VIP Play, Inc.

What they do

VIP Play operates a mobile sportsbook application and online gaming platform, licensed for mobile sports betting in Tennessee under the VIP Play brand. The company began operations in June 2023, initially launching the ZenSports brand before sunsetting it on April 28, 2025, and executing its official VIP Play app launch on May 12, 2025. Its product offering includes a sportsbook, sweepstakes contests, and socially integrated features, delivered entirely through mobile and internet applications.

Revenue drivers

• Tennessee mobile sports betting — The only live market, generating gaming revenues of $102,000 for the quarter ended March 31, 2026 and $178,000 for the nine months then ended. Costs of gaming revenue exceeded revenue in both periods, producing net gaming losses.
• West Virginia iGaming and sports betting — The company holds an interim license obtained March 31, 2025, via a Casino and Sportsbook Online Operations Agreement signed December 10, 2024. As of September 29, 2025, operations had not commenced, so this segment generated no revenue.
• VIP Play app (successor to ZenSports) — The VIP Play brand application replaced the ZenSports app, which was sunsetted April 28, 2025. The new app launched officially on May 12, 2025; Tennessee-focused marketing includes paid media, sponsorships, contests, and cash rewards.

Recent performance

For the quarter ended March 31, 2026, VIP Play reported gaming revenues of $102,000 against costs of gaming revenue of $415,000, resulting in a net gaming loss of $313,000. Total operating expenses for the quarter included $1.3 million in salaries and wages, $124,000 in sales and marketing, and $503,000 in general and administrative expenses. For the nine months ended March 31, 2026, gaming revenues were $178,000 and net gaming loss was $696,000. At March 31, 2026, the company reported total assets of $3.8 million, total liabilities of $42.3 million, and a stockholders' deficit of $38.6 million. Cash on hand was $23,000 at March 31, 2026, down from $163,000 at June 30, 2025.

Strategy

VIP Play is focused on growing its Tennessee sportsbook, where it received regulatory approval on May 7, 2025 and launched the VIP Play app in May 2025. The company signed a multi-year agreement with Kambi Group on November 7, 2024 to power its sportsbook in Tennessee and future markets, combining Kambi's turnkey product with proprietary technology. Management describes an AI-driven product roadmap intended to support real-time personalization, risk management, and decision automation. Near-term marketing spending is concentrated on Tennessee to identify effective player acquisition programs, while a longer-term marketing plan is still being designed and funded.

Risks

• Going concern and liquidity — At March 31, 2026, the company had $23,000 of cash, a $38.6 million stockholders' deficit, and $42.3 million of liabilities, raising substantial doubt about its ability to fund ongoing operations without new capital.
• Limited operating history — The 10-K states the company has a limited operating history, began operations in June 2023, and may not be able to raise sufficient capital to meet ongoing operating needs or fund growth plans.
• Single live market concentration — Revenue is currently dependent on Tennessee mobile sports betting, while West Virginia operations had not commenced as of September 29, 2025, leaving the company exposed to one jurisdiction's regulatory and competitive conditions.
• High customer acquisition costs — The 10-K notes that the online sports betting market has cycled through an inefficient and costly approach to user acquisition, and that escalating acquisition costs have not translated to corresponding U.S. profitability.

Outlook

Management states it is preparing for a future launch in West Virginia, where it holds an interim iGaming and mobile sports betting license but had not commenced operations as of September 29, 2025. The company intends to continue investing in machine learning and advanced analytics as part of its AI-driven product roadmap. It plans to focus near-term marketing spending on Tennessee to streamline effective player acquisition programs, while designing a longer-term marketing plan. No specific revenue or earnings guidance is provided in the excerpts.