Media company Maxim is diversifying its business from cover girls to gamblers. According to a recent announcement, Maxim invests in sports betting via MaximBet that launched earlier this month in Colorado.
Maxim became the latest media firm to venture into the sports betting industry. It partnered with the Carousel Group, which is the majority owner and operator of MaximBet. Also, it will expand to Ohio soon.
According to sportsbook pay per head reviews, Maxim licensed its brand to Carousel Group earlier this year. Also, the Carousel Group owned a gambling license in Colorado via its partnership with a Cripple Creek casino.
Maxim Invests in Sports Betting via MaximBet
Carousel Group told gambling software reviews and news sites that MaximBet will expand to Iowa, New Jersey, and Indiana. The gambling firm has partnership contracts with Caesars Entertainment in these states.
Carousel Group’s flagship is SportsBetting.com. Its licensing deal with Maxim is the firm’s attempt to stand out from the crowd. In addition, it hopes that it can attract Maxim magazine subscribers to use the sportsbook to wager on sports.
The company spent time looking for the right partner to give it brand recognition in a very competitive market. But, according to PayPerHead experts, partnering with Maxim is a game-changer for Carousel Group.
Aside from paying for the rights to use the brand, Carousel will give the media company a minority equity stake in the online sports betting business. It is not the first time Maxim tried to venture into the gambling business. In the early 2000s, Maxim planned to open a casino in Las Vegas. However, its deal with a developer fell apart.
Aside from Maxim, other media companies that ventured into the sports betting industry include Sports Illustrated, Associated Press, and ESPN. Also, Sports Illustrated launched its SI Sportsbook in Colorado this month.