Mojo announced that it has entered an agreement to sell some of its technology as part of an “exciting large partnership.” Details of the partnership were not disclosed. Along with the technology sale, Mojo has decided to close its only sportsbook.
Mojo launched its unique New Jersey sports betting app last September. Leading up to its new partnership announcement, however, Mojo decided to close its only sportsbook. Account holders should have already received emails on how to easily withdraw funds from the site.
"To be clear, Mojo as a company isn't going anywhere," the company said in a statement. "Closing our NJ sportsbook was a difficult decision but it's the right move with our forthcoming new partnership."
The company was quick to note that it has new plans for Mojo Fantasy in the New Year. Meanwhile, Mojo Fantasy will not be offering any new contests. Mojo Fantasy is currently available in 20 jurisdictions across the U.S.
Mojo is also adamant about continuing to develop and operate Archie, its proprietary pricing, trading, and risk management systems. With Artificial Intelligence (AI) grabbing headlines lately, Archie’s machine-learning capabilities are a desirable asset.
The "stock market" of sports apps
Backed by former professional baseball legend Alex Rodriguez and serial entrepreneur Marc Lore, Mojo was founded in 2021, billing itself as the “stock market” of sports apps. The company raised more than $100 million for its eventual launch. Some of its investors include Fin Capital, TriplePoint Capital, and the National Football League Players Association.
This, of course, is not the first sports-related partnership between A-Rod and Lore. The two teamed up to purchase an ownership stake in the Minnesota Timberwolves and the Minnesota Lynx.
