Mojo, a New Jersey-approved sports betting exchange that trades in the career values of NFL players and college quarterbacks, accepted its first three $100,000 deposits during the second half of December, with wagers big and small flowing toward college quarterbacks and some lesser-known pros.
Prior to the hat trick of six-figure deposits, the most anyone had deposited in a Mojo account was nearly $50,000, according to the company’s head of public relations, Chris Tropeano. The week of Dec. 26 also marked the one in which the most deposits of $25,000 or more were made since Mojo began operating in New Jersey in September.
Mojo currently offers markets on NFL players at all offensive positions, as well as college quarterbacks. To arrive at a player’s value, Mojo uses a weighted formula that takes yards, first downs, touchdowns, plays of more than 10 and 40 yards, sacks, and turnovers into account. Mojo’s exchange features instant liquidity, meaning a customer can buy into or sell out of a player at any time, and gives users the ability to short players whose value they think is about to fall.
For instance, during the months of November and December, 78% of the money wagered on New York Jets quarterback Zach Wilson was short, while Mojo customers took a far sunnier view of a pair of Giants in quarterback Daniel Jones and wide receiver Richie James. One user bet about $50,000 that James’ stock would rise, more than doubling his money for a $57,000 profit. More modestly, a single Jones backer has currently profited more than $8,000 since Dec. 16 after staking $29,000 on Jones’ upside.
The Mojo Market Report is BACK 📊
– Richie James is LEGIT 👀
– Mike Evans’ huge day 📈
– Mike White falls back to earth
— Mojo Markets (@mojo) January 2, 2023
Bettors brave volatility for upside
The Giants’ James was among the top five players backed by the $100,000 depositors, along with University of Texas quarterback Quinn Ewers, Arizona Cardinals QB Trace McSorley, San Francisco 49ers QB Brock Purdy, and UCLA signal-caller Dorian Thompson-Robinson.
Across the whole exchange, Ewers and Purdy accounted for around $60,000 in wagers apiece, while McSorley and Thompson-Robinson attracted about $50,000. All of those seem like decent bets at this point save for McSorley, who turned in a so-so Week 16 start for the Cardinals in the absence of the team’s top two quarterbacks, Kyler Murray and Colt McCoy, before giving way to David Blough in Week 17.
Jets QB Mike White and Carolina QB Sam Darnold each drew significant action, as did North Carolina State University quarterback MJ Morris, who, like Ewers, just completed his freshman season.
“They seem to be betting on players that have more volatility and upside,” observed Tropeano.
In the near future, Mojo plans to expand to other states, with Colorado high on the list, and add more sports, “with the NBA being our next target,” said Tropeano.
Photo: Corey Perrine/Florida Times-Union