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Americans bet $24 billion with legal sportsbooks in the first half of 2021, according to data from the American Gaming Association.
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The sports betting industry is on fire, and there’s lots of money to be made. In August, the Wall Street Journal reported that ESPN, which is owned by Disney, is in discussions to explore a potential brand-licensing deal with Caesars Entertainment or DraftKings that could be worth $3 billion. In May, the Associated Press cut a deal with FanDuel to make the sports betting company its exclusive provider of sports odds across AP’s global sports reports. (SI Sportsbook also launched in Colorado earlier this month and will expand to Indiana, Iowa and New Jersey within the next several months.)
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Sports Illustrated, the 67-year-old media company owned by Authentic Brands Group, cut a deal in June with an online gambling company to launch its mobile sports betting app. Maxim is following other media brands into the world of vices as a way to diversify revenue. In the early 2000s, long before Biglari owned the company, Maxim and a southern California developer announced plans to open a casino-hotel in Las Vegas. This would not be the first time Maxim has been tempted to get into the gambling business. “We hope and anticipate that sports betting is a significant part of our future.” “Sports betting is a big business,” says Olderog. Kai Olderog, the senior vice president of operations at Maxim, says the company expects gambling to be a bigger part of the company’s future. That unique space, Graetzer says, is the “ Maxim lifestyle,” which he describes as aspirational and characterized by celebrities, VIPs, influencers and “amazing parties.” MaximBet’s first party will be held in Denver on Halloween, and Maxim will hold its annual Super Bowl party in Los Angeles in February.