Meta’s new prediction market app Arena could bring betting to 3 billion users
TL;DR
Mark Zuckerberg directed Meta to build a prediction market app called Arena, rattling DraftKings and Flutter shares on Tuesday.
Mark Zuckerberg has directed a small team at Meta to build a smartphone app that would compete with prediction market platforms Polymarket and Kalshi, the New York Times reported on Tuesday. The app, internally called Arena, would operate independently from Facebook and Instagram. Meta declined to comment.
Arena would initially use a video-game-style points system rather than letting users wager real money, according to the report. The company has not ruled out introducing real-money betting in the future. The distinction matters because real-money prediction markets face federal oversight from the Commodity Futures Trading Commission, which regulators around the world have increasingly treated as gambling.
The announcement sent shares of existing betting and prediction market companies lower. DraftKings fell more than 2 percent on the news, Flutter Entertainment dropped roughly...
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