Sydney Sweeney Ads Boost Sports Betting Platform Valuation to $2 Billion

Novig, a sports-focused prediction market, has reportedly quadrupled its valuation to $2 billion after its recent advertising campaign featuring actress Sydney Sweeney went viral. The platform's valuation increased from $500 million earlier this year following new funding rounds, according to The Wall Street Journal.

The "Euphoria" star joined Novig as an equity investor and appeared in advertisements that depicted her nude, strategically covered by sports equipment. These ads, which focused exclusively on sports predictions and excluded politics or other sensitive topics, garnered significant attention online and are credited with driving the platform's rapid growth.

The commercial features Sweeney in various suggestive poses with sports items like footballs, a basketball hoop, and a soccer ball, with her stating, "Think you know sports? Prove it." The ads aimed to attract a young male demographic to the prediction market, positioning it as an alternative to traditional sportsbooks.

While the ads were effective in boosting Novig's profile and valuation, they also generated controversy. Critics accused the campaign of sexualizing women in sports and reducing female athletes to their appearance. In response to the backlash, Sweeney reportedly lost over 200,000 Instagram followers, though she retains a large following. Some athletes, including British sprinter Amy Hunt, Australian swimmer Ariarne Titmus, and American gymnast Gracie Kramer, filmed their own videos showcasing their athletic achievements in what they described as "what women's sport looks like."

However, others defended Sweeney and Novig's marketing strategy. Former Fox News host Megyn Kelly and Republican Rep. Nancy Mace argued that using sex appeal in advertising to target men is a long-standing practice. Novig CEO Jacob Fortinsky also defended the campaign, stating the company supports women's sports and that the ads were not intended to portray female athletes. He emphasized that Sweeney, as an actress, was communicating a specific story for the prediction market.

Novig's surge in valuation comes as prediction markets, which allow users to bet on a wide range of events, including sports, pop culture, and politics, attract significant investor interest. Despite facing regulatory scrutiny and criticism for potentially operating in gray areas of gambling laws, these platforms continue to attract capital. Novig's earlier investors include venture capital firms Pantera Capital, Multicoin Capital, and NFX. This is not the first time Sweeney has been involved in advertising campaigns that have generated public discussion; similar situations occurred with her advertisements for American Eagle and Dr. Squatch.