Meta Considers Entering Prediction Markets
The app would use a points system at first and could later add cash trading as prediction markets draw more users and regulatory scrutiny.
- On Tuesday, Meta Platforms Inc. CEO Mark Zuckerberg directed staff to build a prediction market app internally called "Arena," which will operate independently of Facebook and Instagram.
- Meta previously launched a similar prediction market product called Forecast in 2020, but the company quietly shut down the app two years later.
- The new app will rely on a video-game-style points system rather than real money, allowing Meta to leverage its roughly 3 billion monthly active users across Facebook and Instagram.
- Following the report, shares of betting platforms DraftKings and Flutter Entertainment fell more than 2 percent on Tuesday, reflecting investor concerns about Meta's distribution advantage.
- Prediction markets have recorded over $23.8 billion in total trading volume, though companies face increasing legal scrutiny regarding whether such event contracts constitute prohibited gambling activities.
37 Articles
37 Articles
Zuckerberg eyees betting platform, orders development of new app Arena. Meta is expected to enter the prediction market service market similar to Polymarkets and Calci. According to the U.S. daily New York Times on the 23rd (local time), the newspaper cited multiple internal sources stating that Meta CEO Mark Zuckerberg recently [ordered] an internal...
Meta plans to build a prediction market app
Meta plans to build a prediction markets app, The New York Times reported, as one of Big Tech’s traditional champions seeks to carve out a slice of the retail futures bonanza. DraftKings and FanDuel’s parent company fell on the news, reflecting the challenge prediction markets, which have flourished amid lax regulations, pose to digital sportsbooks, CNBC noted. Meta’s app would leverage existing Instagram and Facebook users, using a points syste…
Cointelegraph
Cryptocurrency News | Cryptocurrency Prices | Market CapMark Zuckerberg Ordered Meta Staff to Develop Moneyless Prediction Market: NYT
Meta, which said it had more than 3.5 billion users across its family of apps as of March, could challenge Kalshi’s and Polymarket’s market share with the reported launch of a prediction markets app.
Meta's executive director, Mark Zuckerberg, commissioned a small team to create a forecast market app similar to Kalshi and Polymarket, but with smaller bets, since users probably won't be betting real money.
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