Carousel to develop MaximBet offering via media partnership with lifestyle magazine
Operator to leverage Maxim’s print and online following as it closes $50m Series A investment round
Carousel Group has collaborated with luxury lifestyle media brand Maxim to produce a Maxim-branded online betting and gaming brand.
The MaximBet product will aim to leverage the media outlet’s community across its print, digital, social, and experiential platforms to convert them into sports bettors.
Carousel CEO Daniel Graetzer said Maxim was the perfect partner for the operator as both shared a mutual objective to provide premiere entertainment and VIP experiences to the same customer demographic.
“Maxim has established itself as a pre-eminent 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,” Graetzer said.
Maxim SVP Susan Kilkenny said: “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 igaming space with our partners, Carousel Group.
“Together, we feel that MaximBet has the power to innovate and elevate the online sports betting and igaming market,” she added.
The product is expected to launch later this year.
Maxim boasts more than 1.5 million followers between its Instagram and Twitter pages.
Carousel has also just closed a Series A funding round after securing $50m in capital from an online gaming subsidiary of China-based manufacturer of steel pipes, ZK International Group Co.
The company established xSigma Entertainment Limited in March as it intended to acquire online gaming assets to increase shareholder value.
In a statement released on March 24, ZK International Group said it was keen to enter the US gaming market and would therefore focus on investing in operators with access in the States.
Carousel plans to use the funds to expand into additional US states and increase its marketing budget.
The Madrid-based operator has gained market access in New Jersey, Colorado, Indiana, and Iowa.
It launched its sportsbetting.com offering in Colorado in September 2020 and expects to go live in Indiana and Iowa in the summer.
The operator told EGR North America last month it was actively seeking media partnerships to grow its market share in the US.