Zuckerberg asks Meta to explore working with Polymarket and Kalshi, NYT reports
People walk behind a logo of Meta Platforms company, during a conference in Mumbai, India, September 20, 2023. REUTERS/Francis Mascarenhas
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June 26 : Meta CEO Mark Zuckerberg has urged his lieutenants to explore partnerships with the popular prediction markets Polymarket and Kalshi as his company builds a similar app, the New York Times said on Friday, citing three employees with knowledge of the matter.
Meta and Kalshi did not immediately respond to requests for comment, while Polymarket declined to comment when contacted by Reuters. Reuters could not independently verify the report.
The social media company’s executives have said Arena, Meta’s new prediction market app under development, will differ from Polymarket and Kalshi, which accept real-money wagers, because it will instead rely on video-game-like “points”, the report said.
Prediction markets surged in popularity during the 2024 U.S. presidential election and have evolved into an asset class that lets investors wager on a variety of events, from monetary policy to sports tournaments.
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But they have also drawn increasing scrutiny as well-timed trades ahead of U.S. President Donald Trump’s major policy surprises have potentially led to millions of dollars in profits for unknown traders.
Zuckerberg’s target demographic for Arena is 18- to 34-year-olds and Meta is aiming to reach at least 100 million monthly active “predictors” for the app, according to the report.
Arena is being tested internally and may not be released, the report said, adding that Meta plans to eventually integrate parts of Arena into Facebook and Messenger.
The Times first reported on Tuesday that Zuckerberg recently dispatched a small team at his company to create a smartphone app similar to Polymarket and Kalshi.
Source: Reuters
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