Meta is developing a standalone prediction markets app called "Arena" as it looks to tap into one of the internet's fastest-growing sectors, The New York Times reported on 23 Jun.
The app was reportedly commissioned by CEO Mark Zuckerberg and would initially use a points-based system rather than real-money wagering, though Meta has not ruled out introducing betting features in the future. Arena would operate independently of the company's Facebook, Instagram, WhatsApp and Messenger products but could still leverage Meta's existing social media ecosystem.
The move follows explosive growth in prediction markets. These platforms allow users to bet on the outcome of future events, from elections and economic data to sports and entertainment. According to the report, industry leaders Kalshi and Polymarket processed a combined $130bn in trading volume so far this year.
Meta previously launched a forecasting app called Forecast in 2020 before shutting it down in 2022.
Sandmark reached out to Meta for confirmation but had not received a response by publication time.
