Rubin’s playing a long game

MICHAEL Rubin may be the undisputed champion of US sports merchandise, but his ambitions to build a TV and sports-gambling empire have suffered setbacks.

The billionaire’s Fanatics sports-licensing company clinched a deal to buy the Topps trading card business this week, reportedly valuing that side of the business at $500 million — a paltry three times earnings.

But Fanatics, which doesn’t have a sports-betting license in any state, lost the recent race for a New York license despite being confident it would win, sources close to Fanatics said.

About a year ago, Fanatics was in the auction to buy PointsBet, an Australian online sports-gambling company, two sources close to that situation said. Rubin saw the inside of PointsBet’s operations and decided to build a business organically instead of buying an operator, the source said. He also considered buying other sports books and ended up passing, sources said.

In the fall, when bidding for newly issued New York online betting licenses, Fanatics teamed with Jay-Z and Dave Portnoy’s Barstool Sports. In particular, some Fanatics execs believed they were a cinch to win with Jay-Z on board, two sources close to the bidding group said. Instead, regulators awarded a license to two other groups led by companies including FanDuel, DraftKings, MGM, Bally’s, Caesars — and PointsBet.

Nevertheless, sources said Fanatics plans to launch a sports book late this year, aiming to gain traction by renting gaming licenses in several states from current bookmakers in exchange for a slice of revenue.

“We believe this is a meaningful long-term opportunity, but we are going to be patient to build it the right way over the years,” Rubin told The Post on Wednesday.

The company likewise has expressed interest in buying regional sports television networks, but recently passed on buying the stations Comcast is selling, including a piece of SNY, two sources close to the situation said. Rubin may have decided to step away after seeing the declining revenue of the networks, sources speculated.

Michael Rubin’’s Fanatics, which just bought Topps, lost its bid for a New York sportsbetting license, but the billionaire wagers that he will add such a business to his empire, saying: “We are going to be patient to build it the right way.”