ZK International invests $10m more in Maximbet
Company now owns 15.73% of sports betting and casino operator.
ZK International Group Co., Ltd., on Wednesday said it has made an additional investment of $10M in Maximbet.com.
The Chinese company said the funding increases its ownership stake in the sports betting and casino operator to 15.73%.
Maximbet is a privately-held, multi-state and globally licensed sports betting and casino operator focused on capitalizing on the expansion of the recently legalized sports betting market in the United States.
ZKIN cited research projecting the US market to continue to see rapid growth, with year-over-year transactions increasing by 126%, with total wagers placed in the US possibly increasing by nine times to $180 billion by 2025.
“ZKIN is thrilled to hold a significant equity position in Maximbet with an option to increase its position to 25%,” the company said in a statement, adding it extended its option until January 1, 2022. “ZKIN believes Maximbet has the management team, the technology, the operating expertise and the brand marketing power to rival the largest multi-billion dollar players in the space.”
Maximbet.com launched its international site in August and went live in Colorado on September 2. The operator said it will continue to expand into Indiana, Iowa and New Jersey throughout the fourth quarter of this year as part of its 10-year, multi-state market-access partnership with Caesars Entertainment.
In 2022, Maximbet expects to continue its expansion to additional states. The company said it will 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,” Jiancong Huang, chairman of the company, said in a statement. “ZKIN will continue to support its investee companies as they explore various exit strategies in the near future.”
ZK International Group is a China-based engineering company. Its core business is to engineer and manufacture stainless steel and carbon steel pipe products that deliver drinkable water to the Chinese, Asia and European markets.
In 2018, ZKIN established its wholly-owned xSigma Corporation to develop innovative software solutions that support its core operations while exploring new opportunities in smart contracts, distributed ledgers, supply chain management and blockchain architecture.
In March 2021, ZKIN announced the formation of its new wholly-owned subsidiary, xSigma Entertainment Limited. It is focused on developing and investing in innovative software technology platforms. xSigma Entertainment’s mandate is to acquire assets in the high-growth US gaming market.
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