Sports Illustrated is working with UK-based media company Galactic to launch a new forecast market platform.
A platform called SI Predical allows users to bet on sports-related events without betting the actual results of the game.
According to Bloomberg Reporting, Si Predict works similarly to platforms like Polymarket and Kalshi, where users can bet on future events using blockchain-based derivative contracts.
Unlike traditional sportsbooks that focus on game outcomes, SI Preduct offers a marketplace for adjacent aspects of the sport, including stadium attendance, halftime show details, and other non-score-based results.
“Sports media is no longer a one-way conversation,” said Galaxy CEO Stuart Stott., according to Bloomberg. “Fans want to get involved. They want their opinions to be weighed.”
The forecast market uses blockchain technology to create transparent and verifiable bets. Instead of betting on bookmakers, users trade stocks on the outcome of events, similar to how the stock market works.
If the forecast turns out to be correct, the value of the stock increases. If that’s wrong, they’re worthless.
You might like it too: Bitso launches Juno and Mxnb Stablecoin for cross-border payments
Online bet
SI forecasts will be available globally and comply with regulations from the UK Financial Conduct Authority and the US Commodity Futures Trading Commission. However, as an inappropriate platform, traditional gambling licenses are not required.
The launch comes amid growing interest in a decentralized forecasting market. Since the US Supreme Court lifted the federal ban on sports betting in 2018, companies such as Draftkings and Fanduel have led the online gambling space. However, new blockchain-based platforms such as Polymarket have gained traction by betting on wider real-world events.
According to Bloomberg, the SI forecast is expected to be released in the second quarter of 2025.
You might like it too: Taiwan’s FSC has released a draft of the Virtual Asset Services Act, which outlines cryptographic regulations
