MaximBet Ends Its Foray Into US Sports Betting After 1 Year
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- The hyper-competitive U.S. sports betting space has claimed another victim, as MaximBet has announced it is ceasing US sports betting operations in Colorado and Indiana.
- The endeavor was a partnership between Carousel Group and the eponymously named men’s lifestyle and featured Nikki Minaj as both the face of the company and a significant investor.
- MaximBet joins Churchill Downs and Fubo on the list of brands that dipped their toe in the expensive U.S. sports betting space before beating a hasty retreat.
MaximBet is pulling the plug on its U.S. sports betting operations just over a year into its existence. The brand emerged in April 2021 as a collaboration between Carousel Group and Maxim. The company made some early news with an announced $50 million investment commitment, signed active MLB player Charlie Blackmon , and partnered with Nicki Minaj as a brand ambassador and investor.
MaximBet was live in two states, using a technology stack from Kambi and White Hat Gaming:
- Colorado – launched in September 2021
- Indiana – launched in September 2022
Per the Earnings+More Newsletter, Carousel CEO Daniel Graetzer “noted that as an early-stage company, MaximBet didn’t have the ability to compete in a market “where operating costs far exceed revenue, even among the top operators.”
What MaximBet Customers Need to Know
First and foremost, as a regulated, licensed operator, player accounts are safe.
In a statement on its website, MaximBet said:
On Wednesday, November 16, 2022, MaximBet closed its sports betting operations and is no longer accepting deposits or wagers. Customers can withdraw any deposited balances until Thursday, December 15, 2022. Any remaining player balances after this date will be refunded via check sent to the address on the account.
Colorado players log in to co.maximbet.com to withdraw. Indiana players log in to maximbet.com/bet to withdraw.
Open wagers will settle as per the MaximBet House Rules until Thursday, December 15, 2022, at which point they will be “cashed-out” at current fair value market pricing and player balances will be returned via check.
Not the First or the Last
MaximBet’s struggles in the U.S. sports betting market are hardly unique.
The space has already claimed two high-profile names in Churchill Downs and Fubo. Several other operators have begun pulling back on the reins, including gambling industry heavyweights Kindred, Bally’s, and Wynn.
Churchill Downs shuttered its TwinSpires sports betting operations in February. Fubo ceased sports betting operations in October. During a November earnings call, Kindred announced it would pull out of Iowa and optimize its U.S. strategy by focusing on multi-vertical states. Bally’s and Wynn have made it clear they will not get caught up in the current spending spree and will instead bide their time. And in every case, the reason given was the same as MaximBet, the current macroeconomic conditions.
With national market share consolidated among a small group of operators, there is little doubt MaximBet will be the last company to exit the U.S. market.
The U.S. has more than 40 sports betting brands. Per Eilers & Krejcik Gaming, FanDuel, DraftKings, BetMGM, and Caesars control an estimated 85% of the national market. Only three other brands are above 1% market share, Barstool, BetRivers, and PointsBet, and all three are under 5%.
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