Jay-Z is regarded as one of the biggest rappers of all time. He is married to Beyonce and is deemed as a pillar in the 2000s music scene. There are many things that we can associate with the ‘Where I’m from’ singer to music, collaborations, extravagant lifestyle and much more. But gambling definitely does not come to mind when it comes to Jay-Z. Well, think again, as the music mogul and rapper has decided that sports betting will be his next venture.
A deal between Jay-Z and Fanatics has been signed and the rest is history. Now we know what you might think, what does Fanatic have to do with sports betting? After all, the sports retailer is more invested into producing, offering and selling sports jerseys and apparels. Well think again, as earlier this year the sports retailer has announced via their social media statements that they will expand their businesses and will start offering sports wagering. The Miami based company is now taking a dip into the sports gambling world, and why not…this is the future of America after all.
For Fanatics to be able to carry sports betting and wagering, they needed someone to back them up. Financially that is, and this is where Jay-Z made a humorous appearance. The music legend pumped in a whopping 235 Million Dollars worth of investment to help Fanatics get the ball rolling. Fanatics have of course signed the deal, and used the funds and money to make sure that their business idea gets materialised, and Fanatics sports gambling was born.
Bookmaker bonus will be offered upon registration of course and this will ensure that players are rewarded for their respective registration. But will Fanatics sports be successful? This is still yet to be determined, after all the gambling scene in the US is very much still in its primitive stages.
One of the things that Fanatics would need to start working is acquiring a gambling license. Since Fanatics would like to start operating in New York and offering wagering on sports in the state, the team have already submitted an application to start the proceedings. Jay-Z might have funded the project in full, however without a gambling license the operation cannot kick off properly. The good news is that the application is already underway and being processed.
When it comes to licensing, of course any company that would like to operate in the sports betting niche would need to get license and approval, and as things currently stand. Fanatics are not quite there yet. Once the license gets approved, Fanatics would need to up their game and make sure that they offer a lucrative bonus to potential players. After all, their competition is quite vast with sports betting companies such as FanDuel, The Score, Fox and also Bet365. Other sports betting companies that are already established in the sports betting world include DraftKings, BetMGM and also Bally’s, companies that are very much known in the sports betting world.
Many have questioned the reasoning behind Fanatics finally taking the plunge to start offering sports betting. The company is a household name in the US for sports apparel and also clothing. But do they really have what it takes to make it in a sports betting world, where companies like Bet365 have already established a player base? Truth be told, the competition out there is quite hefty and albeit many say that there is no more room for more betting companies, this could be a good move for Fanatics.
The bad news for both Jay-Z and also Fanatics is that the governing body that grants gambling licenses is only looking to grant 2 potential gambling licenses in the near future, and the competition is quite vast. Will Fanatics have an advantage now that the name Jay-Z is on their sports betting application? Money of course is no problem, but will the clothing company convince the regulator that they have what it takes to make it in the sports gambling world?
Jay-Z has already earned his stripes in the world of business, and owns successful businesses such as sports bar chains. 40/40 Clubs located in Nevada and New Jersey. Albeit Jay-Z being associated with the world of sports already, offering sports wagering is a very different ball game. All Shawn Carter’s businesses are quite successful, but he has never had any serious dealings in the betting world. Will this be it? Will this be the latest Jay-Z success story?
One thing we know for sure. If this business venture does go through and Fanatics does get granted a gambling license to start operating, Jay-Z is in for a good ride. We can already see Jay-Z’s face splashed across Time Square, being a brand ambassador for Fanatics. Will this become a reality? We would need to wait and see.
Do you think this 18 million gambling deal from the music mogul will go through? We do hope so, as the US could do with more stars endorsing gambling as a whole.