Meta Develops Own Prediction Markets App Called Arena

Meta may be entering the world of prediction markets. According to the New York Times, CEO Mark Zuckerberg has instructed an internal team to build a standalone app called Arena. The app is completely separate from Facebook, Instagram, WhatsApp and Messenger and is intended to compete with major players such as Polymarket and Kalshi.

Points instead of real money

Arena initially works with a points system, meaning users do not bet real money. However, Meta does not rule out a paid version in the future. The company sees prediction markets as a growing trend in user behaviour and considers the market a potential growth opportunity.

The idea is not new for Meta. In 2020, the company launched a similar app called Forecast, but it was discontinued in 2022. With Arena, Meta appears to be making another attempt, this time based on the success of existing platforms such as Polymarket and Kalshi, which have become the best-known names in the prediction markets sector.

Major competitor for Polymarket and Kalshi

If Meta actually rolls out Arena, Polymarket and Kalshi could face a serious challenger. Meta has billions of users worldwide through its existing platforms, giving the app an enormous potential reach immediately. That makes the launch of Arena an interesting development for anyone watching the prediction markets sector.

For now, it remains rumours and internal development. The New York Times reports the plans based on insiders, but Meta itself has not given any official confirmation. What Arena will look like exactly and when the app will become available therefore remain unclear.