With purchase of Nevada casino, ZenSports sets stage for first sports betting exchange in US
American mobile peer-to-peer sports betting firm ZenSports Incorporated has set the stage for the first sports betting exchange in the US, thanks to its recent deal with Strategic Gaming Management (SGM), in which it has acquired an option to purchase Lovelock, Nevada-based Big Wheel Casino.
ZenSports also enjoys an additional option to operate the sportsbook at Baldini’s Sports Casino, which is situated in Sparks. Both casinos, Big Wheel Casino and Baldini’s Sports Casino, are owned by SGM. The company’s partnership with Baldini’s Sports Casinos has been in existence for more than a year. Grant Lincoln, SGM’s chief executive who also serves as Baldini’s chief executive, have a stake in ZenSports.
Commenting on the partnership, Mr. Lincoln said, “ZenSports is proving to be a force in the mobile and peer-to-peer sports betting world. We’re excited to help give them an opportunity to expand into the Nevada market and make ZenSports a household name here.”
ZenSports is already operating an international online betting exchange, which allows betting enthusiasts to create a bet and set a limit for their wager. Through the exchange, another bettor could come forward to take on the entire bet or many could acquire a portion. The betting exchange charges a small commission off a bet, which is up to 90 per cent lower than what a conventional sportsbooks charge.
The purchase of a casino was required for ZenSports to get the opportunity to obtain a license to operate its sports betting exchange in the US. In March this year, the company’s co-founder Mark Thomas said in a statement that the company as looking to partner with or acquire a casino to get access to the US market. The option on Big Wheel, under the newly-signed agreement with SGM, runs through December 2023.
Speaking about the new partnership deal, Mr. Thomas said that he hoped to get license to run its sports betting exchange in Nevada within the next six to nine months. Once that happens, the company will exercise the newly-acquired option.
The ZenSports app is already available in the US, for both iOS and Android mobile platforms. It may be noted here that the mobile sports betting company offers fantasy sports games in many markets across the United States. Within sports betting social media circles, sports betting exchanges are being touted as something the US gaming market seriously needs.