Boston-based sports betting operator DraftKings has named acclaimed basketball player Michael Jordan as a new advisor to their board of directors.
Jordan is arguably the greatest player of all time, winning six NBA championships during his tenure with the Chicago Bulls, five NBA Most Valuable Player awards, two Olympic gold medals and remains fifth on the NBA’s all-time scoring list.
He will provide guidance and strategic advice to the board on key business initiatives undertaken by the company, which went public earlier this year. Jordan also agreed to take an equity interest in DraftKings.
Jordan’s role will also involve creative input on a range of different issues such as company strategy, product development, inclusion, equity and belonging, marketing activities, and other key initiatives.
DraftKings co-founder and CEO Jason Robins commented:
Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur. The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.
Announcing the deal saw DraftKings shares rise by a whopping 6% &#8211; perhaps unsurprising considering Jordan’s vast portfolio of endorsements and sponsorships. From Nike to Gatorade, the basketball legend has continued to earn tens of billions long after his professional career ended in 1998. He also loves betting, likely one of the contributing factors for this new agreement.
Further, this is not the first time that he has invested in the world of gambling. In 2015 Jordan, along with other NBA owners Ted Leonsis and Mark Cuban, invested in SportsRadar, an international company that provides data to bookmakers around the world.
DraftKings’s shares have more than tripled in value since going public earlier in the year, doing incredibly well before the Covid-19 pandemic struck and halted all live sports betting. Consequently, the company reported a $68.8 million loss in the first quarter.
Despite this, DraftKings is confident that the pandemic will not affect financial results in 2021 or force them to re-assess their long term plans.
The digital sports entertainment and gaming company was launched in 2012 with the aim of fuelling the competitive spirits of sports fans with products that range across daily fantasy, regulated gaming, and digital media.
DraftKings is the only U.S.-based vertically integrated sports betting operator and a multi-channel provider of sports betting and gaming technologies across more than 15 regulated U.S. and global markets and more than 50+ operators.
The firm is also a daily fantasy partner of the NFL, MLB, and the PGA tour as well as an authorized gaming operator of the NBA and MLB and an official betting operator of the PGA tour.