Mojo, a new sports betting app that tracks players like stocks, launched on Monday. [Image: Shutterstock.com]
Mojo Market Entry
Mojo, a sports data tracking app powered by Alex Rodriguez, has been launched for the first time in New Jersey.
Players set values based on the stats they are expected to get
The app follows an interface similar to that of stock trading apps, with values assigned to players based on the stats they are expected to obtain. Values fluctuate depending on performance, team expectations, and other confounding variables.
Mojo has already raised more than $100 million in funding thanks to Rodriguez, Minnesota Timberwolves owner Mark Lower, and tech experts Bart Stein and Vineet Bharara.
product of contracts
Although Mojo just launched on Monday, it was a project in the making, according to its ownership.
In the late 1990s, Lor and Bharara created “The Pit,” which served as a stock market-style hub for sports card trading. This project was eventually sold to Topps in 2001 for $5.7 million.
“We thought it would be great for everyday sports fans if they could invest in athletes like stocks – what if we could create what we used to call the sports stock market,” Bharara said in an interview. Fast forward 20 years later, Mark called me, and he said, ‘This idea we’ve had for a long time, this idea of the sports stock market, we should do it again. We have to do it the right way.”
A more modern version of long bets
Mojo was granted a New Jersey Gaming Commission license prior to its recent entry into the market. Described by the higher-ups as a more modern version of long bets, players’ stocks are the benchmark for tracking bets. The company has immediate plans to expand into nine more states and also wants to track other sports in its database.
In March, Mojo announced $75 million in Series A funding Led by Thrive Capital, an investment firm for technology companies. An additional $25 million has since been raised, with contributions from the NFLPA, Chris Rock, and Gary Vaynerchuk, among others.
“We see a significant opportunity for Mojo to transform the sports fan base by bringing fans closer to the players they know and love,” NFL President Steve Sipilo said in a statement.
The uniqueness of Mojo is another example of the developments taking place in the world of sports betting. At the beginning of the month, micro-betting platform Betr jointly owned by Jake Paul launched its free app, where users focus on small in-game events rather than large-scale results.
An app known as “Juice Reel” has gained notoriety for its method of tracking and collecting bet data, allowing players to easily select their favorite lines.
However, there is a negative precedent looming over Mojo and the Big Money team. In 2021, a football betting platform known as Index Football, which similarly allowed tracking of players like stock options, collapsed, leaving about $125.4 million of its sponsors’ money at risk.
“[Mojo] “It’s one of the greatest challenges I’ve worked on in my career,” Stein said. “You need the capital, you need the engineering, you need the people, you need the time to go and comply with all of these regulations.”