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Publishers Are Partnering With Prediction Markets
Betting on breaking news // Image by Kait Cunniff with DALL-E
Legacy publications are partnering with prediction-market platforms to boost revenue, reach younger audiences, and better understand what readers want more information about.
The Big Gamble: Sports betting has been around for a long time, but the new trend in gambling is betting on everything — elections, quarterly earnings reports, and even box-office results. While that usage is concerning for culture, it does provide a strong bellwether for where a publication’s resources should be quickly allocated.
Between The Bets: Publishers are gambling that prediction markets are here to stay, according to Axios.
Time and Sports Illustrated have partnered with Galactic, while Sports Illustrated is also teaming up with Polymarket, which has recently been given the greenlight to return to the US.
To show how these deals work, Time’s deal will allow Galactic to leverage its journalism to provide users with real-time content that helps them understand, interpret, and predict what happens next in the prediction market.
In exchange, Galactic will “provide Time’s newsroom with a dashboard that includes real-time insights to understand what readers are most interested in and engaging with on the prediction market.”
Final Wager: Prediction markets like Galactic and Polymarket want to partner with publishers for the same reasons that we get our news from them — they’re vetted, accurate, and held to high standards. Or, as Galactic senior advisor Howard Mittman puts it: they “allow us to find the signal in the noise.”
In our fractured online world, that’s exactly why publishers desire these deals, too. If you want to see where people’s obsessions lie, follow the money.
Our Prediction: The era of gamifying good journalism is upon us.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.