P2P betting app ZenSports pays out first dividends to SPORT token holders

ZenSports, a peer-to-peer (P2P) sports betting application, today announced the issuance of the first dividend payouts to all SPORT security token holders.

Back in August, the ZenSports team announced that it would begin paying a quarterly dividend to investors and holders of SPORT security tokens.

The dividend is based on the total SPORTS utility token betting volume achieved each quarter within the ZenSports app.

With Q3 2019 just ending on September 30th, the first-ever quarterly dividend has now been distributed. See below a breakdown of the payout:

1. Maker betting volume for Q3 2019 was 136,160,105.60 SPORTS tokens.
2. Taker betting volume for Q3 2019 was 129,945,242.30 SPORTS tokens.
3. A total of 266,105,347.90 SPORTS tokens were wagered during Q3 2019 within ZenSports. Based on the 1:1 SPORTS token dividend distribution to SPORTS token volume ratio during this quarter, 266,105,347.90 SPORTS tokens were distributed to SPORT security token holders.
4. Based on the percentage ownership of SPORT security tokens that each wallet address maintains, holders receive that same corresponding percentage of the SPORTS utility tokens distributed for each dividend. For example, a wallet that owns 1% of all SPORT security tokens receives 1% of 266,105,347.90 for this quarter’s payout.

In addition to betting with bitcoin or fiat (USD), ZenSports offers its own cryptocurrency utility token called SPORTS. When users place bets using SPORTS, they pay discounted fees, get cashback for reaching certain betting volumes, and earn bonuses for performing other actions.

The SPORTS utility token is built on ICON’s blockchain protocol. Users are able to deposit and withdraw SPORTS to and from their accounts using the ICONex wallet at any time.

SPORT

A few months after ZenSports launched the beta of its peer-to-peer sports betting app to select customers in September 2018, it created a security token called SPORT.

SPORT was pre-sold in summer 2018 and sold post-creation in December 2018 to accredited investors in the U.S. through the Regulation D exemption and to non-U.S. investors through the Regulation S exemption. The security token was created as a novel, blockchain-based asset which provides investment returns to investors without the need to wait for a formal exit.