. The state of Colorado launched sports betting in May 2020, and they are well on their way to becoming one of the biggest markets in the growing sports betting industry.
It’s unclear what casino ZenSports is targeting in Colorado, but there are more than 40 facilities in the state. Colorado casinos have already partnered with a number of the biggest names in the sports betting industry, but ZenSports provides a unique opportunity.
Different Approach to Sports Betting
The major draw for ZenSports is its online sports betting exchange, but this company can transform into a significant player in the sports betting industry. ZenSports not only takes betting action with US dollars, but they are also willing to deal with BitCoin and other forms of cryptocurrency.
Cryptocurrency has been on the radar of several sportsbooks in the US, but most companies have yet to allow customers to place bets with this type of currency. ZenSports is hoping to attract customers who are willing to place bets with this currency and get involved with a new form of sports betting.
There are plenty of steps left for ZenSports, but they appear well on their way to become a force in the sports betting industry.