DraftKings shares surge 13% after Michael Jordan joins betting company as board advisor

Jordan, a member of the National Basketball Association Hall of Fame, will have an equity interest in the company as part of the deal.

"Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur," DraftKings CEO Jason Robins said in a press release.

Jordan is expected to offer DraftKings his expertise on sports company strategy, product development, diversity, equity and belonging, marketing activities and other key initiatives, according to the release.

The Covid-19 pandemic continues to disrupt scores of professional and college sports leagues as efforts to contain the coronavirus force athletes and fans home.

But despite the Covid-19 headaches, investors remain largely positive on DraftKings's longer-term outlook and have sent its stock soaring more than 240% so far this year to $36.93 by Tuesday's close.

Its ability to broker a deal with the likes of Jordan is perhaps the most striking example yet of the excitement surrounding the sports gambling world and the wealth now tied to the nascent industry.

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