Billionaire-backed ‘sports stock market’ venture looks to join gambling craze

Billionaire-backed ‘sports stock market’ venture looks to join gambling craze

Article brief provided by Yahoo Finance
  • Josh Schafer, Yahoo Finance
September 22, 2022 7:02 PM
Updated: September 27, 2022 9:59 AM
  • Josh Schafer, Yahoo Finance
  • New Jersey
  • Sports Betting

Sports gamblers in New Jersey now have a new way to profit off their favorite NFL player’s success.

Mojo, a startup backed by billionaire Mark Lore, former New York Yankee Alex Rodriguez, and Tiger Global Management, allows investors to buy shares of stock in professional athletes with future statistics driving potential price appreciation.

“It’s a sports stock market, and the premise is for the everyday sports fan to basically be able to invest in the careers of athletes like stocks,” Vinit Bharara, MOJO co-founder and CEO, told Yahoo Finance Live (video above). “They can use their sports knowledge to basically pick players they think are going to do well and profit from that.”