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Alex Rodriguez is expanding his financial empire.
The former New York Yankees owner and billionaire Marc Lore have launched Mojo, a new sports betting app that essentially creates an athlete “stock market.”
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Rodriguez and Lore bought the Minnesota Timberwolves last year for $1.5 billion. Rodriguez previously tried to buy the New York Mets with former fiancee Jennifer Lopez.
As for Mojo, here are the details from Front Office Sports:
Mojo launched in New Jersey on Monday with the announcement that it has raised $100 million to date.
The company, which is legally considered a sportsbook, plans to roll out in every state where sports betting is legal.
It is initially offering shares in active NFL players, with plans to expand to other sports.
Rodriguez and Lore helped provide initial backing for the company but are not involved in the company’s management.
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Here’s how it works, according to Mojo’s web site:
Pick a stock: Invest in over 300 NFL players — from penny stock rookies to blue chip stars.
Make your call: Think they’re underrated? Go Long. Think they’re overrated? Go Short.
Buy, sell, hold: All the ups and downs of a player’s career are chances to trade in and out.
Nonstop action: Share prices rise and fall constantly in real time, based on career-long projections.
Total control: Build a portfolio and buy & sell on your terms —every play, every game, or every season.
The site promises “This ain’t fantasy. … Shares entitle you to a guaranteed payout, based on career-ending stats.”
MORE MLB:
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– Mets clinch playoff spot behind Max Scherzer’s perfect return from injured list
– Ex-Yankees coach: ‘I love Aaron Judge like a son’ but he’s not the MVP
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Mike Rosenstein may be reached at mrosenstein@versuszone.com.
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