Carousel Group, a new entrant in licensed gaming, on Monday said it has formed a global strategic partnership with media brand Maxim to create MaximBet.
MaximBet will consist of a sports betting and casino website and iOS and Android apps that will allow users to bet on sports and online casino games in the United States and around the world.
The two companies said the venture, which will launch later this year, will leverage Maxim's integrated network of print, digital, social and experiential platforms to tap the loyal Maxim community.
Carousel Group joined the crowded US gaming market as a sports betting operator in late 2020. It has secured market access deals in New Jersey, Colorado, Indiana and Iowa.
The privately-held licensed sports betting and casino operator on Monday said it closed a Series A investment round with $50m in funding from xSigma Entertainment Limited. xSigma is a wholly owned subsidiary of ZKIN International Group, a diversified, tech-forward company that is acting as a capital partner to MaximBet.
The companies said the funds will be used to drive growth into additional US states and for marketing purposes.
Officials said they intend to “capture a significant share” of the US online gambling market, which they noted is projected to be an annual $10 billion industry by 2025 and nearly $60 billion by maturity.
“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,” Daniel Graetzer, CEO of Carousel Group, said in a statement. “Our mutual objective to provide premier entertainment and VIP experiences to the same customer demographic makes Maxim the perfect partner for Carousel.”
“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 online gaming space with our partners, Carousel Group,” added Maxim SVP Susan Kilkenny.
