ZenSports Seeks Licensing Approval From Tennessee and Virginia
With its sight set on being one of the largest gaming operators in the US, what started as an international sports gambling exchange has morphed into something a lot larger. The operator is still finding its footing in the US marketplace and hopes to use Tennessee and Virginia to gain better ground in the country. It has just submitted its application to secure a sports gambling license to both states.
The company CEO and founder, Mark Thomas, has said that its application is to get approval to offer its online marketplace, which is like a sports betting exchange, giving players the opportunity to set the bet and take action on them from other players. The peer-to-peer model will be introduced in those states if both applications are successful.
This model has gained popularity globally as bettors are not compelled to pay the customary vig sportsbook charge. Instead, ZenSports charges a fee, which Thomas has said is significantly lower than what other sportsbooks charge. However, in a state like Tennessee, which requires sportsbooks to maintain a 10 percent hold, he said that the fees would be adjusted to meet the state’s requirements.
In his statement, the CEO said, “We are amenable to only doing market-making and bookmarking ourselves in states where peer-to-peer isn’t yet allowed. We are pushing to allow for as many of our features as possible. But, we have the capability to turn on/off as many or as few features as need be.”
Four sportsbooks – BetMGM, DraftKings, FanDuel, and Action 247 – are currently operating in the state of Tennessee. Reports suggest that William Hill, Wynn Resorts, and Churchill Downs’ Bet America are also looking for sports gambling licenses in the state.
About Twelve Licenses Available in Virginia
Even though the expanded gaming law allows casinos to operate in some Virginia communities, the land-based casinos will not open for a while as all betting will be online only. The Virginia Lottery is expected to approve sports betting apps sometime in January. The maximum number set by Virginia Lottery is twelve, while a minimum of four licenses ought to be given out. However, the committee acknowledged receipt of twenty-five applications before its October 31 deadline.
Sportsbooks and bettors alike will be anticipating the finalization of the licensed operators before January so they can get a jump on the NFL Super Bowl action by February 7.
The company is serious about having a foothold in the US as it recently announced that they are looking to buy a casino in Nevada. Reports suggest that an agreement was reached between the operators and Strategic Gaming Management, which gives ZenSports an option to buy the Big Wheel Casino in Lovelock, Nevada. When that happens, they can conveniently operate a sportsbook out of the property while they look to establish more land-based casinos.
Pending approval from Tennessee and Virginia regarding its license, ZenSports will be looking to make progress in its effort to enter the Colorado sports betting market. It seems like the company has had its eye on Colorado in a bid to advance its growth plan in the US.