Rapper-Moghul Jay-Z Applies With Fanatics To Open Online Sportsbook In NY State

 

Rapper Jay-Z has applied for an online sportsbook license to the New York Gaming Commission according to an exclusive by TMZ. Sources with direct knowledge told TMZ that he along with his friend Michael Rubin, of Fanatics and a partner of Philadelphia 76ers  have formed Fanatics Sportsbook. They have teamed up with software company Kambi which develops online sports gambling software and have submitted their application to the New York Gaming Commission (NYGC).

 

Fanatics Sportsbook will face heavy competition from

 

  • FanDuel
  • Bally’s
  • DraftKings
  • BetMGM
  • Caesars Sportsbook

 

Jay-Z allegedly has an edge over the others not just because of his Empire State of Mind. He is the only  Black applicant as well as being a prominent personality. New York is his home state, and he is well known for hiring diverse groups in both race and gender as he has already done so in Roc Nation. Sources say that NYGC will grant approval to two groups while others say it could be more. The Commission has time till the end of the year to make its decision.

 

According to redacted documents seen by Page Six, the Fanatics Betting & Gaming executive team has hired Matt King, who was former chief executives at FanDuel, as its CEO and Jay-Z would be the vice chairman. His name as potential license holder was blocked out, according to sources who spoke to Page Six.

 

The successful billionaire rapper was one among the new investors last week who invested in Fanatics which is a sports apparel giant. It secured $325 million in funding and has a market value of $18 billion. According to Bloomberg, Rubin has been looking to expand his business interests beyond sports apparel and is looking to venture into diverse fields like gaming and ticketing as well as media.

 

Jay-Z is one of the most successful music rappers who has been diversifying his interests and building a strong financial empire alongside his social activism. He had recently sold his champagne brand to Moet Hennessy. He still has a cognac brand D’Usse. He recently sold his streaming service, Tidal to Square and joined its board. The CEO of Square is his buddy Jack Dorsey.

Image 


Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer


>