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DraftKings, the sports betting company, has announced that it’s added Michael Jordan, the famed basketball star and sports businessman, as a special advisor to its board of directors. Under the terms of his appointment, Jordan is being awarded an equity stake in DraftKings in exchange for providing guidance and strategic advice to the company. As a special advisor, Michael Jordan, an NBA Hall of Fame inductee and six-time NBA Finals MVP, will provide strategic input to DraftKings on its strategic and product development efforts.

DraftKings, which went public earlier this year, is a major online sports betting facilitator in many markets across the US, and the NBA league represents one of its major business lines. Adding Michael Jordan, a sports veteran, as a special advisor comes in handy to DraftKings’ business. It’s such that in reaction to Jordan’s appointment as an advisor, DraftKings’ shares have soared as much as 18% on the public markets.