Michael Jordan Bets Big on Success of DraftKings

Jordan took an equity stake in the sports betting company and is now a special advisor to the board of directors

Michael Jordan attends a press conference before the NBA Paris Game in January 2020
Michael Jordan attends a press conference before the NBA Paris Game in January 2020.
Aurelien Meunier/Getty Images

Never afraid of taking a gamble, NBA great Michael Jordan is betting that Boston-based sports gambling platform DraftKings is going to continue to grow and be a success.

On Wednesday, it was announced Jordan, the majority owner of the Charlotte Hornets, would take an ownership stake in the company in exchange for becoming a special advisor to the sports betting site.

In his role, Jordan will assist with “company strategy, product development, inclusion, equity and belonging, marketing activities and other key initiatives,” according to a press release.

While it was not announced how big a stake the 57-year-old took in DraftKings, the company’s shares jumped in midday trading after Jordan’s link with the firm became public.

“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” DraftKings. CEO and co-founder 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’s deal with DraftKings has the league’s approval. “NBA team investors, including governors, are permitted to have involvement with sports betting and fantasy sports businesses, subject to safeguards required under league rules to prevent actual or perceived conflicts of interest,” an NBA spokesperson said Wednesday.

The league and DraftKings agreed to a multiyear deal about a year ago to make the company the NBA’s official sports betting operator.

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