Sports Illustrated is launching a new prediction market platform in collaboration with the British media company Galactic.
The platform, called SI predicting, allows users to place bets on sports -related events without focusing on the actual results of games.
SI predicts works in the same way as platforms such as Polymarket and Kalshi, who use in blockchain-based derivative contracts to get users to bet on future events, according to Bloomberg Reporting.
In contrast to traditional sports books that focus on game results, SI predicts the markets on adjacent aspects of sport, such as stadium visit, half-time show details or other non-score-based results.
“Sport media are no longer a one -way meeting,” said Galactic CEO Stuart Stott according to Bloomberg. “Fans want to be involved and they want their opinions to have weight.”
Forecast markets use blockchain technology to create transparent and verifiable bets. Instead of betting against a bookmaker, users exchange shares in the outcome of an event, similar to how stock markets work.
If a prediction turns out to be correct, the shares increase in value. If it’s wrong, they become worthless.
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Online betting
SI predicts worldwide and will meet the regulations of the British financial behavioral authority and the US Commodity Futures Trading Commission. However, if a non-guardianship platform does not require traditional gambling permits.
The launch comes in the midst of a growing interest in decentralized prediction markets. Since the American Supreme Court, the federal ban on sports betting in 2018, companies such as Draftkings and Fanduel have led the online gambling room. Newer blockchain-based platforms such as polymarket-hebben, however, won a grip by making bets on wider Real-World events.
According to Bloomberg, SI will be launched in the second quarter of 2025.
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