{"id":232783,"date":"2022-09-20T10:16:12","date_gmt":"2022-09-20T15:16:12","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=232783"},"modified":"2022-09-21T14:51:32","modified_gmt":"2022-09-21T19:51:32","slug":"mojo-nfl-player-stock-exchange-debuts-in-new-jersey","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mojo-nfl-player-stock-exchange-debuts-in-new-jersey\/","title":{"rendered":"NFL Player Stock Exchange Debuts in New Jersey, Platform Backed by Alex Rodriguez"},"content":{"rendered":"

A new online betting exchange that facilitates the buying and selling of player stocks has commenced operations in New Jersey. <\/span><\/p>\n

\"Mojo
Mojo is a new NFL player betting exchange that acts similar to a stock market. The online platform recently went live in New Jersey. (Image: Mojo)<\/figcaption><\/figure>\n

Mojo combines sports betting, fantasy sports, and stock market trading into a new online iGaming offering. Bankrolled by Marc Lore and Alex Rodriguez, who are coowners of the NBA’s Minnesota Timberwolves, Mojo says it allows fans to turn their “sports knowledge into real money.”<\/span><\/p>\n

Mojo users can buy or short shares of more than 300 NFL players. A player’s value is based on his past performance, with their future price dependent on their play.<\/span><\/p>\n

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We always said if someone could create a sports stock market, it would be the holy grail for sports fans,”<\/strong> Lore said of Mojo, a project he says has been in the works for more than two decades.<\/span><\/p>\n<\/blockquote>\n

Mojo went live this week in New Jersey after receiving an online gaming license from the state’s Division of Gaming Enforcement (DGE). Mojo has raised $100 million to date, which has gone toward developing the innovative player stock market.<\/span><\/p>\n

Mojo has partnerships in place with Caesars Entertainment and Penn Entertainment, the former of which is being utilized in New Jersey to qualify the player stock market platform for an online operating license. Mojo has plans to expand its operations into nine additional states next year and bring new sports, including college, onto the exchange.<\/span><\/p>\n

While Mojo is the first legal player betting exchange to launch in the US, it isn’t an industry first. In the UK, the Football Index took millions of dollars in trades on soccer players. But the platform eventually went belly up<\/a>, leaving users last year with around $155 million worth of “open bets.”<\/p>\n

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