Saturday, November 27, 2021

Jay-Z to Enter Sports Betting Industry with Apparel Giant Fanatics

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*Jay-Z has joined forces with sports apparel giant Fanatics on its latest venture to expand into gaming, tickets and media and sports betting. 

Here’s more from Forbes:

Fanatics Chairman Michael Rubin is expanding and building a team to join the lucrative mobile sports betting market projected in New York. Jay-Z is among the latest investors and addition to the Fanatics team. Major League Baseball invested in Fanatics earlier this year.

According to the documents filed with the New York State Gaming Commission, Jay-Z will serve as vice chairman and be on the board of directors of a new Fanatics Betting & Gaming entity. Michael Rubin, founder of Fanatics, will serve as the new chief executive.

Jay-Z is the only Black American investor to appear on the gaming licenses submitted to the state, per the report. He was recently part of a $325 million funding round for Fanatics, per MSN.

READ MORE: Nikole Hannah-Jones Blasts Jay-Z and Will Smith’s Housing Startup for Low-Income Renters

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Meanwhile, we previously reported that pulitzer Prize-winning journalist Nikole Hannah-Jones is not down with a tech startup firm that is financially backed by Jay-Z and Will Smith.

Landis Technologies, founded by Cyril Berdugo and Tom Petit, aims to help low-income renters own a home. Bloomberg writes, “The company purchases a house and rents it to the client until they can qualify for a mortgage. The client can buy it back at a predetermined price up to two years after the initial acquisition.”

Hannah-Jones views the startup firm as “predatory.”

“Credit counseling is not what will take low-income renters to homeowners, wealth will,” Hannah-Jones said in a tweet posted earlier this month.

She added, “All this program does is charge struggling people additional fees for being poor, which is what every other predatory lender does.”

According to its website, the company “helps renters transition to homeownership.”

Ny MaGee
Ny MaGee is a screenwriter and freelance reporter from Chicago -- currently living in Los Angeles and covering A-list entertainment for various outlets, including Emmys.com. She has worked for: Miramax, MTV & VH1, The Jim Henson Company, Hallmark Channel, Paramount Pictures, and for iconic indie film producer Roger Corman.

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