Meta building prediction market app that wouldn't wager money
Published in Business News
Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg has directed a small team to create a prediction market application similar to Kalshi Inc. and Polymarket, but with lower stakes as users won’t likely wager real money.
The standalone product, which is still in development and known internally as Arena, would complement Meta’s other social media offerings by giving people a place to interact around live events like sports games or politics, according to a person familiar with the matter, who asked not to be identified as the details aren’t public. The New York Times first reported on the internal effort. A Meta spokesperson declined to comment.
The prediction market industry, which lets people wager on the outcome of various real-world events, has exploded in the face of a newly friendly regulatory environment in Washington. Upstarts like Kalshi and Polymarket have benefitted from that, garnering multibillion dollar valuations. While Arena intends to capitalize on that user interest, the app isn’t currently expected to require real funds. Instead, it would likely engage users through a points system, the person said.
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