ZenSports Closes Additional $1.46M in Seed Funding

Funding to be used for U.S. growth and even further progress of its international presence.

Press Release

up to date: Sep fifteen, 2020 05:00 PDT

​​​ZenSports, the mobile peer-to-peer sports betting market, has just announced a new $1.46M Seed spherical of funding to expand into the United States, as nicely as to continue to improve its international presence. Buyers in the new spherical consist of preceding traders Launch (led by Jason Calacanis), as nicely as new traders Cube Magic Gaming and other personal angels.

After launching its peer-to-peer sports betting app internationally in March 2019, ZenSports has been on a quickly progress trajectory. About twenty five,000 bets have been approved and above $12M in betting quantity has been processed by the app. The corporation has continued to expand its product or service giving, which include the launch of its individual cryptocurrency token known as Sports, the launch of its new organization product or service suite, and its growth into Esports betting. 

Most importantly, the corporation signed a deal previous thirty day period with Strategic Gaming Management for the solution to acquire the Big Wheel On line casino in Lovelock, Nevada, which will allow for ZenSports to operate its peer-to-peer mobile sports betting app anywhere in the point out as soon as it will get certified there.

In accordance to ZenSports Co-Founder & CEO, Mark Thomas, “This new funding presents us the balance and economical backing important to capitalize on the huge prospect in the United States sports betting market place. $five.3B was wagered on sports in Nevada previous 12 months alone (the very first point out we’re heading into), of which about fifty percent of that was on mobile. We could not be a lot more thrilled at the prospect offered in front of us.”

It is also fascinating that the corporation was only seeking to raise $1M, and ended up being 46% above-subscribed for this spherical. Additionally, it was equipped to raise this funding for the duration of a pandemic when really few sports ended up even being played. “We elevated a bulk of this new spherical of funding above the summer months prior to American sports even returning,” mentioned Thomas. “That displays just how excited traders are about the prospect and how nicely-positioned ZenSports is to improve in just the sports betting business.”

With this new funding shut, ZenSports is now turning its notice to the Nevada licensing process, which really should get six to 9 months to comprehensive. The corporation has retained Lewis Roca to get all of the important licenses to operate the Big Wheel On line casino and the ZenSports mobile app in the point out. Whilst the licensing process is prolonged, Thomas mentioned that it is nicely really worth it due to the fact it signifies ZenSports will then be equipped to operate the mobile app anywhere in the point out of Nevada as soon as that licensing process is comprehensive.

The corporation is also in talks with other casinos across the U.S. about achieving very similar deals to the a single with Strategic Gaming Management, which will give both equally ZenSports and its casino associates a mobile sports betting presence in their states. ZenSports has quite a few organization deals in the works that it is seeking to near this 12 months, as nicely as continuing its international progress. “We have a good deal heading on and we have a great workforce to execute on all of these initiatives. We could not be a lot more excited to be a frontrunner in the $100B+ mobile sports betting and payments planet. This is just the commencing for us.”

About ZenSports

ZenSports is a mobile peer-to-peer sports betting market in which any person in any legal market place in the planet can create and settle for sports bets with any person else in any legal market place in the planet, with out the will need for a centralized bookmaker. Consumers can promptly and effortlessly create their individual bets with their individual odds and terms, or settle for bets that other people in the market have designed.

In addition, ZenSports has designed an API that organization organizations can use to combine cryptocurrency payments and benefits into its product or service choices, which include USD stable cash and its proprietary Sports token. This presents organization clients a considerably a lot quicker, less expensive, and a lot more protected way for processing payments as opposed to standard processing strategies.

ZenSports is offered for obtain in the App Retailer (iOS) and the ZenSports web site (Android).

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Source: ZenSports