Basketball legend Michael Jordan is taking an ownership role with Draft Kings (DKNG  ). Jordan is getting stock in the sports betting site in exchange for "providing guidance and strategic advice," the company said in a statement. He would also assist with "product development, diversity, equity and belonging and marketing activities, among other key initiatives."

"Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur," Jason Robins, CEO and cofounder of Draft Kings, said in the release. "The strategic counsel and business acumen Michael brings to our broad is invaluable and I am excited to have him join our team."

Jordan is one of the greatest players to play the game of basketball. He has won six NBA titles, five MVP awards, and two gold medals. He remains fifth on the NBA's all-time scoring list after a 15 year career.

Jordan has also had his fair share of success in the business world. He is a longtime majority owner of the Charlotte Hornets and a long standing relationship with Nike (NKE  ). He has other business relationships with brands like Gatorade, Upper Deck, and Hanes.

Due to the ongoing coronavirus pandemic, fans have been restricted to staying at home when it comes to supporting their favorite teams. Even though the pandemic has hurt some industries, the outlook for the sport-betting industry and DraftKings remains positive. Positive investor sentiment surrounding the future of DraftKing's sent the stock soaring nearly 300% this year, with shares currently sitting around $43 each.

The chance to acquire the likes of Michael Jordan is an impressive move to shock the world of sports betting and only increases more benefits for the company.

According to Jed Kelly, an analyst at Oppenheimer, the move offers "opportunities to work even closer with the NBA; and we see the Jordan legacy tying itself to [DraftKings] as validating legalized online sports betting as a mainstream industry while more states look to legalize sports wagering."