MaximBet, an emerging online sports betting and casino brand that launched in April, announced that it has secured market access to provide online casino gaming in Pennsylvania through a partnership with Caesars Entertainment, which owns Harrah’s of Philadelphia.
In a statement, Carousel Group — a Malta-based holding company that invests and manages B2C operations in the online gaming industry — said MaximBet had also secured market access to provide sports betting in Ohio but did not disclose which operator it had partnered with in the Buckeye State.
Carousel has described MaximBet—a partnership between Carousel and Maxim, the multimedia company that publishes Maxim magazine—as a “lifestyle sports betting brand.” Carousel and Maxim announced the launch of MaximBet on April 4.
Although MaximBet launched its online sportsbook in Colorado on September 7, the launch was actually a rebrand of SportsBetting.com, which Carousel took live in Colorado in September 2020. Pronouncements by the parent company since MaximBet was unveiled in April indicate that Carousel intends to rebrand its offerings in the US through leveraging Maxim’s various media platforms.
Carousel said MaximBet took in a “record-setting number of bets” from the opening weekend of the NFL season.
Last month, Carousel announced that MaximBet had entered into a partnership with the White Mountain Apache Tribe in Arizona to provide sports betting in the state, but it has not yet secured a license from the Arizona Department of Gaming.
At the time the White Mountain Apache Tribe partnership was announced, Carousel said MaximBet would follow up its September launch in Colorado with additional launches in Indiana, Iowa and New Jersey, pending regulatory approvals. On Tuesday, Carousel said MaximBet was also planning to go live in Canada.
“Every new market we enter our sole focus is on bringing the best experience to the customer by providing them not only with a world-class sportsbook and casino, but also with access to money-can’t-buy experiences that only a lifestyle brand can provide,” said MaximBet CEO Daniel Graetzer. “We are excited about the efficiencies this scale brings to our business and we look forward to additional market access arrangements in the near future.”
The new partnership between MaximBet and Caesars is not the first to involve Carousel. In February, the parent company announced that it had entered into a multi-state, 10-year partnership with Caesars that included launching an online sportsbook in Indiana, Iowa and New Jersey, as well as an online casino product in New Jersey.
Carousel launched MaximBet with Maxim, but also with a $50 million investment from xSigma Entertainment, a subsidiary of ZK International Group, a China-based engineering firm. ZK made an additional $10 million investment in MaximBet on Wednesday, increasing its stake in the brand to 15.73%.
ZK said it has the option to increase its stake in MaximBet to 25% until January 1, 2022. It said MaximBet was scheduled to go live in Indiana, Iowa and New Jersey during Q4 2021, and projects the brand will be live in at least half of the legalized US market by the end of 2022.
As far as online casino games go, Carousel said MaximBet’s casino product would include slots and blackjack.
