Former Major League Baseball superstar Alex Rodriguez has joined forces with business partner Marc Lore to take advantage of the regulated sports bettings space in the US. Their hybrid offering, somewhere in the realm of sports gambling and daily fantasy play, will act as a sort of athlete "stock market" that will allow for individuals to take positions based on said athletes improved or declining performance. More specifically, Mojo will allow users to buy and sell players at values based on their on-field performances.
With the help of a $75 million funding round led by Thrive Capital, Mojo is expected to debut with its first sport — football — by the end of the year. Tiger Global Management also participated in the round.
Rodriguez owns a stake in two Minneapolis professional sports teams, the Timberwolves in the NBA and Lynx in the WNBA. He will not be involved in the day-to-day operations of Mojo once it launches.
Mojo CEO and co-founder Vinit Bharara said the company is still making arrangements with sports leagues, gaming commissions, and regulators.
“I’ve always thought the idea of a sports stock market was the holy grail — the vision could transform sports, and fandom as a whole,” Lore said.
According to Bloomberg, Mojo wants its product to work like more established trading apps the likes of Coinbase or Robinhood.
The concept is not new. Football Index tried and failed to deliver a similar product back in 2015 and is now in administration in an effort to try to recoup customer funds.
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