Basketball legend michael jordan is taking an equity risk in us fantasy sports ensemble draftkings, joining the company's board as an unique adviser much more us says follow legalised recreations betting.

Mr jordan, whom owns the charlotte hornets nba franchise, will act as an agent towards board on a number of initiatives, including method, product development, marketing and advertising and addition efforts, the company said in a statement.

How big is his stake in the boston-based group had not been revealed. stocks of draftkings finished the trading day 8 % greater at $39.90.

Sports wagering is currently appropriate in 18 us states, with another 11 applying or deciding on legislation regarding the training, in line with the united states gaming association.

Despite pandemic-imposed declines when you look at the 2nd quarter, complete gross gaming income from us activities betting flower 10 % to $324m in the 1st half a year of 2020, based on the aga. total united states gaming profits tend to be down 46 per cent on the exact same duration.

Draftkings activities guide comes in 10 states to date, including nj, whose instance ahead of the supreme court in 2018 paved the way for state-by-state legalisation of activities gambling.

Draftkings offers entertainment and fantasy recreations services and products in addition to its sports guide, spanning united states and intercontinental sports. the business moved general public in april despite the uncertain market for expert activities, with several leagues shut down internationally due to the covid-19 pandemic.it reported a loss of $142m on revenue of $323m for 2019, according to a filing.

Mr jordan is a well-known betting aficionado whoever passion for competitive pursuits had been chronicled in a recent mini-series the last dance.

The basketball hall of fame member has recently extended their public responsibilities, pledging $100m across after that decade through his eponymous, nike-owned sneaker brand name towards organisations supporting the black community.