Meta (META), Facebook’s parent company, 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 forecasts about future events, from politics and sports to entertainment and world affairs. However, unlike traditional prediction market platforms such as Polymarket or Kalshi, users would likely rely on a video game-like points system rather than cash, the people said, although the company has not ruled out the eventual use of real-money betting.
People described the product as experimental and a top priority within the company.
The effort comes as prediction markets have gained unprecedented popularity following Polymarket’s runaway success during the 2024 US presidential election, when traders flocked to the cryptocurrency-based platform to place bets on the election results, generating billions of dollars in trading volume and elevating prediction markets to 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 during the early stages of the Covid-19 pandemic. Meta eventually removed the product in 2022.
