Meta is working on a new betting market platform where users can make predictions about the outcomes of various events. According to the report, the project, codenamed “Arena” within the company, will operate separately from Meta’s existing social networks, but users will be able to access the service via Facebook, Instagram and other platforms.
It is reported that the project does not initially involve the use of real money. Users will make predictions on various topics and earn points for correct guesses. The working principle of the system will be similar to video games in some ways. In the future, it is not excluded that real money elements will be added to the platform.
The rapid growth of betting market platforms such as Polymarket and Kalshi in recent years and reaching billions of dollars in transaction volumes have increased interest in this area. Meta also aims to gain a position in this promising market with the new project.
