maximbet, gambling, online gambling, sports betting, sportsbook, economic crisis

MaximBet ceases operations amid soaring inflation

The world is in the grips of an economic crisis. Rising energy bills, fuel costs, and inflation have been catastrophic for individuals, families, and businesses.

It would seem even the famously resilient gaming industry is not immune to economic difficulties, with the news breaking that online sportsbook MaximBet has moved to cease all operations.

The operator confirmed that players will have until 15 December to withdraw funds from their accounts, after which any remaining player balance will be refunded via postal cheque.

While players are not permitted to deposit any more cash or place more wagers, all live bets will be settled up to 15 December at “current fair value market pricing”.

MaximBet, which is owned by Carousel Group, cited difficult economic conditions as the reason behind its decision to cease operations.

“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,” the company said in a statement.  

MaximBet was founded in 2021 in a collaborative effort between media firm Maxim and Carousel Group. The company was funded by an initial $50m investment from xSigma, a subsidiary of ZK International.

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