MaximBet sportsbook just announced that it has ceased its sports betting platform in Colorado and Indiana. The news comes as a surprise, as the company had been expanding its market just last September and revealed more plans to expand in more markets.
Maximbet Exits Sports Betting Market
The sports betting market is becoming increasingly crowded, which is bad news for small operators who are struggling to gain relevance. MaximBet is just the latest casualty, as it has ceased operations this year. It joins Churchill Downs and FuboTV as other operators that have met the same fate. The high costs of operating in such a crowded market are simply too much for many small operators to bear.
The bookmaker started operations in Colorado, launched in Indiana last September, and plans to enter Iowa, New Jersey, Pennsylvania, Ontario, and the upcoming Ohio market. However, the company has struggled to compete against larger, established operators like DraftKings, and FanDuel sportsbook.
As per the press release of Maximbet:
“it is with regret that we inform you that, effective immediately, MaximBet will cease operations. Challenging macroeconomic conditions and an increasingly cost-prohibitive marketplace have accelerated this difficult decision.”
“Our priority now, in consultation with state regulators, is to wind down operations and help active customers in Colorado and Indiana withdraw their funds and close their accounts.”’
The bookmaker stops accepting wagers on November 16 but customers may still withdraw their funds online until December 15. After that, the bookmaker will refund the account holders via check.
Other Colorado Sportsbook
The closure of MaximBet in Colorado and Indiana could be a sign that other sportsbooks in these states are also at risk. However, Hoosiers can still choose from these sportsbooks:
It appears that, while MaximBet has exited the sports betting market in Colorado and Indiana, there is still plenty of competition. Betting fans can take comfort in knowing that they have a wide selection of safe and reliable operators to choose from.
As always, bettors should do their due diligence and check the terms and conditions of each sportsbook before placing a wager. This will help ensure that you have a safe and secure betting experience.