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NBA Legend & Gambler Michael Jordan Bets on DraftKings, Leading Shares Higher

Published 09/02/2020, 10:30 AM
Updated 09/02/2020, 10:32 AM
© Reuters.
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By Christiana Sciaudone

Investing.com --  NBA legend and noted gambler Michael Jordan is making a bet on DraftKings (NASDAQ:DKNG) Inc., taking an equity stake and becoming a special adviser to the online sports-betting company's board. 

DraftKings shares rose as much as 12% in early trading on Wednesday. 

The six-time NBA champion and finals MVP will provide "guidance and strategic advice" on company strategy, product development, marketing activities and other key initiatives. Details of the equity stake weren't disclosed. 

“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” Jason Robins, DraftKings co-founder and CEO, said in a statement. “The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”

Jordan is chairman and majority owner of the NBA's Charlotte Hornets. He's also an avid gambler, so much so that ESPN's recent documentary "The Last Dance" spent an entire episode exploring the topic.

Last month, the company reported revenue of $71 million for the three months ended June 30, compared to $57 million for the same period in 2019. Sales grew despite several major sports leagues including the NBA, MLB and the NHL being on hiatus due to Covid-19. DraftKings engaged fans with new fantasy sports and betting products for NASCAR, golf, UFC, and European soccer. 

 

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