ZenSports, a decentralized peer-to-peer sports betting marketplace, is launching a cryptocurrency Token Sale on December 1, 2018. With an iOS and Android app already live and in market, ZenSports is looking to use the proceeds of the Token Sale to expand its existing customer base and revenue.
ZenSports’ mobile app allows anyone to create and accept sports bets with anyone else in the world, without the need for a centralized bookmaker. Bettors can fund their accounts, place bets, pay fees, and cash out their winnings directly within the app, both in fiat or cryptocurrencies.
“We believe that the gaming market is the best first use case for cryptocurrencies and blockchain technologies,” said ZenSports Co-Founder & CEO, Mark Thomas. “Traditionally, anyone looking to place a sports bet with an online bookmaker has had to take the laborious steps to wire money or use a credit card to fund a gaming account. These payment methods can take several days, come with high fees, and are even flat-out rejected oftentimes by banks. There’s also a lack of trust that the online bookmaking platform will properly honor your account and pay you out when it’s time. Cryptocurrencies and smart contracts solve for these payment issues.”
In addition, traditional sports books only make money when you lose, and so they always set the odds, terms, and dispute resolution processes in their favor. Through the use of blockchain and smart contract technologies, ZenSports is able to offer a trust-less system that allows bet makers to set their own odds, be guaranteed to be paid out when they win, and to have all disputes resolved through a proprietary marketplace voting system.
ZenSports’ Token Sale goes live on December 1, 2018 at 00:00 UTC Time. During the Token Sale, ZenSports will be pre-selling its own cryptocurrency token, SPORT. SPORT will be the primary cryptocurrency token used on the ZenSports platform, and customers will be able to place bets, pay fees, and conduct other transactions using SPORT. In addition, all betting fees earned by ZenSports will be distributed to SPORT token holders on a pro rata basis each month. As a result, SPORT token holders can earn a monthly dividends and passive income just by holding SPORT.
As SPORT is being issued as a security token by ZenSports (as an STO, not an ICO), the Token Sale is open to accredited investors in the United States, and both accredited and unaccredited investors outside of the United States. All investors can complete the required Know-Your-Customer information, and officially participate in the Token Sale.
Up to 5B SPORT tokens will be available for sale in four separate tranches, with each tranche only being open for a specific amount of time, Each successive tranche will charge a higher price per token than the previous. If the hard cap of $12 million USD is reached during any tranche, no new tokens will be sold and the sale will officially end. Any of the 5B SPORT tokens left unsold by January 5, 2019 will be burned and never be made available for sale again. More information about ZenSports, including all investor materials, can be found on its website.
ZenSports is available for download in both the App Store and Google Play Store.
This press release has been prepared for informational purposes only about an upcoming initial coin offering involving the tokens described above. This is not an
offer to sell, or the solicitation of an offer to buy, any tokens, which will be made only pursuant to a offering memorandum prepared by ZenSports. The information contained in this press release is highly summarized, is subject to change, and is qualified in its entirety by the more detailed information, including disclosures about significant related risks, that is contained in the offering memorandum. You should not rely on this press release as a basis for any investment decision. A copy of the offering memorandum is available to qualified potential investors on request. You should understand that past results are not a guarantee or necessarily even an indication of future performance.
Further, while we believe that the forward-looking statements made in this press release are based on reasonable assumptions, they are opinions and estimates only and in no way constitute a guarantee of actual future performance, which may vary to a considerable degree from such projections and forward-looking statements.