As it was announced a few weeks ago, the US-American Rapper Jay-Z plans to enter the lucrative sports betting business. The musician who is actually called Shawn Corey Carter has applied for the relevant sports betting licence with the New York Gambling Supervisory Authority (NYS Gaming Comission). But why does the successful musician want to enter the betting industry?

A few weeks ago, the news magazine TMZ reported that Jay-Z had applied for a sports betting licence in the USA. Therefore the musician who was born in 1969 in Brooklyn will be entering the sports company Fanatics, which was founded by Michael Rubin. According to recent information, Jay-Z will be taking the position of deputy chairperson of the subsidiary company Fanatics Betting & Gaming.

Is Jay-Z investing several hundred million USD?

As it was announced some time ago, Jay-Z together with other investors shall be investing around 325 million USD in Fanatics. His business partner Michael Rubin gave a public statement about this as follows:

“We discovered this unbelievable opportunity to develop the company from a leading online trading firm to a leading digital sports platform. (…)“

As it was published in the renowned Business-Magazine Bloomberg, Jay-Z shall play a significant role in the reorientation. The world renowned US-Rapper shall help “to attract new customers, to come into contact with existing customers and enlarge the general footprint of Fanatics Sportsbook”.

Jay-Z, who is actually called Shawn Corey Carter, was born on the 4th. December 1969 in New York City. He is a famous US-American Rapper and music producer. He is one of the most influential and successful hip hop musicians. Jay-Z has been married to the singer Beyoncé since 2008.

Sports betting has only been legalised in the US Federal State New York since 2019. Only a permission for land based betting places was issued at first. As it was announced this year, online betting providers will in the future be legalised in New York. However, according to recent information, the plan is that only two such licences will be issued in the beginning.

In the past we had reported about a prominent face, who had also invested in a betting provider. We are here referring to the Swedish football talent Zlatan Ibrahimovic, who was an investor in Bookie Bethard.

Conclusion

It has still not been confirmed if and when Jay-Z will receive the sports betting licence which he applied for. The responsible regulating authority NYGC is still processing the licencing applications which were received. However Jay-Z is already being seen as “the secret weapon“ of Fanatics. We are excited to see whether the Bookie of Jay-Z will win against the competitors and thus in the long run becoming successful.

Image Source: https://media0.faz.net/ppmedia/aktuell/feuilleton/4218681885/1.1781556/default-retina/jay-z-hat-alles-richtig.jpg

 

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