MaximBet will offer NIL contracts to every female student-athlete in Colorado over the age of 21, regardless of whether they play Division I, II, or III, as the online betting operator looks to build brand awareness in the state. It is the first brand solely focused on sports betting to make a NIL offer to student-athletes.
Doug Terfehr, vice president of brand and communications at MaximBet, said that as his brand looked at how to launch in Colorado, they realized neither the state law nor institutional policies prohibited them from taking advantage of the new NIL landscape by working with student-athletes in the state.
“We were exploring opportunities as a way to launch our brand. We wanted to start building awareness and connecting with the local Colorado community. We saw that student-athletes were not excluded from the right to partner with sports betting brands, so we thought it was a great opportunity to give back to the student-athletes,” Terfehr commented, as reported by Forbes.
Female student-athletes who choose to accept the open offer will commit to a four-month engagement and each will receive a cash payment of $500, invitations to parties, merchandise, and more. In order to become part of the MaximBet NIL team, eligible athletes must follow the brand on Facebook, Instagram, TikTok, and Twitter, and send a DM to the brand on any of those platforms indicating their interest. In return for the cash payment and other considerations, the student-athletes must spotlight the brand on social media. However, they do not need to encourage signing up for a MaximBet account or placing bets.
ICYMI⬇️ https://t.co/X0G48OrG6w— MaximBet (@MaximBetUSA) September 29, 2021
Terfehr pointed out that universities have started entering partnerships themselves with sports betting companies. The University of Colorado announced a partnership with PointsBet last year.
The University of Colorado’s compliance office says they are waiting on the university’s counsel to advise them as to whether MaximBet’s offer would be considered a conflict for their student-athletes under section 3(a) of the state law due to the University’s deal with PointsBet.
The National Collegiate Athletic Association (NCAA) did not prohibit any specific categories when it passed its interim policy in late June. Although the state law does place some parameters around monetization of name, image, and likeness, it does not prohibit gambling or any other specific category of business from working with student-athletes.
MaximBet is already live in Colorado and is set to go live in Indiana, Iowa, New Jersey, Ohio, and Pennsylvania. The sports betting lifestyle brand is operated by Carousel Group and in partnership with premier men’s brand, Maxim. Earlier this year, Carousel Group entered into a multi-state, 10-year partnership with Caesars Entertainment that enables the MaximBet brand to rapidly secure market access to states across the country.