Sports Illustrated Ventures into Prediction Markets with SI Predict

Sports Illustrated Enters the Prediction Market Arena

• Sports Illustrated is entering the arena of prediction markets.
• The new initiative, SI Predict, will focus on providing alternative options related to sports events.
• The platform aims for a global launch, anticipated in the second quarter of 2025.

Prediction markets have long intrigued consumers and, albeit reluctantly, conventional sportsbooks.

Recently, DraftKings has applied for a license to introduce its own prediction platform, despite having previously expressed concerns about the regulatory aspects of these markets.

SI Predict Aims to Carve Out a Niche After Sportsbook Setback

Sports Illustrated is in the process of creating its own prediction platform, SI Predict, in collaboration with the UK-based media company, Galactic, as initially reported by Bloomberg and recounted by several media outlets.

SI Predict aspires to offer a distinct proposition to sports fans, setting itself apart in a market where competitors like Kalshi and Robinhood have already established a presence, and others are preparing to join the fray.

The platform is designed to allow users to engage with outcomes related to athletic events, but not the outcomes of the games themselves. In essence, this means users won’t be placing ‘bets’ on which team might win.

Furthermore, SI Predict is not limited to the U.S. market; it plans to establish a global footprint. This ambition comes with its own set of challenges, as seen with Polymarket, a contract-based platform, which faced resistance in countries like France and Singapore. Currently, Polymarket is not legal in the United States, although there are rumors of potential changes with the new administration.

An official statement from Sports Illustrated and Galactic confirms their platform’s goal to provide ‘simplified engagement’ for sports enthusiasts, concentrating on the ‘peripheral aspects’ of athletic contests.

Scheduled to launch in the second quarter of the year, the platform aims to offer ample opportunities for consumers to participate actively, engaging a community eager to leverage their sports expertise.

Are Prediction Markets the Next Big Opportunity for Sports Ventures?

Sports Illustrated had previously ventured into traditional sports betting but had to withdraw. Prediction markets, however, could represent a new and thrilling opportunity to explore the burgeoning interest in sports betting.

Could prediction markets serve as a viable alternative for failed sports betting endeavors? This emerging market is proving to be an increasingly attractive domain for companies. Robinhood’s trading activity reached $250 million during two rounds of March Madness, showcasing the potential even for newly established projects.

To illustrate, Robinhood and Kalshi collaborated to launch prediction markets for the competition a week before it commenced.