MaximBet has brought in $10m of additional investment as it continues its roll-out across the US.
The Carousel Group-operated betting brand, which bears the name of the men’s lifestyle magazine, has welcomed the funding from existing investor ZK International Group, a China-based engineering company.
As part of the investment, ZK has increased its ownership stake to 15.73%, with the option to increase its position to 25%.
The announcement came as MaximBet this week said it had gained market access in Ohio and Pennsylvania following its recent inaugural launch in Colorado.
In a statement, a ZK spokesperson said: “ZKIN believes Maximbet has the management team, the technology, the operating expertize and the brand marketing power to rival the largest multi-billion dollar players in the space.”
MaximBet is to expand into Indiana, Iowa and New Jersey throughout the final months of 2021 as part of its 10-year multi-state market-access partnership with Caesers Entertainment. In 2022 Maximbet will continue its expansion to additional states with the company expecting to be live in at least 50% of the legalized US market by the end of the year.
“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,” said Jiancong Huang, ZK’s chairman.
“ZKIN will continue to support its investee companies as they explore various exit strategies in the near future.”
In March 2021, ZK formed a new wholly owned subsidiary, xSigma Entertainment Ltd, with a view to acquiring assets in the US gaming market.
MaximBet was founded in April 2021 by Carousel Group and Maxim, supported by a $50m investment commitment from xSigma.
