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Create any kind of sports bet that you want within the above leagues, on your terms and with your own odds. You’re no longer limited by what a traditional bookmaker has to offer. Want to bet that Lebron James will score 18 points in his next game at 20:1 odds, or that Manchester United will get shut out the rest of the season at 100:1 odds? Go for it! With ZenSports, you can become the bookmaker and set the odds how you want. And it’s easy to create a bet - ZenSports allows you to search for any team or player in the above referenced leagues, and will walk you through the process of how to create a bet. Creating a bet can be done in 4 steps and takes less than a minute. For future reference, those who create bets within ZenSports are known as “Makers”.
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If you don't feel like coming up with your own bets and terms, simply accept anyone else's bet with just a couple taps of a button. With a very creative group of bettors out there, you're bound to find bets being offered that traditional sports books don't have! For future reference, those who accept others’ bets within ZenSports are known as “Takers”.
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Users can now make credit card payments and deposit funds into an “Available Balance” within ZenSports, which can then be used for placing bets. Instead of having to pull out your credit card and make a payment for every single bet, simply make a deposit into your ZenSports account for all of your upcoming bets, and that deposit will show up as your Available Balance. Any bets, fees, or winnings will automatically get subtracted from or added to your Available Balance. You can view your Available Balance at anytime from the “Funds” screen.
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You can deposit additional funds by tapping on the “Deposit Funds” menu item from the Funds screen.
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You can withdraw funds directly into your bank account via ACH or wire transfer by tapping on the “Withdraw Funds” menu item from the Funds screen (you can also receive a cashier’s check if you’d prefer).
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You can see a complete list of all incoming and outgoing transactions into your Available Balance by tapping on the “Transactions List” menu item from the Funds screen.
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The submitting of bet outcomes and results is done in a “semi-decentralized” manner. “Semi-decentralized” means that the Maker of a bet is responsible for submitting the results of a bet when the game/event is over. If the Maker submits incorrect or fraudulent results, the Taker can dispute those results, and ZenSports will resolve all disputes as necessary. But be warned -- there are penalties for submitting incorrect results or disputes. If a Maker loses a dispute after submitting results, there is a penalty equal to 10% of the bet amount that will be charged. If a Taker loses a dispute that he/she submitted, there is a penalty equal to 5% of the bet amount that will be charged. The goal is for the betting marketplace to be self-policing, with ZenSports only getting involved in the handling of results/disputes when absolutely necessary.
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Creating a Bet as a Maker - When a Maker creates a bet, the amount of the bet, plus a 2% betting fee, plus a 10% escrow fee for potential disputes lost will be deducted from the Maker’s Available Balance. If a Maker deletes a bet before it’s accepted by a Taker, then the bet amount, betting fee, and escrow fee will be refunded back to the Maker. If the Maker submits results that the Taker is the winner of a bet, the 10% escrow fee will automatically be refunded back to the Maker, and the Taker will receive his/her winnings. If the Maker submits any other result besides setting the Taker as the winner, then the Taker has 24 hours to dispute the bet results. If the Taker doesn’t dispute within 24 hours, then the full bet winnings plus 10% Maker escrow fee will be credited back to the Maker. If the Taker submits a dispute and loses the dispute, the full winnings, 10% Maker escrow fee, and 50% of the Taker’s 5% escrow fee will be paid to the Maker (so the Maker will earn a bonus of 2.5% of the Taker’s bet amount as a reward for a false dispute submitted by the Taker). If the Maker doesn’t submit any results within 24 hours of the bet event being over, then the Taker will automatically win the bet, receive all bet winnings, and the Maker will receive a refund of the 10% escrow fee.
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Accepting a Bet as a Taker - When a Taker accepts a bet, the amount of their bet, plus a 4% betting fee will be deducted from the Available Balance. If the Maker submits the Taker as the winner of a bet, the Taker will automatically receive his/her winnings (and obviously can’t submit a dispute at this point because the Taker was marked as the winner). If the Maker submits any other result besides setting the Taker as the winner, and the Taker disputes these results within 24 hours, a 5% escrow fee for potentially losing the dispute will be deducted from the Taker. If the Taker wins the dispute, the full winnings, 5% Taker escrow fee, and 50% of the Maker’s 10% escrow fee will be paid to the Taker (so the Taker will earn a bonus of 5% of the Maker’s bet amount as a reward for a false dispute submitted by the Maker). If the Maker doesn’t submit any results within 24 hours of the bet event being over, then the Taker will automatically win the bet and receive all bet winnings (with no eligibility for disputes).
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There are push and in-product notifications for when a Taker accepts a bet you created, when a Maker submits results for a bet you accepted, and when a Taker submits a dispute for results you submitted.
