Following news of Jay-Z and Roc Nation’s involvement in a $325 million investment in Fanatics, the popular sports e-commerce platform, Hov, along with Fanatics owner and Philadelphia 76ers co-owner Michael Rubin, has reportedly applied for a New York gaming license to form Fanatics Sportsbook.
According to TMZ, the 51-year-old rapper and Rubin have partnered with Kambi, which will assist Fanatics Sportsbook in creating software for their sports gaming operations. The New York Gaming Commission is set to approve at least two of the six investment groups that have applied for a license, with Jay being the only African-American and New York native out of the applicants.
The “Can’t Knock The Hustle” artist’s alliance with Rubin in Fanatics Sportsbook comes after Fanatics’ recent $18 billion valuation, which is in large part based on the company’s move into sports gaming. Hov, who previously held gaming licenses in Nevada and New Jersey as the owner of 40/40 Clubs in both states, and Rubin are expected to receive a decision from The New York Gaming Commission by December.
Fanatics Sportsbook, which will operate out of New York City and place an emphasis on building a diverse staff of employees, adds to the mogul’s bevy of holdings in the business sector and marks his latest foray into the world of sports.