Maxim Entering Gaming Industry with Sports Betting, iGaming Partnership

Posted on: April 6, 2021, 12:37h. 

Last updated on: April 6, 2021, 02:42h.

Maxim is entering the gaming industry by way of a partnership with iGaming and mobile sports betting firm Carousel Group.

Carousel announced this week that the gaming and sports betting group will leverage the Maxim brand, which is best known for its men’s-focused magazine. MaximBet.com will be a sports betting and online casino mobile platform tailored for both Android and iOS. 

The announcement also revealed the closing of a $50 million funding round from xSigma Entertainment Limited. xSigma is a wholly-owned subsidiary of the Nasdaq publicly traded ZKIN International Group.

iGaming, Sports Betting Expansion

Carousel was established in 2017 as an iGaming and sports betting company. Its primary brand is SportsBetting.com, which went live last September in Colorado.

In February, Carousel reached an agreement with Caesars Entertainment that will provide SportsBetting with market access into three additional states. Pending regulatory approval, the Caesars pact will allow the online casino sportsbook to launch in Indiana, Iowa, and New Jersey. 

Carousel is now looking to expand its mobile gaming footprint by way of an additional operating brand. Carousel says the $50 million fundraising round will be used to place MaximBet into states with legal online gambling and sports betting. 

Launched in 1995, Maxim “celebrates the most beautiful women in the world” and caters to the male demographic by covering exotic travel, luxury automobiles, sports, and the latest technology. Maxim’s annual “Hot 100” list traditionally garners plenty of headlines and discussion among its readers. 

Sports Betting Appeal

With sports betting continuing to expand across the nation, sportsbook companies are scrambling to grab as much early market share as possible. And marketing is the name of the game.

BetMGM announced last fall that actor Jamie Foxx is the star of its nationwide marketing blitz. The Academy Award Best Actor Winner for “Ray” has since appeared in numerous television and print campaigns for the online sportsbook.

Direct Action Media, a marketing agency that handles advertising contracts for Maxim, says it is the third-most circulated men’s lifestyle magazine in the United States. It trails only Men’s Health and GQ. 

Maxim’s seven annual issues are read by more than 1.4 million people, with 250,000 current subscribers. Readership skews 80 percent male, and median household income is $90,000. 

According to online site Statista, more than 90 percent of sports betting on legal US platforms comes from males.