- Peer-to-peer sports betting marketplaces will be the new sportsbooks for sports bettors in the future.
- ZenSports is an application offering the peer-to-peer sports betting marketplace experience to users and they’ve just come into more investors.
- With the extra money, the company plans to invest in marketing their product to gain more customers.
SAN FRANCISCO – ZenSports has received an added $770K to go toward seed funding for their peer-to-peer sports betting marketplace.
The sports betting application originally launched in March 2019 where they set a goal of acquiring $1 million in funding for expansion. Within seven months, they had raised $675,000 from investors. But major interest in the startup company began by December 2019 and angle investors wanted in.
The Wave Of The Sports Betting Future
Since December, ZenSports has received an extra $770,000. In ten weeks’ time, they exceeded their initial goal of $1 million due to the sudden interests of investors.
“After officially closing our $1M+ Seed Round in October 2019, we felt more than comfortable that we had enough funding to execute on our growth strategy for 2020. However, we had numerous angel investors who approached us about putting more money into our company,” said ZenSports Co-Founder & CEO Mark Thomas.
“We decided to offer a time-boxed raise without a target amount for these investors who approached us and shared our vision of how decentralized, peer-to-peer sports betting using cryptocurrencies was the future. We were fortunate to have a lot of choices in the investors we decided to ultimately bring on board, and we’re thrilled to be working with them as we continue to grow and scale ZenSports.”
Smart businessmen have seen what the future of legal sports betting looks like and applications like ZenSports are it.
Peer-to-peer sports betting marketplaces are different from regular sportsbooks in a huge way. Through applications like ZenSports, customers have the ability to be the bookie or the bettor or both.
They set the odds on the events going on anywhere in the world using the ZenSports platform. In return, the company gets a percentage of all the action done using their network.
A traditional mobile sports betting platform serves as the bookie that sets the odds and events for their customers to bet on. While that’s the way that a land-based sportsbook also operates, the peer-to-peer sports betting marketplace is the wave of the future when gambling on sporting events.
Users can legally bet with stakes that they themselves set with other users on the platform. And all the while, ZenSports banks on each wager without having to account for the actual sporting events or odds themselves.
Legal wagering on sports gets a bit more interesting when the bettor can now be the bookie with the use of an application like the peer-to-peer sports betting marketplace. With their additional funding, ZenSports will now focus on their marketing strategy for their product as they have not yet done so.
“Up to this point, we haven’t spent any money on paid marketing to acquire new customers. Instead, we’ve focused on optimizing the post-customer acquisition and retention funnel through constant product iteration and via our SPORTS Rewards Program. We’ve got incredibly loyal customers who are very active on a daily basis in placing bets in our app. It’s now time to get very aggressive in growing our overall customer base via paid marketing,” said Thomas.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.