Polymarket · Meta · Facebook · New York · CoinDesk
Meta is developing a prediction market app called ‘Arena’ as sector booms: NYT
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Meta (META), the parent company of Facebook, is developing a new app called “Arena” that mirrors a prediction market platform, according to people familiar with the matter who spoke with the New York Times.
Key facts
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- Meta had 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
- Meta (META), the parent company of Facebook, is developing a new app called “Arena” that mirrors a prediction market platform, according to people familiar with the matter who spoke with the New York
- Crypto-native companies such as Coinbase (COIN) and Kraken have explored opportunities in the space, while retail brokerage Robinhood (HOOD) has introduced event-based contracts tied to political
Summary
Meta is developing an experimental prediction market-style app called Arena that would let users forecast outcomes in politics, sports, entertainment and world affairs. Unlike traditional platforms such as Polymarket or Kalshi, Arena is expected to use a video game-like points system rather than cash, though Meta has not ruled out eventually allowing real-money betting. The project marks a revival of Meta’s earlier Forecast initiative and comes amid surging interest in prediction markets and growing regulatory scrutiny over whether such event contracts amount to gambling or are legitimate financial instruments. The product would allow users to make forecasts about future events, ranging from politics and sports to entertainment and world affairs.