Sports Illustrated Launches SI Predict, Blockchain-Based Prediction Market
2min read Sports Illustrated, a prominent name in sports journalism, has partnered with galactic, a UK-based media firm, to introduce SI Predict, a new prediction market platform. This platform will allow users to place bets on various sports-related events without focusing on the actual outcomes of games. Unlike traditional sportsbooks, SI Predict will offer markets on adjacent aspects of sports, such as stadium attendance, halftime show details, or other non-score-based outcomes.
SI Predict operates similarly to other platforms like Polymarket and Kalshi, utilizing blockchain-based derivatives contracts to enable users to bet on future events. The platform uses blockchain technology to create transparent and verifiable wagers, where users trade shares in the outcome of an event, similar to how stock markets function. If a prediction is correct, the shares increase in value; if wrong, they become worthless.
Galactic CEO Stuart Stott emphasized the evolving nature of sports media, stating that fans now seek involvement and want their opinions to have weight. This shift reflects a broader trend in the industry, where media outlets are exploring new ways to engage their audiences and stay relevant in a rapidly changing digital environment. By embracing this trend, Sports Illustrated demonstrates its commitment to innovation and its willingness to adapt to the preferences of modern sports fans.
SI Predict will be available globally and will comply with regulations from the UK’s Financial Conduct Authority and the US Commodity Futures Trading Commission. As a non-custodial platform, it will not require traditional gambling licenses. The launch comes amid growing interest in decentralized prediction markets, following the U.S. Supreme Court's lifting of the federal ban on sports betting in 2018. Companies like draftkings and FanDuel have led the online gambling space, but newer blockchain-based platforms have gained traction by enabling bets on broader real-world events.
The predictions market will cover a broad spectrum of sports, from popular leagues to niche events, providing users with numerous opportunities to test their knowledge and intuition. The platform is designed to be user-friendly, ensuring that both casual fans and seasoned bettors can easily navigate and participate. This inclusivity is a key aspect of the platform's appeal, as it aims to attract a diverse audience and foster a sense of community among sports enthusiasts.
The collaboration between Sports Illustrated and Galactic underscores the evolving nature of sports media, where traditional journalism is increasingly complemented by interactive and predictive technologies. This initiative not only enhances user engagement but also positions Sports Illustrated at the forefront of innovation in the sports media landscape. The launch of SI Predict is expected to generate significant interest and participation, given the brand's strong reputation and the platform's innovative features. As users engage with the predictions market, they will not only enjoy the thrill of making accurate predictions but also contribute to a dynamic and interactive community. This community-driven approach is likely to enhance the overall user experience and create a lasting impact on the sports media landscape.
