When it comes to his latest investment, Jay-Z is betting it all and getting in on the sports gambling action.
Page six reports that the billionaire business mogul is making a move to open a New York sportsbook in partnership with sports e-retailer Fanatics and has already made a bid with the New York State Gaming Commission. Documents show that both Jay-Z and the Fanatics group are bidding against some stiff competition that includes companies like FanDuel, DraftKings, Bally’s, BetMGM and Caesars Sportsbook.
Additionally, the outlet reports that the new move will also reportedly have Jay-Z serve as vice chairman of Fanatics as well as on the board of directors of a new Fanatics Betting & Gaming entity. In association with the current bids, the rapper’s role as an executive was revealed in redacted documents released by the New York State Gaming Commission last week, but his name as a potential license holder was reportedly blocked out.
Those same documents are also said to have stated that Jay-Z’s investment into the sports e-commerce giant would “help [Fanatics’ gaming division] attract new customers, engage existing sports bettors and expand the overall footprint of the Fanatics sportsbook.” Their newfound partnership is said to be headquartered in New York City and will further allow Fanatics to expand its betting business into other markets.
Jay-Z’s influence on this bid is powerful considering he’s reportedly the only Black investor whose name appears on the gaming licenses submitted to New York and one of the main individuals who has close ties to the state. Outside of those qualifications, he and his entertainment company are already seen as pioneers in the business world so it’s only fitting that he be the man to help bring a new sportsbook to his home state.
“He’s a native New Yorker, and Roc Nation is a diverse company,” a source tells Page Six. “Jay-Z is New York.”
Reports state that the New York online sportsbooks are aiming for an early 2022 launch and final bids will be chosen by December of this year. The gaming commission must choose at least two of the groups looking to snag licenses and at least four of the bidders for the sportsbooks.
This news comes shortly after Jay-Z and Roc Nation were announced as some of the newest investors in Fanatics’ $18 billion mission to expand and transform itself into a digital platform. The new business move will continue bolstering Jay-Z’s investment portfolio and billionaire status as he finds new ways to grow his professional impact.
