Fanatics Investor Jay-Z Places $1M NBA Finals Bet with Sportsbook

• Rapper bets $1 million with Fanatics on Oklahoma City winning series
• He believes the Thunder will beat the Pacers in five games

Entertainment mogul and rapper Jay-Z is putting his money, of which he has plenty, where his mouth is when it comes to the NBA Finals, placing a $1 million wager with Fanatics Sportsbook that the Oklahoma City Thunder will beat the Indiana Pacers.

Jay-Z, a native New Yorker, may be salty about the Pacers defeating the New York Knicks in the Eastern Conference Finals as his $1 million bet at Fanatics is on the Thunder to vanquish the Pacers in five games. However, the star has been indecisive regarding which New York NBA team he favors — the Knicks or the Brooklyn Nets. He was previously a minority owner of the Nets, but he sold that stake in 2013 so he could launch his Roc Nation entertainment agency.

Jay-Z’s NBA bet was placed at odds of +230 (bet $100 to win $230) so if the Thunder, led by league MVP Shai Gilgeous-Alexander, win in five games, the rapper receives a total payout of $3.3 million, meaning he’ll profit to the tune of $2.3 million. Impressive, but a fraction of his estimated net worth of $2.5 billion, which makes him the richest recording artist in the world.

Jay-Z Takes Some Heat for Making Bet with Fanatics

Jay-Z’s $1 million wager with Fanatics Sportsook didn’t sit well with some critics with some pointing out that if he’s so confident in his Thunder wager, he wouldn’t be placing the bet with a sportsbook in which he’s an investor.

In March 2022, Michael Rubin’s closely held company raised $1.5 billion at a $27 billion valuation, implying Jay-Z ‘s investment turn profitable quickly. Following a December 2022 funding round, Fanatics was valued at $31 billion.

Anyone is free to knock Jay-Z for betting with Fanatics, but the criticisms can be countered by asking “Why would he bet with a competing book when he’s a Fanatics investor?” For example, Warren Buffett drinks Coca-Cola, not Pepsi, because his Berkshire Hathaway has long been one of the largest Coca-Cola investors.

Jay-Z Also Part of Times Square Casino Bid

Fanatics’ gaming operations are growing, but sports apparel and collectibles are the company’s primary revenue generators. So Jay-Z and other investors aren’t investing in a gaming company as much as they are investing in a firm with gaming exposure.

For his part, Jay-Z could have more direct ties to the gaming industry. Roc Nation is partnering with Caesars Entertainment and SL Green to bring a casino hotel to Times Square. The rapper was recently in Albany to lobby New York lawmakers on the plan.

There’s speculation that bringing a gaming venue to Manhattan will be difficult, but it’s also possible that the Times Square was boosted by the recent spate of departure from the New York City competition.