MaximBet Announces Shut Down of Operations Effective Immediately

Jeremy Wilks

Last Updated: November 17, 2022 7:15 AM EST • 48 sec read. Twitter link Google News Link

A teller counts cash before New Jersey Gov. Phil Murphy arrives on June 14, 2018 to place a bet at the Monmouth Park Sports Book on the first day of legal sports betting in the state, in Monmouth Park in Oceanport, New Jersey. - New Jersey Gov. Phil Murphy on June 11, 2018 signed a law that authorized legal sports betting in New Jersey, ending a nearly decade-long saga that included a multimillion court battle against the nation's top sports leagues and a landmark ruling from the nation's highest court. (Photo by DOMINICK REUTER / AFP)

MaximBet will reportedly cease operations effective immediately, citing “challenging macroeconomic conditions and an increasingly cost-prohibitive marketplace” led to the decision.

MaximBet was founded in April of 2021 by Carousel Group which included a $50 million investment from the Chinese engineering business, ZK International.

Notable investors in the company include Charlie Blackmon of the Major League Baseball team the Colorado Rockies, and award-winning music artist, Nicki Minaj, who was trying to dip her feet and disrupt another male-dominated industry.

Considering the news, MaximBet has made it a priority to make the necessary steps to ensure that their customers are treated fairly. MaximBet will no longer accept wagers and customers can withdraw their funds all the way through December 15, 2022. Open wagers will settle on that date at which point they will be “cashed out” at the current value price and any remaining balances will be returned via check.

Given the recent departure of smaller sportsbooks like Fubo Sportsbook, and Unibet out of some states in the United States, this is alarming news for smaller operators. It certainly appears possible that other smaller sportsbooks could be heading in the same direction in the coming months.

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Written By:
Jeremy Wilks

Jeremy is a Sports Journalist who has been writing for about two years. You can find his prior work on Oddsshark and FanSided. An avid sports bettor, who has been betting for over six years. Favorite sports to watch and bet on include the NFL, MLB, NBA, and UFC – though his favorite sport of all is football. A big supporter of the Miami Dolphins. When it comes to betting, his understanding of the game, the teams, and the belief of “fading the public,” has led him to have positive results on the betting front. A big believer in patience, and not “chasing losses” when it comes to betting. Straight bets are the way to win! You can listen to his podcast (NFL In The Zone Podcast) for the latest news around the NFL, along with his wagers.