Fanatics is bringing in star power as it looks to get in on the New York State sports betting market.
Jay-Z has joined the board of Fanatics Betting and Gaming as vice chairman as the merchandising company expands into sports betting.
New York’s mobile sports betting market will open up at the start of next year and is set to be incredibly lucrative.
- New York, which currently only allows sports betting at four non-tribal casinos, had an estimated sports betting handle of $231.1 million from July 2019 through April 2021.
- Neighboring New Jersey, which allows mobile sports betting, leads among all U.S. states with a lifetime handle of $16.7 billion.
- The New York State Gaming Commission received bids this month from a handful of companies to operate mobile sportsbooks, including FanDuel, DraftKings, Bally’s, BetMGM, and Caesars Sportsbook.
Jay-Z and Roc Nation each invested in Fanatics’ recent $325 million funding round that valued the company at $18 billion, nearly triple its valuation from one year ago. Along with sports betting, Fanatics will use the funds to expand into ticketing and media.
Roc Nation and Fanatics chairman Michael Rubin both recently invested in Certified Collectibles Group, as well. That round valued CCG at more than $500 million.
