Arena will not use real money to place bets, sources told The New York Times.
Social media giant Meta is building a prediction markets app similar to Polymarket and Kalshi, The New York Times has reported.
The new app – internally referred to as ‘Arena’ – is the latest in Mark Zuckerbeg’s attempts to capitalise off of changing internet trends and tap into emerging social behaviour online.
Sources told the publication that Meta would not allow users to bet real money on the app, likely opting for a points-based system instead. Though the use of money wagering has not been completely ruled out.
Zuckerberg has reportedly assigned a small team at Meta to build Arena, which would function independently from the tech giant’s social media platforms Instagram, WhatsApp, Facebook and Messenger.
