Vinit Bharara on regulation
From Mojo CEO Vinit Bharara on building a stock market to bet on athletes | E1566 · · This Week in Startups
“The Supreme Court ruled it's up to the states, and because the CFTC won't regulate sports they've punted regulation to states — so we petitioned the New Jersey Division of Gaming to regulate Mojo under sports-wagering laws. That's why we debuted today under that framework: anybody 21 and over in New Jersey can open an account, deposit and trade.”
On , Vinit Bharara, Cofounder at Amazon, spoke about regulation during Mojo CEO Vinit Bharara on building a stock market to bet on athletes | E1566 on This Week in Startups.
About Vinit Bharara
Vinit Bharara, co-founder and CEO of Mojo, has been promoting the platform as a "sports stock market" that allows fans to invest in athletes. He described Mojo as a combination of Robinhood or Coinbase and DraftKings, where users can invest in players such as LeBron James, Joe Burrow, or Patrick Mahomes instead of companies like Amazon or Google. Bharara stated that Mojo gives each stock intrinsic value by guaranteeing a payout at a player's retirement based on objective statistics, framing every day as an earnings report for users who can predict on-field performance. Bharara explained that Mojo operates under New Jersey sports-wagering laws after the company petitioned the New Jersey Division of Gaming for regulation. He noted that the Supreme Court left sports betting regulation to the states and that the CFTC declined to regulate sports, leading Mojo to seek state-level oversight. The platform launched in New Jersey, requiring users to be 21 or older to open an account, deposit, and trade.