Basketball legend Michael Jordan to invest in Paddy Power's US rival

That deal followed a failed merger between DraftKings and FanDuel.

DraftKings said Mr Jordan will also take a seat on its board, acting as a special advisor. File picture: Robert Sullivan/Getty Images

Basketball legend Michael Jordan is to take an undisclosed equity stake in DraftKings, the main rival of Paddy Power owner Flutter Entertainment in the US fantasy sports betting market.

Flutter acquired FanDuel — DraftKings’ main rival — in 2018.