Meta CEO Mark Zuckerberg wants to enter the prediction markets space dominated by Polymarket and Kalshi, according to The New York Times.
The tech billionaire recently directed staff to create a prediction markets app, the NYT reported on Tuesday, citing anonymous sources. The new app, called Arena, would operate separately from Meta's other platforms like Facebook, Instagram and WhatsApp, which serve billions of users across the globe.
"Users would not wager money, and the app would probably rely on a video game-like points system instead, one person said, though the company had not ruled out the eventual use of real money betting," according to the report.
Activity on prediction markets has swelled into a multi-billion-dollar business with users from all around the world betting billions of dollars while the sector's two largest players, Kalshi and Polymarket, either secured or pursued multi-billion-dollar valuations.
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