Jay-Z joins Fanatics’ New York sports betting bid

Jay-Z lends his star power to Fanatics as it looks to obtain a mobile sports betting license in New York.

The rap icon and Roc Nation founder was recently announced as the group’s vice-chairman, following a $325 million investment, valuing the merchandising company at $18 billion. In his new role, Jay-Z will advise on the strategic and creative direction of the sports merchandising giant, helping to expand the overall reach of the Fanatics sportsbook.?

Last week, the company’s founder Michael Rubin outlined plans to expand into businesses far beyond sports merchandise using the recently acquired funds to tap into betting, media and ticketing. Former FanDuel CEO Matt King will run the Fanatics Sportsbook.

Speaking about the company’s recent shift Rubin commented:

“We’ve realized we have this incredible opportunity…to really transition [from] a leading e-commerce company to building the leading digital sports platform. That means, as a sports fan, you go to Fanatics and get any sports product that’s important to you.”

New York’s mobile sports betting market is set to open at the start of next year and is anticipated to be incredibly lucrative. Currently, the city only allows sports betting at four non-tribal casinos. Fanatics will face stiff competition as it joins a handful of companies who filed bids this month to operate mobile sportsbooks, including FanDuel, DraftKings, Bally’s, BetMGM, and Caesars Sportsbook.