ComScore
sports

Mojo: The Stock Market For Sports

mobile mojo
(Via Mojo and Jason Koeppel)

Have you ever seen an NFL prospect and thought to yourself, this is going to be the next great star athlete? What if you could invest in that belief you had in a player, with profits that you can cash out at any point in their career? Thanks to Mojo, a stock market made up of athletes, you can! 

Because the world of gambling has become more and more present in our everyday lives, it has pushed some of the most innovative people in the tech and business space to evolve the form of entertainment into something more. Here is how Mojo is paving the way for future sports investments.

How Did Mojo Start?

Minnesota Timberwolves co-owner Marc Lore, alongside businessmen Vinit Bharara, had a vision in 2000 of a market where users can buy and sell stock options of their favorite sports stars. There was no regulatory framework for something like this, and the founders didn’t want their platform to be misconstrued as just gambling, so they opted for a stock market where people can invest shares into sports cards, called ThePit

Fast forward to today, Marc Lore (co-owner of the Minnesota Timberwolves) alongside MLB legend Alex Rodriguez have secured over $100 million in funding since the beginning of Mojo’s journey in 2021. They plan to use funding to expand into new markets as well as other professional sports leagues.

What Is Mojo?

IMG 4888
(Via Mojo App)

The Platform Mojo allows you to invest in your favorite NFL players by staking shares in them. Each player’s market price will move based on their in-game performances. For everyone 10 yards or 1st down that the player is a part of, the price increases by $0.01. For every touchdown or 40+ yard play, the price will increase by $0.02. Things such as turnovers or sacks will lead to a decrease in the players share price. 

Mojo uses the career stats of every NFL player to determine what a future share price might be for a player once they retire. For example, Tom Brady has banked $164.03 through his statistics thus far in his career. He is projected to add another $6.48 worth of stats, which would put him at $170.51 at the end of his career. If you had a share of Tom Brady on the mojo app when he retires, you will be paid out whatever the price of his stock is at when he retires.

Go Short or Go Long

For added excitement, Mojo also allows you to multiply your investment which will result in an increase of gains or losses. Essentially, you can choose a 15x multiplier on an investment, and if that player's share price moved 5%, you would earn a gain or loss of 75% on that player because of your multiplier.  

Currently, Mojo is only available to users in the state of New Jersey, but they are currently looking to expand into 9 other states soon.

Did you like this article?
Thumbs Up
Liked
Thumbs Down
Disliked