ZenSports Moves Towards First US Sports Betting Exchange

ZenSports Moves Towards First US Sports Betting Exchange

In an effort to create the first US sports betting exchange, ZenSports recently acquired Option to buy a Nevada casino. On Wednesday, the company which runs an international online exchange announced that it has struck a deal with Strategic Gaming Management (SGM).

What is ZenSports planning?

With its new partnership with SGM, ZenSports has acquired an option to buy Lovelock, Nevada-based Big Wheel casino. The property is located 100 miles to the northeast of Reno. It also got an additional option of operating a sportsbook at the Baldini’s Sports Casino in Sparks. Both properties are owned by SGM.

ZenSports Moves Towards First US Sports Betting Exchange

The American company has a sports betting exchange which allows individuals to make a bet and establish a wager limit. Another bettor could see this bet and take on the entire bet. Several players can choose to take a portion of the bet as well. The exchange will take a small commission off the bets which makes betting cheaper. The commission is often 90% lower than the traditional sportsbooks.

ZenSports now has an opportunity to get sports betting exchange license. In March this year, Mark Thomas, the founder of the firm, said that they will either have to own or partner with a casino in order to enter the US markets. Now, they have the option for Big Wheels until December 2023. Thomas noted,

“We hope to get licensed and have our tech certified in Nevada within the next 6-9 months. Once that happens, we’ll exercise the option.”

The firm is already offering the ZenSports app to Android and iOS users in the US where it offers a fantasy sports game.

Expanding to other states

When ZenSports exercises its option, the operation of Baldini’s sportsbook will discontinue. The firm is yet to decide if it plans to operate a traditional sportsbook or offer a betting exchange to customers. Though exchanges are quickly gaining attention in the US market, experts worry that one state may not be enough to operate it. With Nevada, the firm gets its hands on one of the biggest gambling and sports betting markets in the US. Last year, the state witnessed $5.3 billion in sports betting of which 50% came via mobile options.

However, ZenSports is not depending on Nevada alone. It has set its eyes on a Cripple Creek, Colorado property as well.

sherlock

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.

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