Meta to Launch Prediction Market App

Mark Zuckerberg has directed a team to build an app called Arena that mimics prediction markets like Polymarket, though it will not initially use real money.

The move sent shares of DraftKings and Robinhood lower.

The app represents Meta's latest effort to diversify beyond social media and into the growing prediction market space, which has seen surging popularity.

A poll showed voters favor federal oversight of such markets, adding a regulatory dimension to Meta's plans.