iGaming Weekly Recap (March 24–30, 2025): Sports Illustrated to Launch Prediction Platform
Lately, more news has been flowing in from the realm of prediction markets than traditional sports betting. Just this week, we learned that Kalshi partnered with IC360 to bolster integrity efforts, while Sports Illustrated plans to launch its own prediction platform with Galactic, marking its second venture into a sports betting-adjacent space. What else happened in the industry over the past week? Check out our Weekly Recap!
House Bill 145, introduced in Alaska by Representative David Nelson, aims to legalize online sports betting in the state. The proposed legislation outlines a licensing framework, oversight by the Department of Revenue, operator requirements, a 20% gross revenue tax rate, and measures to protect consumers and ensure betting integrity. This bill marks the most detailed effort yet to bring sports betting to Alaska, where only charitable gaming is currently legal.
A multi-year partnership has been forged between bet365 and the St. Louis Cardinals baseball team. The deal names bet365 the Cardinals’ first official mobile betting partner, granting the company advertising visibility across team platforms and rights to use the team’s logo. As part of the collaboration, a fan zone called the bet365 Bridge will be created at Busch Stadium. The partnership aims to blend sports betting with the fan experience in Missouri, though legal betting in the state won’t start until late 2025.
Kalshi, a U.S.-regulated prediction market platform, has partnered with Integrity Compliance 360 (IC360) to bolster the integrity of its markets. The collaboration aims to detect suspicious activity and block prohibited users using IC360’s monitoring tools and the ProhiBet platform. This move is part of Kalshi’s broader strategy to uphold high safety and compliance standards, especially following its recent launch of sports markets. The partnership merges IC360’s technology with Kalshi’s internal oversight systems to prevent fraud and foster trust in the platform. Both companies stress that this initiative sets a benchmark for the industry in ensuring fair and transparent prediction markets.
Sports Illustrated (SI) has launched a new venture, SI Predict, in collaboration with UK-based Galactic. Set to debut in Q2 2025, this prediction platform will let fans trade forecasts on sports-related events, like attendance or show elements, rather than traditional betting. Built on blockchain technology, SI Predict aims to engage fans in a fresh way, sidestepping the complex gambling regulations that shuttered the earlier SI Sportsbook. It focuses on fan interaction and insights, not monetary stakes, targeting the expanding prediction market.
Underdog secured $70 million in a Series C funding round, with a potential target of $100 million. This boost has pushed the company’s valuation to $1.23 billion, a major leap in three years. The funds will fuel product enhancements, new hires, and further expansion in the sports betting market, following a recent launch in North Carolina and plans for Missouri. Despite pulling out of New York, Underdog, with nearly 4 million users, aims to challenge industry leaders, leveraging its proprietary tech and innovative edge.
Bonus: Sports Illustrated’s Sports Betting Flop
SI dove into sports betting in 2020, banking on its iconic name to carve a spot in the U.S. market. Authentic Brands Group (ABG), SI’s owner, hunted for a partner to license “SI Bets,” aiming to boost digital traffic via its website. CEO Jamie Salter called it a “game-changer” for the brand.
By August 2021, ABG inked a deal with 888 Holdings, snagging a 4.99% stake while 888 got exclusive rights to wield the SI logo on its betting platforms. Both saw it as a win-win to tap sports fans directly.
SI Sportsbook hit the ground in Colorado that September, with plans to roll into New Jersey, Iowa, and Indiana by mid-2022. It eventually reached Virginia and Michigan, running in three states in total. The pitch was simple: leverage SI’s clout to pull bettors. But the rollout, backed by 888’s tech and SI’s hype, couldn’t crack the big leagues.
Why It Tanked?
The venture flopped hard, and by September 2024, SI Sportsbook pulled the plug in Colorado, ending a three-year run. Several snags sank it.
First, the U.S. betting scene is a tough nut. FanDuel and DraftKings held over 80% of the market in 2024, per AGA stats, leaving scraps for newcomers. SI couldn’t muscle in. Then, in March 2024, 888 Holdings (now Evoke plc) bailed on the U.S., yanking key resources and gutting SI’s ops.
The platform itself lagged too. It posted weak numbers across Colorado, Virginia, and Michigan, hinting at shaky marketing, tech, or offers. SI’s brand, huge in sports media with 3 million readers, didn’t translate, and bettors didn’t bite.
Other media outfits like Barstool and FOX hit similar walls, suggesting name recognition alone can’t hack it against betting pros with deep tech and cash. SI needed more than nostalgia; it lacked the firepower to match the giants.
Now, SI is testing prediction markets with SI Predict, launching Q2 2025 with UK firm Galactic. Prediction markets, like Kalshi’s $2 billion in trades, have buzz, yet media brands struggle to convert fame into betting wins. SI’s got a shot to track fan chatter, not wallets. Still, we’re left wondering if this pivot can finally cash in on its name.
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