Jay-Z continues to diversify his business portfolio. It has been revealed that he and Fanatics have their sights on the sports gambling category.
As spotted on Forbes Magazine some of the reasoning why the Rap legend had recently invested into the sports memorabilia brand is starting to unfold. Apparently Fanatics intends the expand their services and will hope to offer betting in the near future. According to paperwork filed with the New York State Gaming Commission, Hov has submitted documentation applying for his license. The application lists him as Vice President of Fanatics Betting & Gaming with his long time friend and partner Michael Rubin as Chief Executive.
“We’ve realized we have this incredible opportunity…to really transition (from) a leading e-commerce company to building the leading digital sports platform,” Rubin said of their recent moves. “That means, as a sports fan, you go to Fanatics and get any sports product that’s important to you.”
Carter is the only African American partner listed on the state license applications. While the move seems to be a lucrative risk this is not the first time the “Moment Of Clarity” rapper has ventured into the bookmaking arena. Jay-Z apparently held gaming licenses in Nevada and New Jersey when he operated his 40/40 Clubs in both states several years ago. He has since closed both locations.
Last week The Wall Street Journal reported that Fanatics was evaluated at roughly $18 billion dollars after the recent funding. You can watch Michael Rubin discuss the expanded vision for Fanatics in an interview with CNBC below.