Jay-Z is rolling the dice and making another business venture in sports. This time, the rap mogul is expanding his business portfolio and entering sports betting in New York.
TMZ reports that Jay’s name is on one of the applications that have been submitted to the NY Gaming Commission requesting approval for an online sports betting license.
Sources told the outlet that the rapper is partnering up with his Sixers partner, Michael Rubin from Fanatics Sportsbook, and they’ve teamed with Kambi, a company that makes software used for online sports gambling.
According to TMZ, New York will approve at least two of the six groups that have applied for licensing. Of the applicants, Jay-Z is the most prominent public figure and the only Black applicant. Other companies that are in the running might have Black employees or execs but they won’t be holding the license like Jay-Z would be.
Sports gambling is becoming a large market and is now a billion-dollar industry pulling it approximately 1.5 billion last year per TMZ.
It’s also looking like Jay will be keeping this business in his home state of New York and hiring a diverse staff–gender and race-wise — as it is already in the works in like he’s previously done for Roc Nation per TMZ.
The NY Gaming Commission has until December to make its decision.