MaximBet Sportsbook Closes Less Than Two Months After Its Indiana Launch
MaximBet Sportsbook is shutting down across the US, effective immediately.
The company spent most of this year working towards its Indiana sports betting debut, but things didn’t last for long. The sportsbook’s closing comes less than two months after its launch in the Hoosier State.
MaximBet Indiana shuts its doors
Indiana is down one in the online sportsbook column now that MaximBet is closing its digital doors. Thankfully, gamblers in the state still have 13 different betting apps to pick from.
In a release that went out to customers, the company sighted financial problems as the reason for shutting down.
“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.”
MaximBet was only open for a single full month in Indiana. During that time, you couldn’t exactly say that the company made a big splash in the market.
The sportsbook managed to take in about $400,000 worth of bets during October. That was the second-lowest handle from any sportsbook in the state, ahead of only SBK.
That $400,000 worth of bets translated to a little under $44,000 worth of gross receipts for the company.
Sports betting is a competitive industry
It’s hard to stand out from the crowd in the US sports betting industry. That rings especially true in a state like Indiana, where gamblers have plenty of options when it comes to where to spend their money.
The top three sportsbooks in Indiana accounted for over 73% of the state’s handle last month. That left the state’s other 11 online sportsbooks fighting for the last slice of the pie.
MaximBet is the latest company to shut its doors on the sports betting world, and it probably won’t be the last either.
TwinSpires, Churchill Downs’ online betting app, already ceased operations earlier this year. Fubo Sportsbook recently took a similar path right before it was scheduled to launch in Indiana.
The gambling world is a competitive one, and there are only so many bets to go around.
If you have a MaximBet account, you still have until Dec. 15 to withdrawal any funds in your online wallet. After that deadline passes, the company will send a check with your remaining balance to the address that you have on file.