JAY-Z Applies for New York Sports Betting License
JAY-Z is betting big in the world of sports gambling.
The hip-hop mogul has filed to open a sportsbook in New York. According to TMZ, Shawn Carter’s name is on one of the applications submitted to the New York Gaming Commission requesting approval for a mobile sports betting license.
JAY-Z, who owns Roc Nation Sports, is partnering with Sixers co-owner Michael Rubin to form Fanatics Sportsbook. They’ve also teamed up with Kambi, a company that makes software used for online sports gambling.
The New York Gaming Commission will approve at least two of the six groups, and JAY-Z’s involvement could help with approvals. He is the most prominent public figure applying for a license and the only Black licensee applicant. The Gaming Commission is expected to make its selections by the end of the year.
Sports betting is a booming business, with $1.55 billion nationally last year. Fanatics Sportsbook will be based in NYC, and JAY plans to hire a diverse staff.
JAY-Z previously held gaming licenses in Nevada and New Jersey with his 40/40 Clubs in Las Vegas and Atlantic City, which have since been shuttered.
This is the latest business venture for the 51-year-old billionaire, who sold TIDAL to Square Inc. in April. Earlier this year, LVMH acquired a 50 percent stake in his luxury champagne brand Armand de Brignac.