It looks like Jay-Z has got his eyes set on the next big money making venture. While the Roc Nation co-founding rapper shares a stunning net worth of $1.3 billion with superstar wife Beyonce, he's looking to expand is already stellar wealth by getting back into the gambling business.
Jay-Z recently sent in a request for a gambling license through the NY Gaming Commission that's currently awaiting approval. This follows Roc Nation's recent investment in Michael Rubin's sports merchandise company, Fantastics.
The rapper's no stranger to the gambling industry and this wouldn't be the first license he's obtained. Back when he was operating his 40/40 Clubs, he had licenses in two separate states: New Jersey and Nevada. But seeing as how the gambling biz made upwards of $1.55 last year, it's no wonder why Jay wants to stick his toe back into the waters.
According to TMZ, the billionaire partnered up with friend and executive director of Fanatics Inc., Michael Rubin to create Fanatics Sportsbook. Along with this, he'll also be taking a seat at the Fanatics Betting & Gaming’s board of directors meeting as the new vice chairman. Fanatics Sportsbook is said to feature a collaboration with the Ruben's platform and Kambi, a software company that specializes in online gambling.
So it seems like Jay-Z and his team are cooking up some pretty interesting experiences to bring to New York's gambling circuit. Though, first he has to get his license approved by the NY Gaming Commission.
Getting the license is a gamble in itself, seeing as how the commission is set to approve only two of the six parties looking to get the same approval. These companies include heavy hitters like DraftKings and Caesars Sportsbook. Jay-Z won't know the fate of his request until sometime around December. But, seeing as how he's the most famous name on any of the applications, it's safe to say that he has a pretty fair chance.
Sources from Fanatics told TMZ that one of Jay's biggest priorities with his newfound creation of Fanatics Sportsbook is to hire a more diversified staff to its upcoming NYC headquarters.
All this comes after Jay Z & Roc Nation accompanied a bevy of other companies in a $325 investment round for Fanatics Inc. With the help of such names as TWG Sports Media & Entertainment, Silver Lake, and the MLB, Fanatics' valuation was brought up to $18 billion.