technology
Meta Developing Arena App for Event Forecasts Using Points System, Has Not Ruled Out Real-Money Betting
Meta is building an experimental prediction-market-style app called Arena that would let users forecast outcomes in politics, sports, entertainment and world affairs. The project uses a points system and revives an earlier Forecast product from 2020. CoinDesk reported the details citing people familiar with the matter.
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Meta is developing an experimental app called Arena that would allow users to forecast outcomes in politics, sports, entertainment and world affairs, CoinDesk reported, citing the New York Times and people familiar with the matter. The app is expected to rely on a video game-like points system rather than cash wagers, though the company has not ruled out adding real-money betting later.
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The project is described as both experimental and a top priority inside Meta.
Meta previously launched a similar product called Forecast in 2020 that encouraged predictions about current events and emerging trends. The company took down Forecast in 2022. Arena marks a return to the space as prediction markets have drawn billions of dollars in trading volume during the 2024 U.S.
Presidential election. Coinbase and Kraken have explored prediction-market-style products, while Robinhood has introduced event-based contracts tied to political and economic outcomes. The renewed activity has drawn regulatory scrutiny over whether such contracts constitute gambling or legitimate financial instruments.
The Commodity Futures Trading Commission has repeatedly examined whether event contracts serve a hedging purpose or amount to prohibited gaming activities.
