The company has not yet responded to a request for comment from Reuters, and the report could not be independently verified by them.
The application is expected to utilize a video game-inspired points system instead of allowing users to place monetary bets, although the possibility of real money betting has not been entirely dismissed, as noted in the report.
Prediction markets gained significant traction during the 2024 US presidential election, evolving into an asset class that enables investors to bet on a range of events, including monetary policy and sporting events. Trading platforms like Robinhood and Interactive Brokers have introduced event contracts.
The Times indicated that the app is being referred to internally at Meta as ”Arena” and will operate separately from its social media platforms like Facebook, Instagram, WhatsApp, and Messenger.
