Meta (META), Facebook’s parent company, is developing a new app called “Arena” that mirrors a market prediction 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. 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 sources said, although the company did not rule out the possible use of real money betting.
People described the product as both experimental and a priority within the company.
The effort comes as prediction markets have gained unprecedented popularity following Polymarket’s breakout success during the 2024 U.S. presidential election, when traders came to the crypto-based platform to bet on election results, generating billions of dollars in trading volume and elevating prediction markets into the mainstream political conversation.
Meta 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 ultimately retired the product in 2022.
