Michael Jordan is taking an equity stake in DraftKings in exchange for becoming a special adviser to the sports betting and fantasy sports company.

Jordan will provide guidance and strategic advice to DraftKings' board of directors.

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

DraftKings went public in April and was trading at 36.93 at the close of the Nasdaq on Wednesday. 

Jordan's own proclivity for gambling was heavily discussed during his playing career.

Jordan also has an equity stake in Sportradar, which provides data to bookmakers around the world.