NBA legend Michael Jordan has joined sports betting giant DraftKings as a special advisor to the company’s board. Boston-based DraftKings said Jordan would immediately “provide strategic and creative input to the board of directors on company strategy, product development, inclusion, equity and belonging, marketing activities and other key initiatives.”
Jordan will be compensated for his new role with “an undisclosed equity stake in the company,” according to CDC Gaming Reports.
“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” DraftKings Chairman and CEO Jason Robins 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 won six championships with the Chicago Bulls and is the first former player to become the majority owner of an NBA franchise, the Charlotte Hornets. He has also racked up some impressive endorsement deals, working with Nike on a brand of athletic shoes and apparel, as well as hawking Gatorade, Hanes underwear and other products.
Jordan also invested in sports data provider Sportradar in 2015 along with NBA owners Ted Leonsis of the Washington Wizards and Mark Cuban of the Dallas Mavericks.
Shares in DraftKings rose 8 percent on news last week. The company went public in April.
An authorized “gaming operator” for the NBA and MLB and an official betting operator of the PGA Tour, DraftKings says it’s the only U.S.-based vertically integrated sports betting operator. The company powers sports and gaming entertainment for over 50 operators across more than 15 regulated U.S. and global markets, including Arkansas and Oregon, reported Variety.
For the second quarter of 2020, DraftKings reported revenue of $71 million, up 25 percent year on year, while its net loss grew to $161.4 million (versus $28 million in the year-earlier period) due to the widespread shutdown of major-league sports. DraftKings said it had over $1.2 billion in cash and no debt on its balance sheet as of the end of June.
DraftKings currently offers mobile and retail betting in Colorado, Illinois, Indiana, Iowa, Mississippi, New Hampshire, New Jersey, New York, Pennsylvania and West Virginia.
