Meta builds prediction market app as DraftKings, Flutter shares slip
What's new: The app, called Arena internally, is expected to use points rather than cash, though money could be added later.
Meta Platforms is developing a standalone prediction market app that has internally been called Arena, according to CNBC and a New York Times report it cited. The product is being built under Chief Executive Mark Zuckerberg's direction and is designed to let users make forecasts on future events. CNBC reported the app is not expected to use real-money trading at launch, instead relying on a video game-style points system, though that could change later. Meta would look to draw users from Facebook and Instagram. Shares of DraftKings fell more than 2% after the report before trimming losses, while Flutter Entertainment and Robinhood also declined as investors weighed fresh competition in event-based forecasting.