According to Bloomberg, Sports Illustrated has partnered with UK-based digital marketing company Galactic to enter the prediction market, allowing users to interact with contracts on sporting events. The new venture, SI Predict, will be available in eligible markets around the world in the second quarter of 2025, pending regulatory approval.

Sports Illustrated and Galactic are launching a new prediction markets venture "to foster conversation, debate and engagement by allowing users to showcase their knowledge without the complexity of gambling," according to a joint statement from the companies.

Galactic and Sports Illustrated will ensure the platform meets standards set by the UK Financial Conduct Authority and the US Commodity Futures Trading Commission (CFTC) , which plans to hold roundtables on prediction markets.

SI Predict will offer unique event contracts including halftime performances but will not offer standard win or lose markets.

Recall that the CFTC previously turned its attention to contracts on events in the run-up to the 2024 US presidential election. Prediction markets like Kalshi provided consumers with access to a range of politically-focused markets. Following the presidential election, companies like Robinhood and Crypto.com explored offering consumers contracts on sports events.

The availability of sports contracts caught the attention of the CFTC, and the regulator asked Robinhood and Crypto.com to suspend their contracts while it investigated. Robinhood has since partnered with Kalshi to offer sports contracts on its app.

Sports Illustrated plans to launch its prediction markets platform as CFTC Acting Chair Caroline Pham consults on the matter in the coming months. Pham and the CFTC will work with market experts, public interest groups and industry leaders to create a regulatory framework as major organizations like MLB push to regulate event contracts.

Earlier this month, MLB called on the CFTC to create an "integrity framework" around event contracts as the league worries about threats to integrity and data because prediction markets are not required to track betting activity compared to licensed sportsbooks and casinos.

The Nevada Gaming Control Board (NGCB) has taken a stand on event contracts, ordering Kalshi to stop accepting customers from state residents and visitors. The NGCB has issued a cease and desist letter to Kalshi for violating state gambling laws. The regulator believes that the event contracts offered by Kalshi are illegal “unless and until they are approved as a licensed gambling activity.”

Sports Illustrated is launching SI Predict after closing its joint venture with 888 Holdings . As part of an agreement to exit the U.S. sports betting market, 888 paid a $25 million termination fee. 888, renamed Evoke plc, will make an additional $25 million payment between 2027 and 2029.

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