ZenSports, a San Francisco, CA-based mobile peer-to-peer sports betting marketplace, raised $1.46M in seed funding.
Backers included previous investors Launch (led by Jason Calacanis), as well as new investors Cube Magic Gaming and other individual angels.
The company intends to use the funds to expand into the United States, as well as to continue to grow its international presence.
Led by Co-Founder & CEO Mark Thomas, ZenSports is a mobile peer-to-peer sports betting marketplace where anyone in any legal market in the world can create and accept sports bets with anyone else in any legal market in the world, without the need for a centralized bookmaker. Consumers can create their own bets with their own odds and terms, or accept bets that others in the marketplace have created.
In addition, the company has created an API that enterprise businesses can use to integrate cryptocurrency payments and rewards into its product offerings, including USD stable coins and its proprietary SPORTS token.
After launching its peer-to-peer sports betting app internationally in March 2019, ZenSports has been on a fast growth trajectory. Over 25,000 bets have been accepted and over $12M in betting volume has been processed through the app. Most importantly, the company signed a deal last month with Strategic Gaming Management for the option to purchase the Big Wheel Casino in Lovelock, Nevada, which will allow ZenSports to operate its peer-to-peer mobile sports betting app anywhere in the state once it gets licensed there. The company is also in talks with other casinos across the U.S. about reaching similar deals to the one with Strategic Gaming Management, which will give both ZenSports and its casino partners a mobile sports betting presence in their states. ZenSports has several enterprise deals in the works that it is looking to close this year, as well as continuing its international growth.