ZenSports offers a traditional sports book where customers can bet against the house, as well as a peer-to-peer sports betting marketplace where customers can create their own bets with their own odds and terms. Through the Burstive brand, KeyStar leverages ZenSports' proprietary cryptocurrency payments API and trading exchange technology to create white-label fintech solutions for enterprise customers.
Cyborg Score Rationale
KeyStar operates in attractive growth markets (sports betting, eSports, fintech) with acquired technology assets and multi-state licensing ambitions. However, the company faces significant headwinds: it trades on OTC PINK with limited liquidity, experienced leadership transition (October 2023), and operates in a highly regulated environment requiring complex gaming licenses across jurisdictions.
Top Insights
Closed $2.9M+ funding round in May 2023 consisting of $1.3M+ in equity and $1.6M in debt to launch and grow ZenSports in Tennessee
Obtained Tennessee sports betting license and has consistently grown sports betting handle month-over-month
Acquisition of ZenSports assets does not include Nevada gaming license; KeyStar intends to leverage ZenSports' technology to grow in other strategic jurisdictions
Leadership transition announced in October 2023 with CEO Mark Thomas resigning and Bruce Cassidy moving into interim CEO role
Named Competitors
DraftKings — Leading sportsbook and DFS operator
FanDuel — Multi-brand sportsbook and gaming operator
BetMGM — Casino and sportsbook operator
Stripe — Payment processing and fintech infrastructure
Recent Developments
(October 2023) CEO Mark Thomas resigned; Chairman Bruce Cassidy became interim CEO pending search for permanent CEO
(May 2023) Closed $2.9M+ funding round ($1.3M equity, $1.6M debt) to expand ZenSports in Tennessee
(October 2022) Completed acquisition of ZenSports and Ultimate Gamer assets, assembling multi-brand sports betting and eSports platform
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