Nicki Minaj-Backed Online Sportsbook Shuts DownOnline Sports Betting Business Was Valued At Around $150M |
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A fledgling online sportsbook that had music star Nicki Minaj as an investor and brand ambassador is closing shop.
MaximBet announced Wednesday that it will be winding down its business.
“With regret, we’re informing customers that MaximBet is ceasing operations,” the sportsbook said in a statement. “Our priority now, in consultation with state regulators, is to wind down operations and help customers withdraw their funds and close accounts.”
“On Wednesday, November 16, 2022, MaximBet closed its sports betting operations and is no longer accepting deposits or wagers,” said a notice on the sportsbook’s website. “Customers can withdraw any deposited balances until Thursday, December 15, 2022. Any remaining player balances after this date will be refunded via check sent to the address on the account.”
The sportsbook was online in just two states. Colorado players can log in to co.maximbet.com to withdraw. Indiana players can log in to maximbet.com/bet to withdraw.
“Open wagers will settle as per the MaximBet House Rules until Thursday, December 15, 2022, at which point they will be ‘cashed-out’ at current fair value market pricing and player balances will be returned via check,” the announcement also stated.
Customers can contact customer support at [email protected] to void wagers and to request player withdrawals.
Minaj was bullish on the sportsbook as recently as June.
“Merging business savvy power moves with my natural, creative, sexy, fun, and fashion-forward expression is just so spot on as it relates to this partnership,” Minaj said in a statement. “I’m ready to fully step into my potential as a young, influential Queen and owner and open doors for others to dream big. Get ready for the sexy parties and remember: scared money don’t make NO MONEY!!!! HA!!! Place your bets!!!! Let’s GO!!!”
ZK International Group Co. (ZKIN) announced that Minaj would be “bringing her artistry and influence to the world of sports betting” through a multi-year, global partnership with MaximBet, a ZKIN portfolio company.
ZKIN invested $25 million into the sportsbook and owns 16% of the business, according to a press release. Minaj was called a “significant shareholder” in MaximBet.
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