A unique sports betting operator was just approved by the Nevada Gaming Commission for licensing in the state. ZenSports Inc., a company based in California, along with executives, was approved by a commission vote of 2 to 1.
The company has plans to provide sports betting in a new way, with bettors wagering against someone they are playing in a game instead of the traditional way, against the house. ZenSports plans to offer services at The Book at Baldini’s located in Sparks as well as Big Wheel Casino via a lease agreement.
Presenting The Plan
Earlier this month, the Nevada Gaming Control Board listened while ZenSports presented its plan for sports betting in the state. The presentation took three hours to complete. It would then be another two hours this week when officers of the company attended a hearing in the hopes of being approved for licensing.
ZenSports was only given a two-year license, so they must return to the board in 2023 for reconsideration. The only vote against the company was made by Commissioner Rosa Solis-Rainey. She feels that the management team of the company does not have enough experience nor does the company have a good financial position.
The operator disagrees and says they will have a good financial position because they are not buying the Big Wheel venue but leasing it. The other two commissioners were in favor of the two-year license as it gives the company a chance to prove that it has what it takes to offer sports betting and be successful.
ZenSports was able to earn the approval, but 16 conditions are in place. One of which is forbidding the company to use cryptocurrency. ZenSports would like to eventually be able to offer cryptocurrency to its customers.
ZenSports president and majority shareholder, Mark Thomas, stated to the board that the company looked to expand into Nevada after seeing the sports betting surge last year. Thomas has several roles within the company, managing the books as well as being the chief executive.
One reservation that Commissioner Solis-Rainey had was that Thomas was doing so much for the company, that she worried ZenSports would not be able to survive if he decided to leave his position.
As part of its uniqueness, ZenSports will provide players with Zen Tokens with a cash payment, and these tokens can be used to bet against other users. Regarding the licensing agreement, ZenSoprts must keep $25,000 in a contingency fund to cover any investigations that may be conducted by the Board regarding the company.