ZK International still has the option to hold even a larger equity position in the company, reaching a 25%. The company extended its option until January 1, 2022.
According to a statement released by the brand, ZK “believes Maximbet has the management team, the technology, the operating expertise and the brand marketing power to rival the largest multi-billion dollar players in the space”.
Maximbet is a privately-held multi-state and globally licensed sports betting and casino operator, focused on capitalizing on the expansion of the recently legalized sports betting market in the United States, which has seen rapid growth with the year over year transactions increasing by 126%.
Maximbet launched its international site in August and went live in Colorado on September 2. It will continue to expand into Indiana, Iowa and New Jersey throughout the second quarter of 2021, as part of its 10-year multi-state market-access partnership with Caesars Entertainment. In 2022, it will continue its expansion to additional states, and expects to be live in at least 50% of the legalized US markets by the end of the year.
In an official press release, ZKIN Chairman Jiancong Huang said: "The team at ZKIN continues to execute upon the Company's strategy of sourcing, negotiating and investing in favorable positions in high-growth sectors that we believe will provide short to medium-term liquidity to ZKIN shareholders. ZKIN will continue to support its investee companies as they explore various exit strategies in the near future."