The global sports betting market sits at $120 billion today, with projections putting it between $300 billion and $400 billion within five years in regions where betting is legal, such as the United S
The global sports betting market sits at $120 billion today, with projections putting it between $300 billion and $400 billion within five years in regions where betting is legal, such as the United States. The current landscape faces three persistent headaches: payment systems that charge steep fees and create processing delays while opening doors to fraud; a constrained menu of betting types; and odds that favor bookmakers over bettors.
ZenSports wants to fix this by building what its whitepaper describes as a peer-to-peer sports betting marketplace where users can make and accept bets with each other, settling transactions from a phone without needing a centralized bookmaker. The space already hosts more than 1,000 online sports betting products, with around 40 accepting only cryptocurrencies. None, however, deploy smart contracts or peer-to-peer mechanics to improve how people actually place and settle bets.
The startup operates on the ICON protocol as an ICX token rather than an ERC-20 token running on Ethereum. This architecture creates a trustless system where the marketplace can resolve disputes and process settlements without intermediaries. ZenSports says it stays neutral on the bets themselves. Creators can design any wager they want and self-report results. Takers accept those wagers or challenge results they dispute. When disagreements arise, a voting marketplace determines outcomes, assigning penalties to the losing party.
The platform covers the major leagues: NFL, NBA, English Premier League, German Bundesliga, Italian Serie A, French Ligue 1, Spanish La Liga, UEFA Champions League, MLB, NHL, NCAA Division I basketball and football, and the PGA Tour.
Right now the mobile app available through Apple's App Store and Google Play handles fiat transactions only. A version incorporating crypto and smart contracts launches soon. Starting December 1 and running through January 5, 2019, ZenSports opens a public token sale. U.S. accredited investors can participate, as can both accredited and unaccredited investors outside the U.S., provided they complete KYC and AML verification.
A token called SPORT powers the ecosystem. It covers multiple functions: placing bets, receiving winnings, covering betting fees, generating dividends and passive income from fees others pay, collecting escrow money, receiving dispute payouts, determining voting weight for governance, and unlocking future features like margin betting and premium content access.
The sale breaks into four phases. Each successive phase increases the per-token price. A $12 million hard cap stops the sale; if that cap hits during phase one, the remaining phases don't happen. During the sale period, only ICX tokens can fund purchases.
