Meta has already dominated the social media market and expanded its dominance in the smart glasses market. But now it wants to enter the world of “market prediction” which is simply a rebranding for gambling according to a report by The New York Times.
The new app, called Arena, has the same prediction features as Polymarket and Kalshi. It is being developed by a small team at Meta and it is not yet certain to be launched to the public. One difference with Arena is that users do not bet with real money, but with a point system like a video game. However, there is a possibility that real money betting could be possible in the future.
Mark Zuckerberg never wants to be left behind in the current market trends and Arena is an attempt to enter a market worth billions of dollars. However, the explosion of the prediction market site has received criticism because it encourages gambling that can be done on anything with a scandal of insider information being used to profit.
