The world of sports betting got a little less sexy on Hump Day with the news that MaximBet, which was live in Colorado and Indiana, had decided to call it quits.
“It is with sincere anguish that we have informed our incredibly loyal customers that the current macroeconomic conditions have caused MaximBet to cease operations,” the sportsbook said in a statement issued to US Bets on Wednesday. “MaximBet launched in 2021 with a desire to bring sports, entertainment, and betting together, all inside a lifestyle brand with a complete focus on the end user.
“While making great strides in offering customers a completely unique player experience, our ability as an early-stage company to compete in a market where operating costs far exceed revenue, even among the top operators, is not sustainable. Our priority now, in consultation with state regulators, is to wind down operations and help active customers in Colorado and Indiana withdraw their funds and close their accounts.”
According to another MaximBet statement that circulated on Twitter, customers have until Dec. 15 to settle any open wagers and redeem deposited funds, which will be cashed out and returned via check absent any other arrangements. MaximBet is the third U.S. sportsbook to announce shutdown plans in recent months, following those by TwinSpires and Fubo.
Slower-than-expected expansion
After entering the American sports betting playing field in Colorado in September 2021, MaximBet took a full year to go live in its second state, Indiana. Seeing as the sportsbook had hoped to launch there “before the Final Four” in the spring of 2022 and in Iowa shortly thereafter, it’s fair to assume that this slower-than-expected pace of expansion contributed to MaximBet’s demise. It also had stated intent to begin accepting wagers in New Jersey, Pennsylvania, Ohio, and Ontario by the end of the year.
📢 We’re Finally Here, Indiana! 📢
MaximBet is LIVE in the Hoosier State! 🎉
🏀 The ultimate sports betting experience
🎶 Exclusive access to the hottest parties
🤩 Money-can’t-buy experiences pic.twitter.com/yg0JRDGdAM
— MaximBet (@MaximBetUSA) October 25, 2022
Befitting of a brand best known for its glossy-paged celebration of the female form, MaximBet offered NIL deals exclusively to women for a spell and brought on Nicki Minaj (pictured above, alongside fellow rapper Meek Mill) as a strategic advisor.
MaximBet was also the first U.S. sportsbook to sign an active Major League Baseball player (Rockies outfielder Charlie Blackmon) as a brand ambassador, hired Fat Joe to play a Halloween party in Denver, and tried, unsuccessfully, to get Colorado regulators to approve wagering on the Puppy Bowl.
Photo: Bill Streicher/USA TODAY
