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Michael Jordan Places His Next Big-League Bet on DraftKings

  • NBA great’s involvement adds $500 million to market value
  • Analyst predicts years of losses for sports-betting leader
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DraftKings' Kalish on Michael Jordan, Cubs PartnershipSource: Bloomberg)
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Michael Jordan’s love of gambling once threatened to overshadow his legacy. Now the billionaire is embracing the growing online gaming industry as part of his personal investment portfolio.

Jordan is the latest owner of a major U.S. sports franchise to push into the gambling space, joining New England Patriots owner Robert Kraft and Dallas Cowboys owner Jerry Jones. The NBA legend is receiving an equity interest in DraftKings Inc. in exchange for his role as a special adviser to the online sports-betting company’s board of directors, a move that sent the company’s high-flying shares even higher.