Jay-Z On Board Of Sportsbook Applying For NY Betting License
Hip hop star and mogul Jay-Z has a new sportsbook state of mind.
According to redacted bidding applications for mobile sports betting licenses posted by the New York State Gaming Commission last Friday, Jay-Z will serve on the Board of Directors of the newly formed Fanatics Betting & Gaming and become vice chairman.
Jay-Z’s Role in New York
In the bid with software provider Kambi, it stated that Jay-Z would “provide strategic and creative directions on the expansion and growth of the Fanatics Sportsbook in New York and across the country.”
Fanatics, a highly successful sports apparel business based out of Jacksonville, Florida, is looking to expand its offerings with its CEO Michael Rubin, who is also co-owner of the NBA’s Philadelphia 76ers and Matt King, the former CEO of FanDuel, who will head up Fanatics’ sports betting unit.
There will be a one-time fee of $25 million charged to mobile sports betting platform providers if selected.
Prior Fanatics Relationship
Fanatics has already established a relationship with Jay-Z’s sports agency Roc Nation and BSE Global, which also owns the NBA’s Brooklyn Nets.
The Nets, along with Penn National Gaming, are help supporting the Fanatics bid for a wagering license.
In 2013, Jay-Z, who held 1/15th of just 1% stake as a minority owner in the Nets, sold his stake to then-head coach Jason Kidd when he launched RocNation.
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