As we all know, Jay-Z has been known for his daring decisions in the rap industry over the last few years, but now he is attempting to enter the gambling sector by collaborating with Fanatics in New York Sports-betting bid.
Jay-Z Carter and Michael Rubin, according to insiders, applied for online sports betting license in New York. A sports betting license in New York costs $25 million, and the state will tax sports betting proceeds at a 50% rate.
From next year, this collaboration plans to offer mobile sports betting in the state of New York. Fanatics Inc. will submit a proposal to the New York State Gaming Commission as it aims to launch mobile sports wagering in 2022.
Jay-Z has been appointed vice-chairman of Fanatics Gambling & Gaming. In addition, he will be a member of the board of directors. From the past few years, the Roc Nation founder and the Fanatics group have been dealing with the gambling sector, and they have gained a prominent position among the audience. But whatever firm, especially a gaming industry, is immune to the competition? They have been up against companies like DraftKings and BetMGM.
For a long time, it has been speculated that Jay-z has been in talks with gambling experts about entering the sports betting sector, but now the moment has arrived. We’ve also seen in recent years that many celebrities desire to be associated with gambling simply to make money quickly and easily. For some, this comes easily, while others’ luck runs out in this situation. New York’s licenses to provide online gambling are drawing big stars and forming relationships with the country’s biggest bookies.
It is evident that Jay-Z and Roc Nation will assist Fanatics’ gaming sector in attracting new customers, engaging sports bettors, and expanding the sportsbook’s overall reach.
According to reports, the new Fanatics partnership with the Grammy winner will be located in New York City, with betting operations expanding to other places.
Overall, we can say that Fanatics’ relationship with the Rap lord has dipped their hands in honey, as they will increase their profit margins through the end of the year, and this move will have a huge impact on the gaming business.
However, it will be interesting to see how this plays out in the future, and whether or if Jay-z contributes more to the gambling sector.