ZenSports, the peer-to-peer, decentralised betting exchange company, has applied to the Nevada Gaming Control Board (NGCB) for a license to become the first formally licensed cryptocurrency betting platform in the famous gaming state.
Since its launch in March 2019, ZenSports has focused on the international market, although this latest move is its first attempt towards getting licensed in betting in the United States, although the structure of the deal is somewhat complicated.
Physical Presence Necessary
In Nevada, companies can only operate mobile platforms for betting if they also have a physical, real-world site in the state. To facilitate this, ZenSports have acquired an option to purchase the Big Wheel Casino in Lovelock, plus a second option to operate a sports betting service at Baldini’s Sports Casino in Reno.
The deal, which was struck with Strategic Game Managemen (SGM)t, will mean that ZenSports will have the physical presence necessary in the state to start to offer some of their online offerings, including its crypto-based betting exchange service.
Speaking about the potential deal, the co-founder and CEO of ZenSports, Mark Thomas, commented:
“One of the biggest hurdles in getting licensed to operate an internet/mobile sports betting platform in the United States is the requirement to own or partner with a land-based sportsbook and casino. Through our great relationship with Strategic Gaming Management, we were able to secure the option to purchase this business in Nevada, which is the first critical step in getting ZenSports licensed and operating in the state.”
Funding from Investors
This is not the first time that ZenSports has had dealings with Strategic Game Management. Earlier in 2020, the CEO of SGM, Grant Lincoln, made an investment in ZenSports and became an official consultant to the company. With his advice and support, the company has since increased its international peer-to-peer sports betting service.
The company has also been successful in raising funding from investors such as Jor Law and Jason Calancanis.
Mr Lincoln was equally positive about ZenSports potential for growth in the American market when he stated:
“ZenSports is provinf 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.”
After securing the deal to have a legitimate physical presence in the state of Nevada thanks to the deals mentioned earlier, the next step in bringing their online services to the state comes in the form of going through the process to get the official license and technological certification needed to operate online in the state legally.
To that end, the company has hired the services of law firm, Saltzman Mugan Dushoff in Las Vegas to help assist with the process in acquiring the license, and they have also employed BMM Testlabs to help with the technology certification process.
“We look forward to bringing ZenSports to Nevada as a premier gaming licensee as soon as out applications can be approved,” stated Mr Thomas.