Mojo launches in New Jersey with goal of creating stock market for NFL players
Founders of marketplace app include former New York Yankees star Alex Rodriguez and Timberwolves owner Marc Lore
Sports betting hotbed New Jersey officially has a new entrant to its gambling market following the September 19 launch of Mojo, an app aiming to create a stock market product centered around NFL players.
Founded by Timberwolves owner Marc Lore and ex-Yankees star Alex Rodriguez – as well as tech execs Bart Stein and Vinit Bharara – Mojo features a marketplace that allows users to buy and sell shares of NFL players, with the assets gaining or losing value based on the players’ on-field performances and greater career arcs.
The app has parallels to Robinhood in both interface and user experience, as users have the ability to trade in and out of positions of any skill-position player or they can opt to hold an asset long term.
Mojo, which is registered and licensed as a sportsbook in New Jersey, acts as market maker for all the trades on its platform, using a proprietary algorithm to set prices while taking a commission on each trade.
Mojo is LIVE in the App Store ?
Download anywhere: https://t.co/YjnKNGjuBt
Start trading and get a FREE stock worth up to $10K when you sign up in NJ!
Invest in the careers of athletes on the sports stock market! pic.twitter.com/o6ano2Ev2V
— Mojo Markets (@mojo) September 19, 2022
Mojo has received a total of $100m in funding, beginning with a $75m Series A round led by Thrive Capital.
Since the announcement of its Series A in March, Mojo has raised another $25m from investors such as Chris Rock, Gary Vaynerchuk, Jason Derulo, and, notably, the NFL Players Association (NFLPA).
“We see a huge opportunity for Mojo to transform sports fandom by bringing fans closer to the players they know and love,” NFL Players Inc. president Steve Scebelo said in a statement.
A major chunk of the capital Mojo has raised will go toward providing liquidity to the marketplace while it builds a user base.
Mojo joins a crowded New Jersey market featuring all of the major sportsbook brands as well as two new exchange-based apps, Prophet Exchange, and Sporttrade.
While the Garden State represents its first foray into the US betting market, Mojo intends to expand to nine other states and could look to introduce other sports as well.