Meta CEO Mark Zuckerberg has urged his team to explore partnerships with the popular prediction markets Polymarket and Kalshi as his company builds a similar app, according to a report by the New York Times.
Prediction Markets and Their Growth
Prediction markets have surged in popularity, especially during the 2024 U.S. presidential election, and have evolved into an asset class that lets investors wager on various events. However, they have also drawn scrutiny due to well-timed trades ahead of major policy surprises.
Meta’s new prediction market app, Arena, is being developed with a target demographic of 18- to 34-year-olds, aiming to reach at least 100 million monthly active predictors. The app will differ from Polymarket and Kalshi by relying on video-game-like points instead of real-money wagers.
Arena is currently being tested internally and may not be released. If it is, Meta plans to integrate parts of the app into Facebook and Messenger.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
