Business
ZK International Invests an Additional $10 Million in Maximbet
WENZHOU, China, Sept. 15, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), is pleased to
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"WENZHOU, China, Sept. 15, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) (\"ZKIN\", \"ZK International\" or the \"Company\"), is pleased to announce that it has made an additional investment of $10M in Maximbet.com (\"Maximbet\"), increasing its ownership stake in the rapidly-growing sports betting and casino operator to 15.73%. \n\n \n \n \n \n \n \n\n \nMaximbet is a privately-held multi-state and globally licensed sports betting and casino operator hyper-focused on capitalizing on the expansion of the recently legalized sports betting market in the United States. The US market is seeing rapid growth with year over year transactions increasing by 126%. Cathie Wood's ARK Investment Management LLC believes that total wagers placed in the US could increase 9x to $180 Billion by 2025.\nhttps://www.bloomberg.com/news/articles/2021-09-13/tech-verifications-show-big-jump-in-bets-as-football-begins\nhttps://www.bnnbloomberg.ca/football-s-gambling-boom-has-investors-betting-on-the-house-1.1651135\nZKIN is thrilled to hold a significant equity position in Maximbet with an option to increase its position to 25%. The Company successfully extended its option until January 1, 2022. ZKIN 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. \nMaximbet.com launched its international site in August and went live in Colorado on September 2nd. It will continue to expand into Indiana, Iowa and New Jersey throughout Q4'21 as part of its 10-year multi-state market-access partnership with Caesers Entertainment. In 2022 Maximbet will continue its expansion to additional States with the Company expecting to be live in at least 50% of the legalized US market by the end of the year. \n\"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,\" says Jiancong Huang, Chairman of the Company. \"ZKIN will continue to support its investee companies as they explore various exit strategies in the near future.\" \nTo learn more about MaximBet, and enter for a chance to win an epic trip to the Big Game, visit http://www.MaximBet.com. MaximBet's ac...