Meta is developing Arena, a standalone prediction market app where users would use points, not real money. The company said the app would forecast the outcomes of sports games and political events, according to a person familiar with the matter.

The effort, led by CEO Mark Zuckerberg, is meant to add to Meta’s social apps by giving users another way to engage with live events.

The product is still in development.

Meta’s move comes as prediction markets in the US gain traction after a federal court in September 2024 vacated a Commodity Futures Trading Commission order barring Kalshi’s election contracts.

The agency’s later effort to stop them during the election cycle failed.

The person said Arena remains in development, and Meta declined to comment.

🔗 Source: Bloomberg

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