Sports betting in the US isn’t always the goldmine that many think - MaximBet has shut down, perhaps illustrating that there is a shakeout going on in the market.
Smaller players may be closing the doors in face of the competition from the industry giants.
MaximBet was a smaller player, event though it had a partnership with rapper Nicki Minaj, but it has closed down its sports betting operations, giving bettors until December 15 to withdraw their deposits.
The company is owned by Carousel Group in partnership with Maxim magazine and is an approved operator of the NBA, the basketball sport in the US and Major League Baseball. It was operating in Colorado and Indiana.
Another smaller operator, Fubo Sportsbook, closed its betting business last month.
In a statement, MaximBet said: "While making great strides in offering customers a completely unique player experience, 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.”
