MaximBet Sportsbook Closes Less Than Two Months After Its Indiana Launch

Effective immediately, MaximBet Sportsbook is ceasing operations across the US.

The company dedicated the majority of this year preparing for its debut in the Indiana sports betting scene, but the endeavor was short-lived. Less than two months after launching in the Hoosier State, the sportsbook was forced to close.

MaximBet Indiana closes down.

With MaximBet shutting down its online platform, the number of online sportsbooks in Indiana has decreased by one. However, gamblers in the state still have a choice of 13 different betting apps.

In a statement distributed to customers, the company cited financial difficulties as the reason for shutting down.

We are sorry to inform you that MaximBet will immediately stop operations due to challenging macroeconomic conditions and an increasingly expensive marketplace, which have hastened this tough decision.

For one complete month in Indiana, MaximBet was operational. However, it wouldn’t be accurate to claim that the company significantly impacted the market during that period.

During October, the sportsbook received approximately $400,000 in bets. This was the second smallest amount taken by any sportsbook in the state, with only SBK having a lower handle.

The company’s gross receipts amounted to just under $44,000 from bets worth $400,000.

The industry of sports betting is competitive.

In the US sports betting industry, it’s challenging to distinguish oneself from the competition. This is particularly evident in a state such as Indiana, where bettors are spoilt for choice on where to place their bets.

Last month in Indiana, over 73% of the state’s handle was accounted for by the top three sportsbooks. This left the remaining 11 online sportsbooks in the state vying for the final portion of the market.

MaximBet is the most recent company to close down in the sports betting industry, and it’s likely not to be the last.

Earlier this year, TwinSpires, the online betting app of Churchill Downs, already stopped its operations. Similarly, Fubo Sportsbook also ceased operations just before its planned launch in Indiana.

The world of gambling is highly competitive, with a limited number of bets available.

If you hold a MaximBet account, be aware that you can withdraw any funds from your online wallet until Dec. 15. After this deadline, the remaining balance will be sent by the company to your registered address in the form of a check.