Ever since retiring from the NBA, Shaquille O'Neal has become the ultimate businessman. He has endorsement deals in almost every single field and as a result, he has become a very rich man. Back in 2013, Shaq used that wealth to become a minority stakeholder in the Sacramento Kings, who have grown in terms of valuation over the past decade. When Shaq invested $500 million into the team eight years ago, no one knew his stake would explode in value to about $1.8 billion.
The issue here is that Shaq is now being forced to sell his stake in the Kings, due to his latest endorsement deal with WynnBet. The league has very staunch rules against owners and players having a stake in gambling websites, which means Shaq can no longer be a part-owner of the franchise.
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Shaq will be a brand ambassador for WynnBet and in this role, he will give them strategic advice while also promoting the gambling website's services. The former NBA superstar understands just how big the space is getting, and it only makes sense for him to get into the business now. Not to mention, the amount of money he will make from the Kings is going to be nothing short of impressive.
It remains to be seen when the stake in the Kings will be sold off, although Shaq is certainly excited to see his investment pay off. As for WynnBet, this partnership could be massive for the company as they look to compete with other giants of the space.
