Jay-Z is starting a new hustle this 2021 to add even more money to his already massive net worth.
TMZ reported that the "N*ggas In Paris" rapper signed is planning to open his own big-time gambling company with some heavy hitters in a bid to open a sportsbook in New York.
His newest action could make him a pioneer in the billion-dollar industry.
Per the publication, Jay-Z applied to the NY Gaming Commission to request approval for an online sports betting license.
Their sources revealed that he would be partnering with Michael Rubin, his buddy Sixers friend, to form "Fanatics Sportsbook."
The duo has reportedly teamed up with a company that makes software used for online sports gambling called Kambi.
However, if their venture gets approved, Jay-Z and his partner compete against other companies such as DraftKings, BetMGM, FanDuel, Caesars Sportsbook, and WynnBET, as two of these six will get approved.
The source also told the publication Beyoncé Knowles' husband could become the secret weapon that would put his group over the top because he's already a prominent public figure.
Jay-Z can't only thank his fame but also for his race, as he is the only Black applicant among them.
While the other companies may have Black employers or bosses, they aren't the actual licenses, whereas the "Empire State of Mind" hitmaker would be.
The rapper will have to wait until December as the Gaming Commission will have to decide.
The sports gambling industry has pulled in more than $1.55 billion in 2020 alone, so it's easy as to why he and Rubin are hoping to get in on the action.
Jay-Z already has plans for once this all gets approved, including hiring a diverse staff.
Jay-Z 2021 Net Worth and Businesses
Forbes estimates Jay-Z to have a net worth of $1.4 billion.
According to several reports, he gets his money not only from the music he's making but by investing smartly in businesses and even starting his businesses.
Jay-Z launched subscription-based streaming service Tidal in 2014, and this year, they are now operating in over 56 countries with over 70 million songs on the platform.
Jay-Z sold his company Rocawear, which he founded in 1999, for $204 million in 2007.
The "Numb/Encore" rapper has many real estate properties, including their $88 million Bel Air mansion, a $6.85 Tribeca penthouse, and a $26 million East Hampton mansion.
The rapper also has his champagne brand known as Ace of Spades, selling half a million bottles in 2019. He also owns a cognac brand, a joint venture with Bacardi called D'Ussé. The company is valued at about $100 million.
Roc Nation is also a sports and artist company representing top athletes like Kevin Durant and artists like Rihanna.
For his investment, Jay-Z has stocks in Uber for $2 million, and now, his investment is worth $70 million.