Recognizing the growth in the US online gambling industry, the Maxim media brand has partnered with an iGaming industry giant to place a wagering website in states that host online betting.
Carousel Group announced the partnership in early April, and Maxim Magazine followed with an announcement to the readers of its website. MaximBet.com will be a sports betting site and online casino.
- Maxim partners with the online casino, sports betting, and iGaming experts, Carousel Group
- MaximBet.com will feature sports betting and an online casino in four US states
- Competitors scramble for space in the US online gambling industry
Maxim Enters the Gambling Industry
Most noted for its men’s magazine, Maxim makes its foray into online gambling to grab up a significant portion of the growing market in the US.
With the partnership, Carousel also announced a $50 million funding round from xSigma Entertainment Limited to help sponsor the MaximBet enterprise. Daniel Graetzer, CEO of Carousel Group, stated the following:
Maxim has established itself as a preeminent lifestyle brand over the last 25 years. With Carousel’s strong experience in the online betting space, together. we will be able to establish a powerful new gambling brand.Daniel Graetzer
Carousel Group & MaximBet
Carousel Group, established in 2017 as a global casino and sports wagering company, has shifted its emphasis more recently to the US market. The company went live with its primary brand, SportsBetting.com, last year in Colorado.
Earlier this year, Carousel reached an agreement with Caesars Entertainment to expand into three other states. Indiana, Iowa, and New Jersey will soon host Carousel internet gambling sites.
Carousel also seeks industry share in other states that have legalized online gambling or have pending legislation to regulate gambling on the internet. Graetzer sees Carousel bringing on four or five more states in the next year.
The Rise of the Sports Betting and Online Casino Industry
The MaximBet enterprise will be entering a US online wagering industry that is getting more competitive by the day. They’ll be going up against more established operations like DraftKings and Betfair-FanDuel.
But while many of those companies capitalize primarily on the sports fantasy and event betting portion of the market, Carousel sees potential in the online casino space as well.
Most of the 15 US states that host betting sites also allow online sportsbooks, but only five states host online casinos. This indicates growth potential in the casino sector.
The Future of MaximBet in the US
Maxim brings the force of more than 2 million US readers and 4 million website viewers to the new online betting endeavor. Most of its readers are men, and about 90% of sports bettors are male. Experts expect the US online gambling market to bring in $10 billion a year by 2025 and nearly $60 billion by maturity.
Maxim is just the latest player on the US online gambling scene, an industry that is becoming more and more attractive to investors and big-name companies. The move is also the newest indicator of increasing confidence the business community has in the popularity and growth of internet betting in the US.