Jay-Z‘s got 99 problems. He’s hopeful that the Fanatics‘ bid for NY online sports betting ain’t one.
Jay-Z will serve as the vice chairman and sit on the board of directors of Fanatics Betting & Gaming. The hip-hop mogul’s new title was listed in the redacted bidding applications as posted by the New York State Gaming Commission Friday.
In that capacity, “he will provide strategic and creative directions on the expansion and growth of the Fanatics Sportsbook in New York and across the country,” the bid reads.
More on Fanatics and gambling
After having massive success in the sports apparel business, Fanatics is looking to expand its reach by creating a sportsbook. Fanatics’ CEO is Michael Rubin, also co-owner of the Philadelphia 76ers.
Fanatics has a partnership with both RocNation (Jay-Z’s sports agency) and BSE Global (which owns the Brooklyn Nets). The Nets are supporting the bid by Fanatics and Penn National Gaming (Barstool Sportsbook).
Nets’ co-owner Clara Wu Tsai is close to Rubin through the Reform Alliance.
Jay-Z was formerly a minority owner of the Nets, holding a 1/15th of one percent stake in the team. Jay-Z sold his stake to then-coach Jason Kidd in 2013 when he launched RocNation.
Last week, Fanatics was valued at $18 billion.
Fanatics’ plans in sports betting?
The plan for Fanatics clearly revolves around more than just the possibility of operating in the New York market, which is not a guarantee right now.
The gambling division will clearly try to move into other states that currently have online sports betting and casino, possibly including:
- New Jersey
Other states, like Arizona, Louisiana and Maryland, are likely to have competitive sports betting industries up and running this week or next.