Jay Z joins Fanatics in New York Sports Betting bid
Rap icon Jay Z has joined the board of Fanatics Betting & Gaming
Hip hop legend and global superstar Jay-Z has entered a new industry, as he looks to use his brand to promote sports betting in New York. Last week, the New York State Gaming Commission posted a series of redacted bidding applications for mobile sports wagering licenses. These applications revealed that Jay-Z would serve on the Board of Directors of the recently created Fanatics Betting & Gaming and become vice-chairman.
last week, Jay-Z and his Roc Nation company invested money in Fanatics, which secured $325 million in order to expand and is now valued at $18 billion. Jay Z is very well known in the US business world and is involved in several companies offering diverse products and services across the globe. He is also a very big sports fan and will no doubt want a big involvement in the huge legal sports betting industry sweeping the US.
Jay-Z Aiming to Increase Brand Awareness in New York
Alongside software provider Kambi, the bid stated that Jay-Z would help in providing “strategic and creative directions” with the aim of growing and expanding the Fanatics Sportsbook in the Empire State and throughout the country. Mobile sports betting in New York is gathering pace and its exciting times ahead for the state as they look to launch online betting in 2022.
Fanatics is a hugely successful sports apparel business based in Jacksonville, Florida, and is aiming to expand its offerings with its CEO Michael Rubin. Rubin is also the co-owner of the NBA’s Philadelphia 76ers. Additionally, Matt King, who was formerly the CEO of FanDuel, will lead the Fanatics’ sports betting unit. Jay Z is a native New Yorker and the Grammy-winning rapper has a lot of influence not just in NY, but across the whole of the US.
There will be a one-off fee of $25 million charged to mobile sports betting website providers if they are chosen.
Building on Existing Relationship
Fanatics has already built up a solid relationship with Jay-Z’s sports agency Roc Nation and BSE Global. Roc Nation has experience in the sporting world, as the company owns the NBA’s Brooklyn Nets.
The Nets, in conjunction with Penn National Gaming, have thrown their weight behind the Fanatics bid for a wagering license.
In 2013 Jay-Z held 1/15th of just 1% stake as a minority owner in the Nets. The hip hop artist sold his stake to then-head coach Jason Kidd when he switched his attentions to launching Roc Nation.
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