DraftKings had a big bounce on Wall Street Wednesday on news that basketball legend Michael Jordan is taking an ownership stake in the sports betting site. Jordan is getting stock in DraftKings in exchange for providing “guidance and strategic advice” to the Boston-based company’s board of directors, the company said. Shares of DraftKings Inc., which went public in April, ended up by 8 percent on Wednesday. The NBA agreed to a multiyear deal about a year ago to make DraftKings an official sports-betting operator. Jordan also said he never bet on NBA games.

Source: The Standard September 03, 2020 03:45 UTC