Meta CEO Mark Zuckerberg has tasked a small team at the company with making an app that works like the prediction markets Polymarket and Kalshi, according to The New York Times. The app, internally called “Arena” won’t let users wager real money, but instead will “probably rely” on allowing users to bet with points, the NYT says — though Meta apparently hasn’t ruled out eventually allowing people to bet with real money.
Should Meta’s app launch publicly, it would be just the latest example of Meta taking a popular idea from another company and building its own version, like it did when it cloned Snapchat’s Stories format and TikTok’s vertical video feed. However, prediction markets have also been rife with controversy, including users being arrested for placing suspicious bets. The Wall Street Journal also recently reported that Polymarket paid people to post fake videos of themselves placing bets.
Arena is set to be independent from Meta’s other apps, though the company plans to point users to it from its other platforms. According to the NYT, Meta insiders characterized the app as a “top priority.” Meta and Polymarket didn’t immediately reply to a request for comment. Kalshi spokesperson Laura Frank declined to comment.