MaximBet has ceased operations, becoming the latest U.S. sportsbook to shutter its business in the face of mounting costs.
The gaming operator, owned by Carousel Group in partnership with Maxim magazine, said in a statement that it made the decision due to “macro economic conditions.” The company had delays in its new tech stack, which it announced in January but didn’t debut until September, and struggled to differentiate itself in a market increasingly dominated by operators with deeper pockets and more tolerance for losses.
“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,” the company said.
