Sports betting operator Carousel Group (Carousel) is set to launch MaximBet, in conjunction with media brand Maxim, after a $50m investment from xSigma, a subsidiary of Chinese engineering business ZK International.
MaximBet will offer users sports betting and casino services under MaximBet.com, both on its website and on iOS and Android apps. Bettors will be able to bet on casino and sports in the US and internationally.
Carousel will support Maxim’s print, digital and experiential platforms throughout the partnership.
“Maxim has established itself as a preeminent lifestyle brand over the last 25 years, and with Carousel’s strong experience in the online betting space, together we will be able to establish a powerful new gambling brand,” said Daniel Graetzer, CEO of Carousel.
“Our mutual objective to provide premiere entertainment and VIP experiences to the same customer demographic makes Maxim the perfect partner for Carousel and we can’t wait to launch MaximBet later this year for fans.”
xSigma will help fund the launch with a $50m investment, in return for a 25% share of MaximBet. A deal to acquire 12% of the business for $15m closed on April 5, with the remaining $35m deal for 13% of the business set to close in the company’s second quarter.
“We are always looking to provide the Maxim audience with new, rich and engaging experiences, and are incredibly excited to be entering the sports betting and iGaming space with our partners, Carousel Group,” said Maxim SVP Susan Kilkenny.
“Together, we feel that MaximBet has the power to innovate and elevate the online sports betting and iGaming market.”