Business
ZK International Enters iGaming With Series A Investment Up To $50 Million In Carousel Group To Launch MaximBet
WENZHOU, China, April 5, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International") is pleased to announce that it has
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"WENZHOU, China, April 5, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) (\"ZKIN\", \"ZK International\") is pleased to announce that it has led a $50M Series A funding round in CG Malta Holding Limited (\"CGM\"), a rapidly-growing, privately-held multi-state and globally licensed sports betting and casino operator, to launch MaximBet.com. MaximBet is a strategic partnership with Maxim, the renowned media brand and CGM. \n\n \n \n \n \n \n \n\n \nThe Company's investment in CGM will total $50 Million through two closings. The first closing occurred today in which the Company has acquired a 12% interest for the purchase price of $15,000,000. The second closing anticipated to occur within the second quarter, will result in the Company acquiring an additional 13% for the purchase price of $35,000,000. Upon completion of the two closings, the Company will own a total interest of 25% in MaximBet.\nMaximBet will be made up of a market-leading sports betting and casino website at MaximBet.com, and tailor-made native iOS and Android apps that will allow users to bet on sports and casino in the United States and around the world. The new venture will leverage Maxim's integrated network of print, digital, social and experiential platforms to engage the loyal Maxim community and sports bettors alike.\n\"Maxim has successfully established itself as a preeminent lifestyle brand over the last 25 years,\" said Daniel Graetzer, CEO of CGM. The CEO of CGM continues, \"our mutual objective is to provide sophisticated entertainment and VIP experiences to the same customer demographic which makes Maxim the perfect partner for CGM.\"\nAside from its currently live operation in Colorado, Carousel Group has also entered into a multi-state, 10 year partnership with Caesars Entertainment, Inc., (NASDAQ:CZR) that will see its online sportsbook made available to customers in New Jersey, Indiana and Iowa, as well as its online casino in New Jersey, pending obtaining necessary gaming licenses. MaximBet intends to capture a significant share of the U.S. online gambling market, which is projected to be an annual $10 billion industry by 2025.\nLast month, ZKIN announced the formation of its new wholly-owned subsidiary, xSigma Entertainment Limited, with the intent of acquiring online gaming assets to increase shareholder value by targeting...