Jay-Z has made another boss move by partnering with sports merchandise company, Fanatics Inc., to submit a proposal to the New York State Gaming Commission as it prepares to launch mobile sports betting in 2022.
This move places Jay-Z in the position of vice-chairman of the new Fanatics Betting & Gaming entity. He will also sit on the board of directors and is the only African-American investor on the state gaming license.
According to documents released by the New York State Gaming Commission, the Roc Nation founder and the Fanatics group are bidding against competitors, including DraftKings, Bally’s, and BetMGM. Matt King, the former CEO of competitor FanDuel, will serve as CEO of the new initiative alongside Hov.
Sources close to the move revealed that the New York online sportsbooks would launch early next year, with the bids being chosen by December. The gaming commission must decide on at least two of the groups.
Jay-Z nor Roc Nation have commented publicly on his latest business venture.
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