ZK International Group has announced that it has made an additional investment of $10M in Maximbet.com (Maximbet), increasing its ownership stake in the rapidly-growing sports betting and casino operator to 15.73%.
Maximbet is a privately-held multi-state and globally licensed sports betting and casino operator hyper-focused on capitalizing on the expansion of the recently legalized sports betting market in the US.
ZKIN is thrilled to hold a significant equity position in Maximbet with an option to increase its position to 25%. The Company successfully extended its option until 1 January 2022.
Maximbet.com launched its international site in August and went live in Colorado on September 2. It will continue to expand into Indiana, Iowa, and New Jersey throughout Q4 2021 as part of its 10-year multi-state market-access partnership with Caesars Entertainment. In 2022 Maximbet will continue its expansion to additional States with the Company expecting to be live in at least 50% of the legalized US market by the end of the year.
“The team at ZKIN continues to execute upon the Company’s strategy of sourcing, negotiating and investing in favorable positions in high-growth sectors that we believe will provide short to medium-term liquidity to ZKIN shareholders. ZKIN will continue to support its investee companies as they explore various exit strategies in the near future,” Jiancong Huang, Chairman of ZK International, said.