JAY-Z is reportedly looking to enter the lucrative sports betting business in the Empire State. According to TMZ, Hov has submitted an application to the New York State Gaming Commission requesting approval for an online sports betting license.
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The Marcy Projects mogul is partnering up with Philadelphia 76ers owner Michael Rubin to form Fanatics Sportsbook, a sports gambling arm of Rubin’s Fanatics company.
“Jay-Z and 76ers’ owner Michael Rubin are applying for a gaming license to form Fanatics Sportsbook, in what would be the newest and latest sportsbook in New York, per source,” ESPN writer Adam Schefter text on Monday (August 16). “The process is expected to take a few months, but a big business could be growing.”
Hov recently invested in Fanatics as part of a $325 million round of funding, pushing the company’s valuation to a whopping $18 billion. The powerhouse pair also launched the criminal justice reform organization, REFORM Alliance, alongside Meek Mill in 2019.
JAY-Z and Michael Rubin face stiff competition for a sports betting license, though, with companies such as FanDuel, DraftKings, BetMGM, Caesars Sportsbook and WynnBET having also thrown their hat in the ring. The NYS Gaming Commission will reportedly approve at least two of the six applications.
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As the most prominent public figure applying for a license, JAY-Z’s fame and connections may very well help Fanatics Sportsbook edge out the competition. The Gaming Commission has until December 2021 to make a decision.
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If Fanatics Sportsbooks are successful, Hov would be entering a fruitful industry that could see his $1.8 billion net worth swell even more. According to Statista, sports betting pulled in approximately $1.55 billion in the U.S. in 2020.
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JAY-Z is no stranger to the world of sports betting, having previously held gaming licenses in the states of Nevada and New Jersey thanks to his 40/40 Clubs in Las Vegas and Atlantic City, respectively. Those clubs have since closed.
