Two of the greatest NBA players of all time are now further connected through their relationship with a leading sports betting company.
What Happened: Sports betting platform BetMGM is using several sports legends in its first-ever Super Bowl commercial during Super Bowl LVIII.
While DraftKings Inc DKNG won't air an ad in Super Bowl LVIII, the company is getting in on the fun of adding all-time greats in the world of sports to its roster. Unlike other sports betting companies that have gone after former players, DraftKings is adding one of the current best in sports today.
DraftKings announced Wednesday it is teaming up with NBA superstar LeBron James, who is currently in his 21st NBA season and his sixth season with the Los Angeles Lakers.
The partnership will see James share his "deep passion for sports" with NFL picks and content, officially labeled as a talent ambassador.
"Welcoming one of the most influential and greatest athletes of all time, LeBron James to the DraftKings family is an absolute honor and privilege," the company said.
Financial terms of the multi-year agreement were not disclosed by DraftKings.
DraftKings announced a partnership with NBA legend Michael Jordan in 2020. Jordan, who has an equity stake in the sports betting company, is currently a special advisor to the board of directors.
Related Link: Dave Portnoy, Barstool Sports Could Return To Sports Betting With DraftKings Deal: Report
Why It's Important: James shared his NFL picks weekly on social media during the 2023 season, which may have drawn DraftKings into an interest in creating content around his picks.
Signing James could increase brand awareness for James and see new customers thanks to his large following on social media. James has over 52 million followers on X and more than 160 million followers on Instagram.
"Football season just got A LOT more fun," James tweeted Wednesday.
Sports reporter Darren Rovell was skeptical of the deal given James’ history with NFL picks.
"When LeBron made his picks this year, he made moneyline picks, which no one is interested in, especially when they are massive favorites. This deal is dead on arrival if it's not against the spread," Rovell tweeted.
Being a current player could draw attention to what sports and leagues James is allowed to bet on. NBA players are not allowed to eager on NBA, WNBA, G-League or NBA2K contests, but can bet on other sports such as football.
James is also a co-owner of several sports teams including the Boston Red Sox (MLB), Pittsburgh Penguins (NHL) and Liverpool (English Premier League). Team owners are typically not permitted to bet on teams they own due to potential match-fixing.
James' manager Maverick Carter was also recently involved in allegations of using an illegal bookmaker to bet on NBA games, as reported by ESPN. Carter said he bet on football and basketball games, but did not bet on the Lakers.
"Maverick's his own man and at the end of the day, gambling is legal," James said previously.
DKNG Price Action: DraftKings shares are trading down 2.04% at $39.47 Wednesday versus a 52-week trading range of $15.03 to $40.54. Shares of DraftKings are up over 160% in the past year.
Photos: Courtesy DraftKings; Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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