ZenSports is a blockchain-based peer-to-peer sports betting platform. It combines the P2P concept with blockchain technology, creating a novel platform that aims to eliminate the bookmaker securely.
The platform allows users anywhere in the world to create and get into bets with any other person on the globe. As such, ZenSports, by using smart contracts, the blockchain protocol, and a defined token economy, gives users a completely decentralized betting platform.
How ZenSports Works
More people are now online thanks to higher internet penetration and cheaper mobile devices. Also, advances in technology continue to bring more innovations to the market. The use of blockchain in sports betting is one such development. Its safe, decentralized, and irreversible structure makes it ideal for the betting industry.
ZenSports empowers clients to create and accept bets without a centralized bookmaker. It, therefore, provides bettors with a cheaper, faster, and transparent procedure to place bets on sporting events.
The platform utilizes both cryptocurrency and fiat money. Bettors from outside the US, for example, can bet using real money. Clients can also make a deposit or withdrawal using cryptocurrencies such as Bitcoin, Litecoin, or Ethereum. They can also decide to use the Skrill digital wallet to make transactions using a fiat currency of their choice.
ZenSports “SPORTS” Token
The marketplace has a token that allows users to place bets, gain discounted betting fees, bonuses, cashback, and several other rewards.
Most bets on the platform use the SPORTS token, thus creating an incredible and rewards-driven experience for bettors than what is offered by traditional bookmakers. Also, ZenSPorts gives customers the ability to bet using Bitcoin or dollars.
As an added benefit to the token users, ZenSPorts pays its first dividends to SPORT token holders. It’s based on betting volume accomplished each quarter within the ZenSports application.
Currently, ZenSports is the only native mobile application offering sports betting on both the App Store and Play Store. It’s Daily Fantasy Sports contents are also accessible to residents within and outside the United States.
As a company, ZenSports is making strides to strengthen its financial standing. It closed a $675 seed funding round in October 2019. More recently, the company has announced the closing of another seed funding round of $675,000. The funding, according to the company, will go towards funding marketing and client acquisition.
Furthermore, the company has partnered with Nevada Sports Book and introduced an automated payments partnership. The partnership is aimed to tap the US market. The step also moves the platform closer to getting authorized in the U.S. and global markets.
Ultimately, ZenSPorts offers bettor improved transparency and the flexibility to make bets on their terms.