Jay-Z has joined a venture with Fanatics Sportsbook and has placed a bid to gain one of New York’s coveted online sports betting licenses.
Jay-Z In Bid To Secure New York’s Online Sports Betting License
Shawn Corey Carter, better known as Jay-Z, is famous for many things, including being a successful businessman, a social justice pioneer, and most notably one of the world’s most famous rappers and musicians. This week Jay-Z got involved in a new venture in the sports betting industry. After it was revealed, his name appeared on one of the mobile sports betting license applications in New York.
This venture saw him partner with fellow billionaire Michael Rubin, joining sports-merchandise giants Fanatics Inc. in creating Fanatics Sportsbook. This week they joined other sportsbooks in placing a bid for one of New York’s coveted online sports betting licenses.
Rubin, founder and executive chairman of Fanatics, now taking over as chief executive, stated sports betting is a high priority for Fanatics. He is looking to expand beyond the main business of selling sports apparel and collectibles, looking at entries into new industries such as gambling, ticketing, and media.
New York Sports Betting License
Fanatics Sportsbook will compete with some of the country’s top sportsbooks for the license. It is set to be introduced before the Super Bowl next February, with the introduction of mobile sports wagering still in the process of being regulated in New York.
Alongside Fanatics Sportsbook’s bid, the New York Gaming Commission (NYGC) has received bids from betting giants: FanDuel, DraftKings, BetMGM, Bally Bet, Caesars Sportsbook, Resorts World, PointsBet, BetRivers, WynnBet, Bet365, theScore, and FOX Bet and Penn National.
These bids have seen some rival sportsbooks making conjoined bids, looking to favor America’s more established companies. The most notable ones being FanDuel, DraftKings, and BetMGM, national market leaders joining forces, making them look clear favorites for the license from the outside.
Brooklyn-born Jay-Z is gaining a lot of support from his hometown, with the Brooklyn Nets reportedly backing Fanatics as well as Penn National. However, they will have to wait until December this year to find out the votes and who will win the license.
Jay-Z’s New Venture
Jay-Z is one of the world’s best-selling music artists, with over 50 million albums and 75 million singles sold worldwide. Alongside 23 Grammy awards and an endless list of other awards he has won, recently, Jay-Z has been known for entering into many different business ventures. They are varying from investments into cannabis, uber, and alcohol businesses.
One of Jay-Z’s most notable projects is Roc Nation, an entertainment firm that helps with business development, scouting, and advisory roles to startups and grows other businesses.
Fanatics Sportsbook will be run by formel FanDuel CEO Matt King, who plans to use Jay-Z and Roc Nation to help attract new customers, engage existing sports bettors and expand the overall footprint of Fanatics Sportsbook.
This month, Jay-Z was part of a $325 million funding for Fanatics and investments coming from SoftBank Group Group Corporation’s Vision Fund and Major League Baseball, taking the value of Fanatics to $18 billion.
Like Jay-Z, Rubin is also a huge sports fan, with him being co-owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils. This is also not the first time the pair have worked together, with them having a long history together. They, alongside a few other high-profile individuals, were behind Reform Alliance – an organization that lobbies for criminal justice reform advocates.
Fanatics Sportsbook is unlikely to be favorites, behind big-dogs FanDuel, DraftKings, and Bet MGM in the sportsbook market. However, they have many high-profile names on board with the venture and have a great understanding of the state. We will have to wait until December to see if Fanatics and Jay-Z get their application approved to be New York’s first online sports betting organization.