MaximBet has ceased all operations, effective immediately. They attributed the closure to the challenging economic climate and the high expenses associated with running their business.
MaximBet has notified customers in a letter that they have until December 15th to withdraw their funds. Any remaining balances after that date will be mailed to customers via check.
Users are no longer able to deposit funds or wager. MaximBet has stated that they will settle all existing wagers before December 15th, adhering to their established regulations. They have indicated that bets will be settled at the current market value and player balances will be disbursed via check.
MaximBet was launched in April 2021 by Carousel Group, a sports betting enterprise, and Maxim, a media organization. They secured $50 million in funding from xSigma, a company owned by ZK International, a Chinese engineering firm.
MaximBet aimed to provide online sports betting and casino gaming services to individuals in the United States and other nations through their website and mobile application.
MaximBet, which debuted in Colorado last fall, has officially entered the American market. Last month, MaximBet expanded into Indiana, utilizing technology from Kambi Group and White Hat Gaming.
To bolster its growth plans, MaximBet also signed Colorado Rockies baseball player Charlie Blackmon as a brand representative and collaborated with singer Nicki Minaj. Minaj also invested in the company.
However, MaximBet has declared that it will be closing its operations forthwith. In a message to customers, the company cited the tough economic environment and the increasingly competitive marketplace as justifications for this choice.
“We regret to inform you that MaximBet will be ceasing operations immediately,” the message stated. “The challenging macroeconomic environment and increasingly competitive market conditions have expedited this difficult decision.
“Thank you for your support.”
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