Actress Sydney Sweeney has released a new advertisement for the prediction market platform Novig, doubling down on a provocative campaign that has drawn both criticism and significant attention. The ad, posted to Sweeney's Instagram account, features the actress in revealing attire and directly addresses the controversial nature of prediction markets.
In the video, Sweeney is shown wearing Novig-branded underwear and remarks on the proliferation of controversial betting markets. She contrasts "grown men making spreadsheets to bet on what color underwear I'm wearing" with other, more contentious markets that allegedly involve insider trading, dictators' deaths, and the manipulation of information by bots. Sweeney also pointed to markets where individuals might bet their retirement savings on war outcomes, before pivoting to Novig's focus on sports betting.
The "Just Sports" campaign initiated by Novig has ignited a debate, with some women athletes expressing anger that the advertisements sexualize women and reduce their role in sports to their physical appearance. Conversely, some commentators, like Megyn Kelly, have argued that the use of sex in marketing sports to men is a long-standing practice.
The controversy has proven lucrative for Novig. The prediction market platform has seen its valuation surge from $500 million earlier in the year to $2 billion, according to The Wall Street Journal. Sweeney, who is also a partner in the campaign, has experienced a rise in her own popularity amid the public discourse surrounding the ad.
Novig's latest advertisement appears to target competitors such as Kalshi and Polymarket, which offer a wider array of prediction markets that Sweeney's ad critiques. Kalshi has reportedly been valued at $40 billion, and Polymarket at $21 billion. These platforms have faced scrutiny for markets susceptible to manipulation and are involved in legal challenges from various states seeking to regulate prediction markets as gambling entities.
Currently, prediction markets operate under the purview of the Commodity Futures Trading Commission, which has paved the way for their legality across all U.S. states. The long-term impact of the ongoing legal battles remains to be seen, but Novig and Sweeney appear focused on generating immediate public engagement through controversial online marketing.