Topline
Meta is developing a new prediction market app to compete with Polymarket and Kalshi, the New York Times first reported, after CEO Mark Zuckerberg directed a small team to start building the new product internally called “Arena.”
Meta CEO Mark Zuckerberg reportedly directed a team to start working on a prediction market.
Zuffa LLC
Key Facts
According to the report published on Tuesday, the proposed app would work separately from the company’s suite of social media and messaging apps, including Facebook, Instagram and WhatsApp.
Users would initially place bets with video game points instead of real money, according to the report, but it could feature bets with real money in the future.
This is a breaking story and will be updated.