American rapper Jay-Z wants to launch a New Online Sportsbook in New York.
Jay-Z has applied for an online sports betting license from the New York Gaming Commission. He has partnered with Philadelphia 76ers’ co-owner Michael Rubin and Kambi to compete for a mobile sports betting license. A sports betting license in New York costs $25 million, and the state will tax sports betting proceeds at a 50% rate.
Jay-Z has been appointed vice-chairman of Fanatics Gambling & Gaming. In addition, he will be a member of the board of directors. Born in Brooklyn, New York, in 1969. Jay-Z in recent decades has become a true musical icon. He is also known for the various ventures that turned him into a billionaire. The rapper has officially entered the race to launch a new online sportsbook in New York. TMZ was the first to report that Jay-Z is teaming up with Michael Rubin to launch Fanatics Sportsbook to break into the New York industry.
Several major sports betting operators recently applied for an online sports betting license in New York. Fanatics Sportsbook will compete in the license race with other sports betting brands, including DraftKings, Caesars Sportsbook, FanDuel, WynnBET, and BetMGM.
The Big Pimpin rapper previously has experience in the industry, as he had gaming licenses in Nevada and New Jersey with The 40/40 Clubs. If Fanatics Sportsbook gains the regulator’s approval, the Rapper and his partner will open an Online Sportbook in his native New York city.
The New York Gaming Commission is likely to approve at least two of the six groups interested in obtaining sports betting licenses and is expected to announce the names of the license winners in December this year.
The status of NY online sports betting
New York is seeking mobile sports betting operators. At the moment, the only legal way to place a sports wager in New York is to go to one of the four full-service commercial Upstate casinos, or one operated by an Upstate Indian nation, and place an in-person bet at their sports betting parlors, also known as sportsbooks.
The timeline for reviewing proposals and awarding online licenses is about 150 days, which could put the start of accepting mobile bets into December or January. Bids must be submitted by Aug. 9 and the Gaming Commission will choose finalists no later than Dec. 6.