Meta ( META ), the parent company of Facebook, is developing a new app called “Arena” that mirrors a prediction market platform, according to people familiar with the matter who spoke to the New York Times.
The product would allow users to make predictions about future events, ranging from politics and sports to entertainment and world affairs. But unlike traditional prediction market platforms such as Polymarket or Kalshi, users would likely rely on a video game-like points system instead of cash, the people said, although the company has not ruled out the possible use of real-money betting.
The people described the product as both experimental and a top priority for the company.
The move comes as prediction markets have gained unprecedented popularity following Polymarket’s success during the 2024 US presidential election, when traders flocked to the crypto-based platform to place bets on election outcomes, driving billions of dollars in trading volume and elevating prediction markets into the mainstream political conversation.
Meta had previously launched a similar product called Forecast in 2020, which encouraged users to make predictions about current events and emerging trends in the early stages of the Covid-19 pandemic. Meta ultimately removed the product in 2022.
