Jay-Z is making the move into big-time gambling, potentially making him a pioneer in the billion-dollar industry. In his latest hustle He’s signed on with some heavy-hitters in a bid to open a sportsbook in New York.
TMZ report that Jay is among those named in applications submitted to the NY Gaming Commission to request approval for an online sports betting license. TMZ’s sources tell them he’s teaming up with Sixers buddy Michael Rubin to form Fanatics Sportsbooks. The partnership is said to include Kambi, a company that produces software used for online sports betting.
Jay-Z already has existing deals with Michel Rubin. He partnered with him on their Sixers deal and more recently investing in Rubin’s 18-billion-dollar company, Fanatics.
According to TMZ, New York state will approve at least 2 of the 6 groups. Jay-Z could actually be the secret weapon that gets them through the door. He is the only prominent figure applying for a license and the only Black applicant. The other corporations might have Black employees or execs but Jay-Z would be the only actual licensee.
The sports gambling industry is a prosperous one pulling in roughly $1.55 BILLION nationally last year. Although Jay Z recently made the decision to live permanently in Los Angles, sources say Fanatics Sportsbook will be headquartered in NYC.
Jay-Z isn’t new to the industry, he previously held gaming licenses in Nevada and New Jersey. The Gaming Commission has until December to make its decision.