ZenSports, which specializes in peer-to-peer sports betting, obtained a two-year gaming license in Nevada. [Image: Shutterstock.com]
The Nevada Gaming Commission has licensed California-based ZenSports Inc., a company that focuses on peer-to-peer betting and the use of cryptocurrencies. It was only a majority decision, 2 to 1 in favor.
has not endorsed peer-to-peer sports betting or the use of cryptocurrencies
The only catch was that the license did not approve peer-to-peer sports betting or the use of cryptocurrencies for betting. So, for now, ZenSports will be renting the little Big Wheel Casino in Lovelock, Nevada (it’s literally a truck stop) and operating The Book at Baldini’s in Sparks.
It was Commissioner Rosa Solis-Rainey who voted against the license of ZenSports, arguing that the management of the company was not proven and that its financial situation was weak. ZenSports said that the fact that it rents, not purchases, the Big Wheel Casino means its financial situation is great. The two commissioners who voted in favor of the license (there are normally five – one resigned in May and the other recused due to a potential conflict of interest) believed the short license two years was a good opportunity for the company to prove itself. and there were 16 conditions that ZenSports had to agree to.
Book your own bets
ZenSports customers can place sports bets against the house just like any other site or app, but its differentiator is peer-to-peer betting, where customers can bet against each other. Users can access the app and create their own bets to challenge others. As part of the bet creation process, the bettor also enters the maximum amount of money he is willing to risk.
they will find bets created by other users
On the other hand, those who are just looking for a match to bet on can cycle through bets and contests as they would on other sites. In the case of ZenSports, however, they will find bets created by other users. Betting takers do not necessarily have to wager the maximum amount stated, which provides flexibility.
Bets should not be made public either. Those who create the bets can choose to share them only with friends, a way for friends to have fun betting against each other and be able to settle bets easily.
Crypto encouraged, but not required
The other thing that separates ZenSports from most betting apps is its use of cryptocurrency. Users can deposit and bet with good ol ‘US dollars, but can also use Bitcoin and ZenSports’ own SPORTS utility token. Those with USD or Bitcoins in their ZenSports account can use the in-app exchange to purchase SPORTS tokens or even actively trade them like any other cryptocurrency.
SPORTS tokens are built on ICON’s protocol and blockchain. To deposit SPORTS tokens directly to their ZenSports account, users must already have them in an ICONex wallet. Likewise, withdrawals of SPORTS tokens go to a user’s ICONex wallet.
US dollars can be deposited using Tether cryptocurrency or through a Skrill digital wallet.
ZenSports strongly encourages the use of SPORTS tokens on its app by extending special cashback and bonus offers for those who use the currency. Customers who use SPORTS tokens also pay lower betting fees than those who use Bitcoin and USD.