Sports betting startup Mojo lays off 20% of staff

Sports betting startup Mojo lays off 20% of staff

Article brief provided by Sports Business Journal
  • Rob Schaefer, Sports Business Journal
December 3, 2023 12:25 PM
  • Rob Schaefer, Sports Business Journal

Mojo, the sports betting startup co-founded by a group including Alex Rodriguez and Marc Lore, laid off 20% of its staff yesterday. Business Insider first reported the news, which SBJ confirmed through a source. The cuts targeted consumer-facing departments.

Mojo could not be reached for comment.

Founded in 2020 and launched as a regulated sportsbook in N.J. in 2022, Mojo refers to itself as a “sports stock market,” where users can invest in athletes’ individual performance. To date, the company has raised over $100M from institutional and angel investors, including a $75M Series A in March 2022 led by Thrive Capital…

As of November 2022, the company had 95 full-time employees, according to Business Insider.