Michael Jordan To Take DraftKings Equity Interest, Become Company’s Special Advisor

Legendary basketball player and possibly the greatest player in the history of the game, Michael Jordan, has announced he is interested in becoming the casino operator’s board of directors’ special advisor.

He would go on to become that by taking an equity interest in DraftKings and providing strategic guidance as well as advice for business initiatives like product development, equity and belonging, marketing, general strategy and more.

A Legend On Board

The Hall of Fame inductee and Chicago Bulls icon that was proclaimed the MVP in the six NBA finals…

…is at the moment the chairman of Hornets Sports & Entertainment, the owner of the Charlotte Hornets NBA franchise from North Carolina, where Jordan is from.

It is still not known what is the value of Jordan’s equity interest in DraftKings.

The co-founder of DraftKings and its chief executive, Jason Robins, said that “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.”

Not the First Stint

Jordan was involved in US gaming and sports betting market before…

…after investing in Sportradar in 2015 which also saw Ted Leonsis and Mark Cuban - owners of Washington Wizards and Dallas Mavericks, respectively - invest in business.

After the Jordan announcement, DraftKings’ share price jumped dramatically. The opening price was $37.05 which rose to $43.37.

DraftKings’ shares are trading at $41.50 which is up 12.4% on the pre-market opening price.

DraftKings reported a 27.1% annual increase in revenue for the first half of 2020. The revenue totaled $159.5 million. $139.1 million came from online gaming.

Pennsylvania Online Casino App

DraftKings has launched the online casino mobile app in Pennsylvania…

…making this US state only the second after New Jersey to get this solution.

The app will host the most exclusive casino games, of slot sand table variety, including Blackjack and Roulette.

Vice President Jason March said that “following our debut in the Garden State, we look forward to continued innovation, nationwide expansion where regulations allow, and to further positioning DraftKings as an all-inclusive gaming and entertainment experience.”

Source:

“Michael Jordan takes equity interest in DraftKings”, igbnorthamerica.com, September 2nd, 2020.