The US legal sports betting industry keeps growing at lightning speed. As we head into fall, new markets are coming into the fold and new providers are being welcomed to the sports wagering provider family. The latest is China-based online sports betting/lifestyle company MaximBet, an affiliate of men’s lifestyle brand Maxim who announced Friday that is has gone live in Colorado.
The Colorado market has been a success since joining the US legal sports betting family in May 2020. It has consistently landed within the top-6 on the list of most bet-friendly states in the country thanks to a rabid sports betting/fan base and the presence of all of the top wagering providers in the country, who are constantly engaged in a battle for market share.
What is MaximBet?
You would be hard-pressed to pass by a magazine section in your local grocery store or pharmacy and not see Maxim Magazine front and center. MaximBet is the sports betting product from that top lifestyle brand and brings an already high profile into the legal sports betting world.
MaximBet is the result of a partnership deal that was formed between the publication and Carousel Group which already had a presence in the US legal sports betting scene. Carousel Group previously launched SportsBetting.com in 2020 – a product that has since been rebranded under the MaximBet name.
It was through Carousel Group’s market access into Colorado that MaximBet was able to launch in the state. The lifestyle brand-turned sports betting provider also announced last week market access into the yet-to-be-launched Arizona market thanks to a deal with the White Mountain Apache Tribe.
According to the MaximBet brand, launches in Iowa, Indiana and New Jersey are in the works. Five top-tier markets would make MaximBet a serious player on the American scene if and when they do launch in those states.
Gaining a Market Share
MaximBet enters the US legal sports betting market over two years behind some of the biggest providers currently sopping up the majority of the market share in the United States. The company will also enter a Colorado market that has been active since May 2020. There will be some catching up to do.
Maxim has seemed to make all the right moves so far however, aligning with Carousel Group and launching in one of the most reliable markets in the country – Colorado. Now they are bringing what promises to be a user-friendly platform to market along with some of the most attractive sportsbook bonuses available.
MaximBet will also bring with it a hyped loyalty program that should help them gain new customers in Colorado and hopefully keep them.
“Every bet you place inches you closer to the rewards you deserve with a loyalty program that puts you first,” according to the Maxim website. “You can redeem your points for free credits or bank them up for
access to exclusive, one-of-a-kind prizes and experiences. No matter which way you decide to play, from day one, you’ll feel like you’ve made it.”
Getting in on the Action
There is no shortage of companies hoping to cash in on the US legal sports betting scene. Although a men’s/lifestyle magazine publication may not exactly seem like the ideal business to be entering the industry, Maxim’s alliance with Carousel Group, which has roots already in the US scene should make it a smooth transition.
MaximBet will attempt to gain a piece of an enormous pie – one that analysts think could be in the $10 billion range by 2025. Hopes are that there is enough to go around in the exploding US scene.
MaximBet’s journey all starts with a competitive and saturated Colorado market, with the promise of more to come.