The six-time NBA Finals MVP will have equity in DraftKings and provide strategic and creative advice. DraftKings’ stock jumped eight per cent on the news. (The Logic)
Talking point: DraftKings’ shares have more than doubled since it went public in April. The firm is battling for market share with FanDuel, which announced its own partnership with punter-sports analyst Pat McAfee back in July. The two firms control about two-thirds of online sports bets in the U.S., a business that could generate US$1.2 billion in annual profit one day. Other players include Toronto-based theScore, which signed a betting deal with the NBA earlier this year. Online sports betting has accelerated rapidly since a 2018 U.S. Supreme Court decision striking down a ban on the practice. In Canada, a private members’ bill that would legalize single sports betting was delayed by the prorogation of Parliament.
