ZenSports, which specializes in peer-to-peer sports betting, has acquired a two-year gaming license in Nevada. [Image: Shutterstock.com]
The Nevada Gaming Commission has granted a gaming license to California-based ZenSports Inc., a company that emphasizes peer-to-peer betting and the use of cryptocurrencies. It was just a majority vote, 2 to 1 in favor.
does not authorize peer-to-peer sports betting or the use of cryptocurrencies
The only catch is that the license didn’t approve of peer-to-peer sports betting or the use of cryptocurrencies for betting. For now, ZenSports will rent the little Big Wheel Casino in Lovelock, Nevada (it’s literally a truck stop) and run The Book at Baldini’s in Sparks.
It was Commissioner Rosa Solis-Rainey who voted against ZenSports’ license, arguing that the company’s management was unproven and in a weak financial position. ZenSports said the fact that the Big Wheel Casino is being rented, not bought, means that its financial position is fine. The two commissioners who voted for the license (usually five – one resigned in May and one retired because of a potential conflict of interest) thought the short, two-year license was a good opportunity for the company to prove itself and it were 16 conditions that ZenSports had to accept.
Book your own bets
ZenSports customers can place sports bets against the house just like any other website or app, but the differentiator is peer-to-peer betting, where customers can bet against each other. Users can go into the app and create their own bets to challenge others. As part of the weather making process, the bettor also enters the maximum amount of money he is willing to risk.
You can find bets created by other users
On the other hand, those who are just looking for a matchup to bet on can scroll through the bets and competitions just like other websites do. However, in the case of ZenSports, you will find bets created by other users. Bettors do not necessarily have to wager the maximum amount listed, which offers some flexibility.
Bets do not have to be published either. Those who make the bets can choose to share them with friends only, a way for friends to have some fun betting against each other and be able to easily place bets.
Crypto encouraged but not required
The other thing that sets ZenSports apart from most betting apps is their use of cryptocurrency. Users can deposit and bet with good ol ‘US dollars, but can also use Bitcoin and ZenSports’ own SPORTS utility token. Anyone who has USD or Bitcoin on their ZenSports account can buy SPORTS tokens via the built-in exchange of the app or even actively trade like any other crypto currency.
SPORTS tokens are based on ICON’s protocol and blockchain. In order to deposit SPORTS tokens directly into their own ZenSports account, users must already have them in an ICONex wallet. Similarly, SPORTS token payouts go to a user’s ICONex wallet.
US dollars can be deposited with the cryptocurrency Tether or via a digital Skrill wallet.
ZenSports is heavily pushing the use of SPORTS tokens in its app by offering special cashback and bonus offers for those using the currency. Customers using SPORTS tokens also pay lower wagering fees than those using Bitcoin and USD.