SPORTS token launched by ZenSports, runs on ICON blockchain
ZenSports is a sports betting marketplace that is launching its own cryptocurrency utility token called SPORTS. This SPORTS token will make betting process easier than before as it allowed the ZenSports team to create rewards and loyalty program. In this “SPORTS Rewards Program”, customers will be able to pay discounted betting fees and get cash back for reaching betting volumes. It will also allow them to earn bonuses for performing other actions like making withdrawals.
To push users to use its SPORTS utility token, customers will be able to only earn discounts and rewards when they use SPORTS token for placing bets. Infact, to ensure proper adoption of SPORTS token, customers are required to use the token to place bets and pay fees for 2-weeks period. After that, ZenSports will let customers again bet with USD. The company also previously offered option to place bets with Bitcoin.
But since using SPORTS token gives users deeper discounts and rewards, ZenSports team think users will use SPORTS token more to earn discounts and rewards.
SPORTS token is built on ICON, a popular blockchain platform from Korea. Interestingly, ZenSports received an investment from ICON back in 2018 when it used ICON’s ICX station.
Using SPORTS within the ZenSports betting network is quite simple:
* Customers can use Bitcoin to purchase SPORTS in order to begin placing bets.
* When customers place bets using SPORTS, ZenSports automatically deducts the amount of the bet and the (discounted) betting fee from the customer’s SPORTS wallet / available balance.
* As customers begin to place more bets and reach certain volume thresholds and perform other actions within the ZenSports network, they’ll earn rewards, cash back, and bonuses in SPORTS. All discounts and rewards can be tracked via the SPORTS Rewards Program screen in the app.
* Customers can withdraw SPORTS to their ICONex wallet, or they can exchange it into Bitcoin or USD for withdrawals. Until the Phase 2 launch later this month, exchanging SPORTS into BTC or USD will be free. After the Phase 2 launch, customers will be required to pay a fee to exchange between SPORTS and BTC or USD.
Another thing to note is that SPORTS is a utility token and has not been sold to investors to generate investment returns.
ZenSports is available for download in both the App Store and Play Store, and is headquartered in San Francisco, CA.