Jordan taking equity stake in sports fantasy and gambling company DraftKings

Michael Jordan is investing and advising with a new team, and yes, it involves wins and losses.

That's because the NBA legend and Charlotte Hornets owner is taking an equity stake in sports in DraftKings, a sports betting and fantasy sports company.

The size of Jordan's equity has not been determined.

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

Along with continuing to oversee the Hornets, Jordan will provide "guidance and strategic advice to the DraftKings board of directors," as relayed by Dave Purdum of ESPN.

Jordan won six championships as a member of the Chicago Bulls and 10-part miniseries centered on his career, "The Last Dance," became the most-watched documentary in ESPN history upon its initial release in April. (It is currently available on Netflix.)

Jordan's involvement with sports betting is not viewed by the NBA as a conflict.

"NBA team investors, including governors, are permitted to have involvement with sports betting and fantasy sports businesses, subject to safeguards required under league rules to prevent actual or perceived conflicts of interest," Purdum quoted an NBA spokesperson as saying.

DraftKings went public in April.