Latest News
ZK International Enters iGaming With Series A Investment Up To $50 Million In Carousel Group To Launch MaximBet
ZK International Group Co., Ltd. is pleased to announce that it has led a $50M Series A funding round in CG Malta Holding Limited (“CGM”), a rapidly-growing, privately-held multi-state and globally licensed sports betting and casino operator, to launch MaximBet.com. MaximBet is a strategic partnership with Maxim, the renowned media brand and CGM.
The Company’s investment in CGM will total $50 Million through two closings. The first closing occurred today in which the Company has acquired a 12% interest for the purchase price of $15,000,000. The second closing anticipated to occur within the second quarter, will result in the Company acquiring an additional 13% for the purchase price of $35,000,000. Upon completion of the two closings, the Company will own a total interest of 25% in MaximBet.
MaximBet will be made up of a market-leading sports betting and casino website at MaximBet.com, and tailor-made native iOS and Android apps that will allow users to bet on sports and casino in the United States and around the world. The new venture will leverage Maxim’s integrated network of print, digital, social and experiential platforms to engage the loyal Maxim community and sports bettors alike.
“Maxim has successfully established itself as a preeminent lifestyle brand over the last 25 years,” said Daniel Graetzer, CEO of CGM. The CEO of CGM continues, “our mutual objective is to provide sophisticated entertainment and VIP experiences to the same customer demographic which makes Maxim the perfect partner for CGM.”
Aside from its currently live operation in Colorado, Carousel Group has also entered into a multi-state, 10 year partnership with Caesars Entertainment, Inc., (NASDAQ:CZR) that will see its online sportsbook made available to customers in New Jersey, Indiana and Iowa, as well as its online casino in New Jersey, pending obtaining necessary gaming licenses. MaximBet intends to capture a significant share of the U.S. online gambling market, which is projected to be an annual $10 billion industry by 2025.
Last month, ZKIN announced the formation of its new wholly-owned subsidiary, xSigma Entertainment Limited, with the intent of acquiring online gaming assets to increase shareholder value by targeting businesses in the growing online casino industry. The Company is thrilled to share that its first strategic investment in the US online gambling industry is with an internationally-recognized brand and a premier operator that boasts a team with decades of experience.
Today’s closing of $15 million in Series A funding marks the beginning of the Company’s innovative approach to add value to its shareholders. Jiancong Huang, Chairman of the Company, states, “We are pleased to act as a capital partner to such an amazing brand and experienced management team. Our Company and shareholders are excited about the future and we are looking forward to adding shareholder value to CGM as MaximBet readies to rapidly scale its operations in 2021.”
Angela Bernhard Thomas
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Clark County
Clark County residents can bring a friend for free to next week’s Super Bingo $160,000 tournament at the Plaza Hotel & Casino, May 6-8
Home to downtown Las Vegas’ only bingo room, the Plaza Hotel & Casino is offering Clark County, Nevada residents who register to play in next week’s Super Bingo tournament the opportunity to bring a friend for free.
Happening Monday, May 6 through Wednesday, May 8 in the Plaza’s expansive ballroom, Super Bingo is expected to draw nearly 1,000 people from the local Las Vegas valley and across the country and Canada for the opportunity to win big playing fun-filled games of bingo over two days, with a $50,000 super coverall both days while socializing with like-minded bingo players.
Bingo-only registration is $160 per person, and Clark County residents who register can bring a friend for free. Registration is available online at https://www.plazahotelcasino.com/bingo/super-bingo-registration/. Hotel-and-bingo packages start at $300 for a four-night stay with no resort fee.
All Super Bingo players receive one 6-on paper pack for both days, two daubers, free drinks via an open bar at all sessions, boxed lunch both days, and $10 in free slot play after the first day’s session.
The Plaza’s Bingo room offers six daily bingo sessions at 11 a.m., 1 p.m., 3 p.m., 5 p.m., 7 p.m. and 9 p.m. and is located on the 3rd floor. By parking on the third floor of the Plaza’s self-parking garage, guests have convenient and direct access to the Plaza’s bingo room and parking is validated for bingo players.
Gambling in the USA
Kambi Group plc extends Mohegan partnership with on-property sports betting agreement in Pennsylvania
Kambi Group plc (“Kambi”), the world’s trusted sports betting partner, has agreed a long-term on-property sportsbook partnership with Mohegan to provide its award-winning sportsbook at two retail locations in the state of Pennsylvania.
The partnership will see Mohegan utilise Kambi’s cutting-edge retail sportsbook offering across more than 20 kiosks in sportsbook locations at Mohegan Pennsylvania and Mohegan Pennsylvania at Lehigh Valley Race and Sportsbook.
The deal further strengthens Kambi’s relationship with Mohegan, which already utilises Kambi’s suite of sports betting products at ilani in Washington, as well as online and on-property in the Canadian province of Ontario at Fallsview Casino Resort and Casino Niagara.
Kristian Nylén, Kambi CEO and Co-founder, said: “With several successful partnerships with Mohegan already in place, we are pleased to agree this new partnership as we continue to build on our strong relationship.
“This latest deal further reinforces Kambi’s position as the sportsbook provider of choice for tribes across North America, and we look forward to our ongoing collaboration with Mohegan.”
Tony Carlucci, President & GM of Mohegan Pennsylvania, said: “Mohegan Pennsylvania is excited to continue utilising the same Kambi technology platform that existed under our Kindred partnership, which will help to create a seamless process as the Sportsbook at Mohegan Pennsylvania fully rebrands later this Spring.”
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