KeyStar Corp. Closes $2.9M+ Round of Funding
Funding will be used to launch and grow its sports betting app, ZenSports, in Tennessee.
MIAMI, May 11, 2023 (Newswire.com) - KeyStar Corp® (OTC: KEYR) has announced the close of a new $2,937,500 round of funding, consisting of $1.3M+ in equity and $1.6M in debt, to launch and grow ZenSports in the state of Tennessee.
ZenSports' mobile platform offers a traditional sports book where customers can bet against the house, as well as a peer-to-peer sports betting marketplace. With ZenSports' peer-to-peer marketplace, customers can create their own bets with their own odds and terms. Peer-to-peer bets can be shared with friends or via the app's mobile two-sided marketplace, right from their phone.
KeyStar submitted its application for a Tennessee sports betting license back in February 2023 and hopes to be approved for its traditional sports book license by the end of May 2023, with approval for its peer-to-peer betting platform coming later this summer.
The round of funding was led by Bruce Cassidy, who provided the $1.6M in debt, and who previously founded Excel Mining Systems LLC and has been at the head of 10 different companies. Mr. Cassidy is also the company's largest stockholder and Chairman of the Board of KeyStar Corp. "We're excited to lead this round of funding for KeyStar and ZenSports," said Cassidy. "Mark Thomas has done a great job of re-focusing the company on sports betting since he took over as CEO back in January, and the company has made tremendous progress on its Tennessee sports betting license application in such a short period of time. I'm confident that ZenSports will flourish as it enters the Tennessee sports betting market."
KeyStar CEO, Mark Thomas, echoed those sentiments about Bruce Cassidy and the direction of ZenSports. "We're very lucky to have such a savvy and supportive investor like Bruce Cassidy. He recognizes opportunities where others don't, and this new funding will allow us to launch and gain initial market share in the State of Tennessee."
Tennessee processed $392.7M in sports betting handle and generated over $45.5M in revenue in March 2023 alone, consistently ranking Tennessee in the top 10 out of 36 states with legalized sports betting.
"Tennessee is the perfect first state for us to launch ZenSports in," according to Thomas. "Tennessee is forward-thinking and innovative in its approach to technology, and has consistently ranked as one of the top sports betting markets in the U.S."
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Source: KeyStar Corp.