Jay-Z joins Fanatics Inc for New York sports betting bid

The rapper has applied for online betting licences for Fanatics Inc.

US.- The rapper Jay-Z has joined Fanatics Inc. as vice chairman as the company bids to enter the online sports betting business in New York.

The musician is partnering up with Philadelphia 76ers owner Michael Rubin for the Fanatics Sportsbook, a sports gambling arm of Rubin’s Fanatics company. Jay-Z will be vice chairman and will sit on the board of directors.

Last week, the New York Gaming Commission (NYGC) revealed the applicants for its mobile sports betting licences following approval of online betting in New York earlier this year.

Jay-Z and the Fanatics group are bidding against competition including a consortium of FanDuel, DraftKings, Bally’s and BetMGM. Other groups include Caesars Sportsbook. The NYGC will allow two operators to debut online. It’s expected to choose its final candidates by the end of the year.

The chosen providers will have to pay an initial fee of $25m and $5m annually to a casino partner, which will need to host the sports betting operators’ servers.

See also: Online sports betting in New York officially approved