Until today, ZenSports has been 100% focused on being a mobile peer-to-peer sports betting marketplace where anyone can create and accept sports bets with anyone else in the world without the need for a centralized bookmaker. Now we’re adding Daily Fantasy Sports Contests (DFS) to our suite of product solutions.
ZenSports’ peer-to-peer sports betting marketplace is currently only available outside the United States. However, our new Daily Fantasy Sports Contests product will be available in 41 states throughout the United States. Daily Fantasy Sports has a carve-out exemption at the federal level from the Unlawful Internet Gambling Enforcement Act, and ZenSports will offer its new DFS product in states that have either legalized DFS contests or not explicitly made it illegal.
International residents will also have access to the DFS product. The peer-to-peer sports betting product will continue to be excluded from U.S. residents. ZenSports uses multiple geo-restricting technologies to ensure that only international residents get access to the P2P sports betting features, and that only residents in the aforementioned 41 states have access to its DFS contest features.
From a product standpoint, we’ve taken great measures to integrate the new DFS features into our existing peer-to-peer betting marketplace seamlessly and easily. International residents will see a balanced user interface within the mobile app that allows them to easily create or view both P2P sports bets or DFS contests. U.S. residents will only be able to create or accept DFS contests, while still being able to view odds for P2P sports bets (without the ability to create or accept P2P sports bets).
We believe that DFS is a perfect complement to our existing P2P sports betting product. Daily Fantasy Sports is by definition peer-to-peer. Because everything in our app revolves around a peer-to-peer experience, DFS makes perfect sense to go with our P2P sports betting marketplace.
The launch of Daily Fantasy Sports in ZenSports begins with NFL (National Football League) contests. We plan to add Daily Fantasy Contests for all other major sports leagues in the very near future. We already offer P2P sports betting for 24 sports leagues across the world, including all major American sports leagues. We definitely plan on doing the same in the near future for Daily Fantasy Sports. But with the NFL season now upon us, we wanted to ensure that NFL Daily Fantasy Sports contests were ready to go in time for that.
The way it works is as follows:
- Makers can create DFS contests with their own rules, entry fees, minimum/maximum number of entries, and prize payouts for games that take place at the same date/time.
- Takers can enter a contest as many times as they want, up to the maximum number of entries per contest. Makers can enter contests that they create as many times as they’d like as well.
- Contestants choose a lineup of 9 NFL players/defense/special teams, with each player having a defined salary tied to their skill level. Takers must keep their total lineup within a $50,000 salary cap.
- Points are awarded to each player in a lineup based on their in-game performance.
- Whichever contestants have the most points, win the prize payouts.
ZenSports differentiates itself from other Daily Fantasy Sports platforms in 2 ways: through the use of its SPORTS utility token for betting/rewards, and its simple fee structure.
SPORTS utility token
The biggest differentiator between ZenSports and other DFS products is that ZenSports has created its own cryptocurrency utility token that is turning out to be one of the first best use cases for cryptocurrencies. Since ZenSports first launched its SPORTS utility token back in July 2019, 100% of all peer-to-peer sports bets have been made through the app using its SPORTS token.
We expect the use of our SPORTS token to also be at or near 100% for Daily Fantasy Sports contests as well. The ease of use, savings, cash back, bonuses, and other loyalty/rewards benefits that our SPORTS token offers is unparalleled compared to any other product. Plus, our token is portable and can be sent into and out of ZenSports with ease. No other product offers all of these benefits in a payment mechanism and loyalty/rewards program.
Simple, Rewarding Fee Structure
ZenSports keeps its fee structure simple and low-cost so that customers can always understand what they’re paying and never pay too much. Makers that create DFS contests using Bitcoin or U.S. Dollars will only pay 2% to enter their own contests, and other Takers will only pay 4% to enter such contests. Makers that create DFS contests using SPORTS tokens pay 0% to enter their own contests, and other Takers will only pay 2% to enter such contests using SPORTS tokens.
Other DFS companies and products charge fees on upwards of 15%, which significantly reduces customers’ winnings in those other platforms.
I couldn’t be more thrilled for our continued growth here at ZenSports, and our expansion into the next level of peer-to-peer sports. Most importantly, I’d like to give a big shout-out to the entire ZenSports team for how hard they worked to crank out these new features in about 3 weeks of heads down, laser-focused development with just our small team of 4. We truly rocked it, and for that, I’m most proud. Onwards and upwards to becoming the global leader in all things sports and cryptocurrencies.