Mark Zuckerberg directed Meta to create a prediction markets app, NYT reports
Meta CEO Mark Zuckerberg plans Arena, a Polymarket style prediction app using points instead of cash, hinting at future real money betting and new event markets.
Meta CEO Mark Zuckerberg recently dispatched a small team at his company to create a smartphone app similar to Polymarket and Kalshi, the New York Times reported on Tuesday, citing two employees with knowledge of the matter.
The company did not immediately respond to a Reuters request for comment. Reuters could not independently verify the report.
The app will probably rely on a video game-like points system instead of users wagering money, though the company has not ruled out betting real money eventually, according to the report.
Prediction markets surged in popularity during the 2024 US presidential election and have evolved into an asset class that lets investors wager on a variety of events, from monetary policy to sports tournaments. Trading platforms such as Robinhood and Interactive Brokers have rolled out event contracts.
The Times report said the app is internally referred to as ”Arena” by Meta that would function independently from its social networking apps such as Facebook, Instagram, WhatsApp and Messenger.
The company did not immediately respond to a Reuters request for comment. Reuters could not independently verify the report.
The app will probably rely on a video game-like points system instead of users wagering money, though the company has not ruled out betting real money eventually, according to the report.
Prediction markets surged in popularity during the 2024 US presidential election and have evolved into an asset class that lets investors wager on a variety of events, from monetary policy to sports tournaments. Trading platforms such as Robinhood and Interactive Brokers have rolled out event contracts.
The Times report said the app is internally referred to as ”Arena” by Meta that would function independently from its social networking apps such as Facebook, Instagram, WhatsApp and Messenger.
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