The rapped Jay-Z has also shown interest in New York State’s largely discussed mobile sports betting initiative. The world-renowned artist who is also the founder of Roc Nation LLC wants to join the gaming expansion and take on the competitive market in a coalition with the sports merchandise company Fanatics Inc.
Among other reasons, the New York gambling expansion has been sought as a way of providing additional revenue to the state’s budget, as it was heavily struck by the unprecedented situation. Mobile sports betting was officially included in the state’s budget plan in April, and now the state’s gaming commission has the task of selecting two platform providers with at least four gaming operators.
Expanding to New Markets
Roc Nation LLC and Fanatics Inc. have applied for a spot in the state’s gaming expansion. Additionally, according to some sources, the rapper will also join Fanatics Betting & Gaming’s new board of directors, as he will serve as vice-chairman. However, spokespersons for both of the companies refused to comment on the matter.
Sports betting has always been high on the agenda for Fanatics Inc. as the company currently undergoes a reorganization under Michael Rubin, who is the founder and CEO. Mr. Rubin is now looking into expanding beyond the company’s business of selling sports clothing and collectibles and has brought in some officials who are experienced in the gambling, ticketing, and media industries.
The sports merchandising company’s sportsbook will be headed by Matt King, who is the former CEO of FanDuel and was hired earlier this year. According to a filing to the New York Gaming Commission, the plan is to use Jay-Z and Roc Nation to attract new customers, and engage sports gamblers. This way the firm will be able to expand its sportsbook brand.
This is not the first time that the Brooklyn-born rapper has been involved in New York-related initiatives. His company Ron Nation is headquartered in Manhattan, and previously he has taken part in a US$325 million funding for Fanatics, with investors from including SoftBank Group Corp.’s Vision Fund and Major League Baseball.
Application Process
The New York Gaming Commission started its Request for Applicants procedure on July 9, 2021, and companies had a full month to submit their bid packages about participating in mobile sports betting. The commission will now assess applicants on several factors granting them points up to a total of 75. The final decision on the two providers and four operators should be made later this year.
List of Applicants
Recently, the gaming commission also released a list of potential candidates for two platform providers and four operators’ slots. The list saw the NY-based Hillside in cooperation with bet365, and theScore apply for the providers, however, the two proposals did not provide partners. Sports Information Services Ltd. has submitted two proposals, each with different partners.
Source: Bhasin, Kim “Jay-Z Joins New York Sports Gambling Bid Alongside Fanatics”, Bloomberg, August 16, 2021
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