Mojo, Sports Exchange Startup Backed By Alex Rodriguez, Announces Layoffs
Mojo, a sportsbook interchange financially backed past Alex Rodriguez, laid cancelled 20% of its workforce utmost week.
Financial and byplay tidings media outlet Business Insider reports that the A-Rod-supported sports betting industry startup is reworking its stage business model aside from its initial focus.
Mojo debuted inwards Sep 2022 as a wagering interchange that allows players to purchase and sell shares of NFL players. “Bet on sports ilk stocks” is the platform’s tagline.
Mojo’s change values to each one player’s portion out based on their past performance, with their future damage dependent on subsequent play. type A 10-yard make for a running rear increases the player’s gunstock note value by a cent while a turnover by the same participant results inward a four-cent loss.
Mojo raised o'er $100 trillion inwards funding from A-Rod and billionaire Marc Lore, who also conjointly have the NBA MN Timberwolves. Lore made his fortune by merchandising Diapers.com to Amazon inward 2011 for over $500 million.
Mojo also received funding from the NFL Players Association and New York private equity unfluctuating Thrive Capital. Before the layoffs, Mojo’s workforce numbered nigh 100 employees.
Business Overhaul
Mojo’s participant wagering exchange ne'er caught on. Casino.org has been next the companionship since its set in motion and has observed the platform’s X account statement regularly receiving less than a fistful of likes and/or retweets.
Speaking with Business Insider, a Mojo voice said the layoffs are primarily due to the exchange’s inability to bring forth meaningful, sustained user growth.
Regretfully, we net ball move of well-nigh 20% of the company. It’s certainly a sad 24-hour interval for our companion and we thank those talented employees for their many contributions,” the interpreter said of the layoffs.
The Mojo NFL player change was modified to New Jersey where it gained authorisation through its partnership with Caesars Entertainment’s Tropicana Atlantic Ocean City. To get through a broader demographic, Mojo in September 2023 ventured into day-after-day fantasize sports with an innovative product reinforced on the sportsbook’s live-trading principles.
Mojo Fantasy is unrecorded in 19 states and DC. The fantasize sports gamy utilizes “dynamic probability-based pricing” in the initialise of a fantasy sports contest.
Mojo is reportedly focusing its efforts on its DFS operations. While the sports betting change remains operational inwards New Jersey, the firmly appears ready to wind up shoot down its sportsbook building block inward the coming months.
Sports Betting Consolidation
The Mojo Sportsbook downfall is the modish in the sports betting industry, which expanded rapidly inwards the US following the May 2018 Supreme Margaret Court decision that found a federal jurisprudence that had limited single-game wagering to Nevada unconstitutional.
Numerous startups and sportsbooks from legacy gambling casino operators raised significant capital after the turning point SCOTUS decision. But high-priced licensing fees and high up tax rates imposed in many of the states that opted in rendered the manufacture a low-margin business organisation that created a pathway to profitability unattainable for many of the companies.
DraftKings and FanDuel today moderate the effectual sports betting securities industry inward the US. Those companies benefited from being the DFS leaders when the SCOTUS ruling was handed down. Their large databases of consumers who enjoyed wagering on sports allowed them to pin to sports betting and attain considerable market place share.
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