The Maxim Hot 100 might be featuring some streaky gamblers alongside their list of beautiful women over the next few years as the brand launches a sportsbook. The platform launched in Colorado earlier this month and is making its way to Ohio soon.
According to Forbes, the media company is joining the likes of Sports Illustrated with the MaximBet platform. The gambling site is majority-owned by online gambling company Carousel Group. Biglari Holdings, which owns Maxim, licensed the brand to the Carousel Group earlier this year.
The Carousel Group targeted Maxim as a strong licensing brand that can help them grab a foothold in an already crowded space. MaximBet is trying to compete with names like DraftKings, FanDuel, MGM, Wynn Resorts, and Caesar’s Entertainment.
“We spent a fair amount of time looking for partnerships that will give us brand recognition in the market,” Graetzer said in an interview with Forbes. “It is an absolute game-changer for us to be able to carve out what we believe to be a unique space in the market.”
They are hoping to distinguish themselves through a lavish lifestyle projection. Maxim hosts annual Super Bowl parties and is hosting their first MaximBet party in Denver, CO, on Halloween.
“Sports betting is a big business,” Maxim senior vice president of operations Kai Olderog said. “We hope and anticipate that sports betting is a significant part of our future.”
Biglari Holdings gave insight into the deal in their latest earnings report. The publicly-traded company bought Maxim under “The idea of transforming its business model” through “nonmagazine” revenue, by “licensing, a cash-generating business related to consumer products, services, and events.”
As magazines continue to drop in popularity established media brands are having to pivot towards where their audience is going, not try to reel them back in. Respected voices like the Associated Press and ESPN have all engaged with sports betting companies as the vice comes out of the shadows.