Carousel Group

About Carousel Group

Carousel Group was a privately-held sports betting and casino operator founded in 2017 with a focus on the online gaming industry. The company was led by CEO Daniel Graetzer, who previously held roles at Mediatech Solutions and MCM Entertainment Group. Carousel Group aimed to create a personalized betting experience by utilizing its proprietary technology, which included in-house trading and risk management teams.

A significant milestone for the company occurred in April 2021 when it announced a global strategic partnership with the media brand Maxim to launch MaximBet. This new venture was created to be a comprehensive sports betting and casino website, complemented by native iOS and Android applications for users in the United States and internationally. The strategy was to leverage Maxim's extensive network across print, digital, and social platforms to attract a shared customer demographic interested in lifestyle and entertainment. To finance this expansion, Carousel Group secured $50 million in a Series A funding round led by xSigma Entertainment Limited, a subsidiary of the publicly traded ZK International Group. These funds were earmarked for market growth in additional U.S. states and for marketing initiatives.

The primary offering, MaximBet, was positioned as a lifestyle-oriented sports betting and iGaming brand. It launched in Colorado in September 2021 and later expanded to Indiana. The platform provided online sports betting and casino games, aiming to deliver a unique user experience. To increase its brand visibility, MaximBet signed notable brand ambassadors, including MLB player Charlie Blackmon and musician Nicki Minaj, who also became an investor in the brand. Despite these efforts and securing market access in several states, MaximBet faced significant challenges. In November 2022, just over a year after its U.S. debut, Carousel Group announced that MaximBet would cease all operations. The shutdown was attributed to challenging macroeconomic conditions and an increasingly costly and competitive marketplace, where operating expenses significantly surpassed revenues. The company stated that competing as an early-stage company in such a market was not sustainable. Following the announcement, the company focused on winding down operations and facilitating the withdrawal of funds for its customers.