MaximBet is on a roll. It has quickly added new states to its betting portfolio and doesn’t plan on slowing down anytime soon. Supporting its efforts is a Chinese company, ZK International Group, which just gave the company another injection worth $10 million. Further investments could be coming if MaximBet stays on track with its US expansion.
MaximBet Gets New Funds
MaximBet, operated by the Carousel Group and named for global lifestyle brand Maxim, has made several big jumps in the US betting market this year. It offers sports betting in Arizona through a partnership with the White Mountain Apache Tribe after initially being denied a direct online license and dropped into Colorado just in time for the NFL season. Several other launches are planned for this year, and the new injection of funds will help fuel the company’s growth.
ZK International was already backing the Carousel-Maxim partnership that began this past April and has now increased its stake. By adding $10 million, it now owns 15.73% of the company and has the option to increase its holdings to up to 25%. Given that MaximBet is reportedly ready to enter Ohio and Pennsylvania, the money couldn’t have arrived at a better time, although it’s much less than what will be needed to cover the licensing fees in the two states.
Expansion on the Horizon
In addition to its new license approvals, MaximBet is also looking at Indiana, Iowa and New Jersey before the end of the year and shouldn’t have any trouble launching its brand in those states. It has a ten-year agreement with Caesars Entertainment that covers those three and, by the end of next year, MaximBet expects to be in a minimum of 50% legal sports betting states. At the same time, it plans on introducing a new online casino to operate in tandem with its sportsbook.
According to a spokesperson for ZK International, “ZKIN believes MaximBet has the management team, the technology, the operating expertise and the brand marketing power to rival the largest multi-billion dollar players in the space.” The company’s chairman, Jiancong Huang, added, “The team at ZKIN continues to execute upon the company’s strategy of sourcing, negotiating and investing in favorable positions in high-growth sectors that we believe will provide short to medium-term liquidity to ZKIN shareholders.”
ZK International, which is backing the US gaming market through its xSigma subsidiary, has a strong relationship with Maxim. In addition to tackling the US sports betting market, the two companies are creating MaximNFT, a non-fungible token marketplace. The platform was initially branded xSigma Collectibles, but was changed to MaximNFT and is set to launch this fall. It will offer NFTs for “celebrities, athletes, and brands,” although no specific names have yet been released.