Traditional bookmakers charge fees of about 9.1% to place bets with them. Often these fees are disguised simply “as part of the bet”, and so bettors don’t realize the fees that bookmakers end up taking from them. For example, traditional bookmakers will require you bet $110 to win $100 on an even-money bet, thereby disguising a 9.1% fee without you even knowing it.
Traditional Daily Fantasy Sports operators charge fees of between 10%-15% per contest.
ZenSports believes in both full transparency and in charging reduced fees compared to traditional bookmakers and DFS operators. That’s why we only charge 2% to Makers to create a bet or DFS contest, and 4% to Takers to accept a bet or enter a DFS contest, and even cheaper fees if you bet/enter DFS contests using our SPORTS utility token. We clearly separate out these fees as a separate line item on the Transactions List screen within the app for full transparency. So you know exactly at all times what you’re betting, what you’re winning, and what you’re paying in fees.
How Fees Work
Betting in Bitcoin or USD
- When a Maker creates a bet or a Daily Fantasy Sports contest using Bitcoin or USD, the amount of the bet/contest entry fee plus a 2% betting fee will be deducted from the Maker's Available Balance. In addition, for bets, a temporary 10% escrow fee for potential disputes will be deducted from the Maker’s Available Balance -- see Responsibilities, Penalties, & Rewards As A Decentralized Betting System.
- If the Maker edits a bet and changes the bet amount, the difference in the 2% betting fee compared to the previous amount is either debited or credited (depending on whether the bet amount was increased or decreased). Daily Fantasy Sports contest entry fee amounts can not be edited.
- If the Maker deletes a bet, the full 2% betting fee is refunded. DFS contest entries can not be deleted.
- If the Maker closes out a bet to new Takers, the pro-rated amount of the 2% betting fee of the unaccepted amount is refunded. DFS contest entries can not be closed out.
- If a bet is only partially accepted by Takers by the time the betting event starts, the pro-rated amount of the 2% betting fee of the unaccepted amount is refunded. There are no partial entry fees for DFS contests.
- If a bet wasn't accepted by any Takers by the time the betting event starts, the full 2% betting fee is refunded. If the minimum number of entries for a DFS content haven't been met, the full 2% contest entry fee is refunded as well.
- When a Taker accepts a bet or enters a Daily Fantasy Sports contest, the amount of the bet or DFS contest entry plus a 4% betting fee will be deducted from the Taker's Available Balance.
Betting in SPORTS utility tokens
When creating or accepting bets/contests using SPORTS utility tokens instead of BTC or USD, the betting and/or escrow fees are reduced as follows:
Makers -- 0% betting/entry fee; 5% escrow fee for bets
Takers -- 2% betting/entry fee
Ties and Postponed/Cancelled Events
- In the case of a Tie outcome of a bet, both the Maker and Taker will receive the original amount of their bet back after the Maker submits results. The original 0% / 2% Maker betting fee and 2% / 4% Taker betting fee charged by ZenSports will not be refunded in the instance of a Tied bet.
- In the case of a Tie outcome of a DFS contest place, the prize amounts between the tied contestants will be split. The original betting fee charged by ZenSports will not be refunded in the instance of a Tied contest entry.
- In the case of a Postponed/Cancelled event outcome for a bet or contest, everyone will receive the original amount of their bet/contest entry fee back and the betting/contest fee charged by ZenSports will be refunded in the instance of a postponed/cancelled event.