ZenSports, a mobile application that manages everything for recreational sports, on September 17th , 2018, shifted its focus by unveiling a new P2P sports betting marketplace. With the app, users are in a position to create and accept sports wagers globally. Most noteworthy, this is achievable without the necessity for a centralized bookmaker. Clients generate their own wagers and content on the ZenSports marketplace. Most noteworthy, the marketplace brings both bet makers & takers together.
What the CEO Had to Say
According to Mark Thomas, ZenSports’ co-founder and CEO, there are tons of problems with conventional sports bookmakers that the new app is at the moment able to solve.
“Traditional bookmakers only make money when you lose because they’re always on the other side of the bet,” says Thomas. “So they naturally always stack the odds and terms in their favor. Plus, they only offer certain kinds of bets because they have limited technologies and underwriting capabilities to offer all types of bets both before and during a game. With ZenSports, you’re in full control of which bets you want to create and on which terms. And if you prefer to just accept bets that others have created, that’s fine, too. ZenSports does not create bets or provide bookmaking services of any kind. Users generate their own content and their own sports bets. ZenSports does not in any way whatsoever associate itself with or provide bets,” he added.
How ZenSports’ Peer-to-peer Sports Betting Works
- A maker can create whatever sort of sports wager they want with their own tailored odds, bet amount, and payout.
- Takers are in a position to accept a maker’s entire wager or just a section of the bet in the event they want to bet less than the maker’s offer.
- When the bet is over, the maker submits the bet outcome’s results. In a bid to ensure the maker submits the correct results, makers have an escrow fee equivalent to 10% of their wager set aside in the event the taker raises a dispute.
- In the event the taker disputes the results submitted by the maker, they have an escrow fee equivalent to 5% of their wager set aside. Significantly, this escrow fee prevents the taker from submitting false disputes.
- Upon the submission of a dispute, it goes to the ZenSports marketplace for a vote. The marketplace is incentivized to vote appropriately since they will receive half of the escrow amount belonging to the losing party. The prevailing, or rather winning party in the dispute, will as such receive a refund of their entire escrow fee. They will additionally receive half of the escrow fee belonging to the losing party. ZenSports pays out bet winnings in their entirety accordingly.
Blockchain Involvement
According to Thomas, the objective is to develop a fully decentralized sports betting marketplace. Consequently, given that the app is blockchain-based, users will not need centralized bookmakers to create or manage wagers.
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