Michael Jordan shares his business model: "I am not a good example for you"
Considered by many as the best basketball player in history, he is now one of the great entrepreneurs in the world
Michael Jordan explained this Tuesday in Lisbon that his investments in the sports world are determined by the degree of identification and connection he feels with each project. The former basketball player also left a strong message for those thinking of betting on him: "If you’re going to bet, bet on me, not against me."
Jordan participated in the inaugural lecture of the Sports Betting Community (SBC) Summit, a massive technology fair dedicated to the world of online gaming taking place this week in Lisbon.
The six-time NBA champion shared the stage with Carsten Koerl, CEO and founder of Sportradar, and Jason Robins, CEO and co-founder of DraftKings. The three analyzed new trends related to investments and betting within the sports sector.
Jordan bets on projects with which he identifies
In 'Air Jordan's' opinion, bettors tend to focus on the weaknesses of athletes to decide their bets. However, he believes that this approach cannot be applied to his case.
"I am not a good example for you. I am the worst person to bet against. If you’re going to bet, bet on me, not against me," he asserted.
When deciding where to invest, Jordan explains that he analyzes how connected he feels to the project, also considering that this connection can be perceived by consumers.
"I have always looked for things that involve me to be something very authentic in relation to who I am; I believe that consumers always connect with those who are involved," he stated.
That criterion was what he followed when he decided to invest in NASCAR (National Association for Stock Car Auto Racing), the most popular and important motorsport category in the United States and one of the most followed motor competitions in the world.
Jordan considered that NASCAR was "undervalued," but that it had the potential to "thrive."
"It resonated with me, and I thought we could connect," he remembered.
The idea he had in mind then was "how can we make this relevant; it’s great content, and everyone likes to drive fast," joked the former basketball player, who is currently a co-owner of the 23XI Racing team.
His vision of betting changed as an investor
Jordan also explained how his perspective on sports betting has changed since he stopped being a player and became an investor.
"As a player, I never focused on statistics or what was being bet on. I looked at who won the game," he commented.
"Outside of that — he continued — once I started looking at it from an economic standpoint" because "as an owner, you begin to understand the business surrounding sports," he explained.
When asked about the evolution of fans and what they currently seek during games, Jordan noted that a greater understanding of results leads them to want to get more involved and, consequently, to bet.
"Fans now understand better and are more focused on the outcome; they want to be involved in the result, and as they become more engaged and with the competitiveness of watching the game, they decide to bet," he argued.
"I would still focus on my opponent"
The former player acknowledged that his perspective on the sport was completely different when he was competing, as at that time, his only goal was to win.
If he were still active, he explained, he would continue to focus on the outcome and achieving victory, even though there is currently much more information about athletes and fans have more tools to refine their bets.
"I would like to think that I would still focus on my opponent. (...) I would never have worried about who is betting on the (Chicago) Bulls or not," he considered.
For Jordan, in addition to achieving results on the court, current athletes face an added difficulty: building their own brand and also worrying about their contracts.
The Sports Betting Community Summit is held this Tuesday and Wednesday in Lisbon. The program also features figures such as historic former Argentine goalkeeper Sergio Goycochea, winner of a Copa Libertadores and a Copa Intercontinental with River Plate and two Copa América titles with the Argentine national team, and Leandro Petersen, former commercial and marketing director of the Argentine Football Association (AFA), in addition to dozens of representatives from companies in the sector.
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