Carousel Group announces combination with Maxim to create MaximBet

The online gambling operator Carousel Group has announced a strategic partnership with the media brand Maxim to launch, a new sports betting and online casino brand, after securing a $50m investment from xSigma.

This comes after Carousel inked a multi-state market access agreement with Caesars Entertainment in February.

Carousel and Maxim’s partnership

Under the agreement, Carousel and Maxim will team up to launch the new online gambling brand MaximBet in the US. 

According to the announcement, MaximBet will allow users to bet on sports and play online casino games at, via its website and mobile apps.

The operator added that MaximBet aims to capture a “significant share of the US online gambling market, which is projected to be an annual $10 billion industry by 2025.”

Carousel will also support Maxim’s digital, print and experiential platforms throughout the course of the partnership.

Daniel Graetzer, CEO of Carousel Group, said: “Maxim has established itself as a preeminent 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.

“Our mutual objective to provide premiere entertainment and VIP experiences to the same customer demographic makes Maxim the perfect partner for Carousel and we can’t wait to launch MaximBet later this year for fans.”

The launch of MaximBet will also be supported by a $50m investment from xSigma, a subsidiary of Chinese engineering business ZK International. In return for the $50m investment, xSigma will receive a 25% share in MaximBet.

The investment is made up of two different deals between the businesses. On 5 April a deal to acquire 12% of the new business for $15m closed and another deal which will see xSigma pay $35m for 13% of the business is expected to close in the second quarter.

According to the announcement, funds from the investment will be used to “drive growth” in additional states and for marketing.

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.”

Carousel in the US

The deal to launch MaximBet marks Carousel’s latest effort to expand its presence in the US online gambling space.

Carousel entered the US market in 2020 as a sports betting operator when it launched its brand in the state of Colorado.

In February, the operator inked a market access deal with Caesars providing the operator with market access in New Jersey, Indiana and Iowa.

When the deal with Caesars was announced, Carousel said it would increase its addressable market in the US from $109m to a projected $1.8bn, with approximately 24.5m people living in the three states.