Jordan’s relationship with the gambling industry is not new.
Michael Jordan’s love for gambling once threatened his legacy. Now the billionaire is once again approaching the emerging online gambling industry as part of its investment portfolio.
The NBA legend acquired a stake in DraftKings as a special adviser to the board of the sports betting company, a move that sent the share price soaring.
The share of DraftKings recorded a “jump” of 12% at the opening of the stock exchange, while at this time it is moving at + 6.5%.
“Michael Jordan is one of the greatest figures in sports and modern culture, and he has given new meaning to the concepts of the modern athlete and entrepreneur,” said CEO and co-founder Jason Robbins.
Jordan is the chairman and owner of the majority of the shares of the NBA team Charlotte Hornets, whose valuation reaches $ 1.4 billion.
DraftKings went public in April through a merger with Diamond Eagle Acquisition Corp. The value of the share has more than doubled since the start of trading.
DraftKings is Jordan’s latest business venture. The Nike Jordan brand “brought” to the company’s coffers a total revenue of $ 3.6 billion in the 12 months ended May 31, 2020.
However, Jordan’s relationship with the gambling industry is not new. In the popular ESPN series “The Last Dance”, about the unknown aspects of Michael Jordan’s life, an entire episode was dedicated to his casino visits, as well as his “gentle” gambling during the Chicago Bulls and golf games in which he participated.