CEO Mark Zuckerberg recently dispatched a small team at his company to create a smartphone app similar to Polymarket and Kalshi, the New York Times reported on Tuesday, citing two employees with knowledge of the matter.
Axar.az informs, citing Reuters, the app will probably rely on a video game-like points system instead of users wagering money, though the company has not ruled out betting real money eventually, according to the report.
Prediction markets surged in popularity during the 2024 U.S. presidential election and have evolved into an asset class that lets investors wager on a variety of events, from monetary policy to sports tournaments. Trading platforms such as Robinhood (HOOD.O) and Interactive Brokers (IBKR.O) have rolled out event contracts.
The Times report said the app is internally referred to as "Arena" by Meta that would function independently from its social networking apps including Facebook, Instagram, WhatsApp and Messenger.
Arena is one of several applications Meta is testing. Another of these standalone apps, Meta Photos, is designed to generate new forms of media, the report said.
Source: en.axar.az
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