Jay-Z has accomplished a lot as a rapper, producer, executive, and a businessman. The New York City musician has already locked down strategic partnerships with both Jack Dorsey and Michael Rubin of Fanatics, two very successful entrepreneurs. Furthermore, Jay-Z is looking to expand his reach and generate even more revenue streams via sports gambling.
Jay-Z Looks To Enter New York’s Sports Gambling Market
Recently, it was announced that Jay-Z became an investor in Michael Rubin’s Fanatics company, which is a leading supplier of global sports merchandise. This new partnership is already generating big money moves as well. According to TMZ, the pair of investors are looking to enter the sports-book market. Currently, Jay and Rubin are working to obtain a sports betting license in the state of New York.
While the sports gambling industry is very lucrative, it is difficult to obtain the licenses to legally facilitate transactions. Not only that, but entering this market is a serious challenge in any state. Additionally, New York is only looking to license two sports-books right now. With huge competitors like DraftKings, FanDuel, and Caesars Sportsbook, Jay-Z and Michael Rubin will have to fight hard to grab their piece of the pie.
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However, Jay-Z and Rubin have a very huge advantage in this battle. After all, Jay-Z is a New York City native and has always represented his city heavily. New York would likely be more willing to license Fanatics due to the New York rapper’s involvement.
If Jay-Z and Michael Rubin are successful in obtaining a sports gambling license in New York, the duo will most likely see a large profit. According to Statista, the sports gambling industry netted about 1.55 billion dollars within this past year alone. With new markets emerging everywhere in this industry, this surely won’t be the last time Jay-Z and Michael Rubin look to expand their empire.
This is just another addition to Jay-Z’s impressive portfolio
Since the start of Jay-Z’s career, he has released 14 studio albums as well as five collaborative albums. He has experience in the highest peaks of the music industry as well. He was once the CEO of Def Jam Recordings and has cultivated the talent of huge names such as Kanye West, Rihanna, and J. Cole. However, after decades of incredible success as a musician, Jay-Z has modified his business approach, entering multiple new markets.
