According to TMZ, JAY-Z has applied for a sports betting license in New York. The 51-year-old Brooklyn native recently submitted an application to the New York State Gaming Commission requesting approval for an online sports betting license.
Fanatics is moving into sports betting… and so is Jay-Z 👀
The music mogul is joining Fanatics' bid for a mobile sports betting license in New York.
Jay-Z will also be part of the company's new Gaming board of directors, serving as vice chairman.
(h/t @business) pic.twitter.com/EMR1ZfgORc
— Front Office Sports (@FOS) August 16, 2021
JAY reportedly teamed up with Michael Rubin for the venture. Mr.Carter and Roc Nation reportedly invested in Rubin’s sports merchandise company Fanatics, which is now being used to form Fanatics Sportsbook. Along with Rubin, Sean Carter also teamed up with Kambi, a company that creates online sports gaming software.
According to TMZ, the New York State Gaming Commission will approve two of the six applicants, which include companies FanDuel, DraftKings, BetMGM, Caesars Sportsbook and WynnBET (Shaq recently became their ambassador).
The Fanatics Sportsbook headquarters will be operated out of New York City and JAY-Z and Rubin have reportedly begun building out the staff. After a $325 million funding round held earlier this month — which included investments from Major League Baseball, SoftBank, Silver Lake, Eldridge, TWG Sports Media & Entertainment and Insight Partners — JAY-Z’s investment in Fanatics helped raise the company’s value to $18 billion. More to come.
Watch this recent interview from Michael Rubin
