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Basketball Legend Michael Jordon Signs With DraftKings

Online gambling conglomerate DraftKings is well on its way to becoming the most dominant provider of online gambling services in the U.S. In a move that assures the company will be able to maintain its current momentum, DraftKings has inked a new deal with Hall of Fame basketball great Michael Jordan.

As part of the new deal, Jordan has been named a special DraftKings adviser. In his capacity with the company, he will play a role in product development and marketing activities. As part of the agreement, Jordan has also received an undisclosed stake in the company.

In regards to the signing, Jason Robins, DraftKings co-founder, and CEO issued the following comment in a press release:

“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur." He then added, "the strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”

It didn't take investors long to show their approval for this historic signing. Within hours of the deal being signed and reported to the press, DraftKings stock jumped more than 8% to near $40 per share.

During his famed basketball career, Jordan led his Chicago Bulls to six NBA Championships, winning a three-peat on two different occasions. The break in between championships surely had something to do with Jordan temporarily retiring to pursue a professional baseball career with the Chicago White Sox.

Beyond his basketball prowess, Jordan was also a notorious gambler who wasn't above wagering hundreds of thousands of dollars playing cards or on a golf match. His gambling activities were responsible for putting him under the scrutiny of the NBA in 1993. After investigating Jordan's gambling activities, investigators found no improprieties.

Sports fans may be aware that Jordan is the current owner of the NBA's Charlotte Hornets. Under the rules and guidelines set forth by the NBA, team owners and investors are permitted to maintain business interests with sports betting and fantasy sports organizations.

As for DraftKings, the company now operates its fantasy sports sites and online sportsbooks and casinos across 50 operators located in the U.S. and Europe. The company immediately began its expansion of sports betting content when the U.S. Supreme Court lifted the nation's ban on sports betting back in May of 2018. By the end of this year, company officials expect to have an online gambling presence in more than a dozen states.