Mojo, a sports-betting startup co-founded by Marc Lore and Alex Rodriguez, is laying off 20% of its staff as part of a strategic shift toward its B2B trading technology, moving away from its consumer-facing business. The company, which had about 95 full-time employees last year, announced the job cuts on November 30, 2023. Backed by $100 million in funding from investors like Thrive Capital, Mojo operates in the competitive and capital-intensive sports-betting industry, where startups face increasing pressure to demonstrate profitability. This restructuring reflects broader challenges in the venture-backed sports-betting market, as Mojo adapts to a changing landscape that demands a clearer path to financial sustainability.
