Mark Zuckerberg built Facebook and with the revenue generated bought competitors like WhatsApp and Instagram one by one. If it can't be bought, clones like Snap and Clubhouse will be built in-house. According to an NPR report, Mark Zuckerberg once met with Kalshi CEO Tarek Mansour to buy the prediction market platform.
Discussions to buy fell through because the price was not agreed upon and Meta didn't want to be associated with an app that was embroiled in various controversies. This report comes after Meta is said to be developing Arena, their own prediction market app similar to Kalshi and Polymarket.
Prediction markets are just another name for gambling platforms where users bet money on the probability of something happening. It is not limited to sports like other gambling apps.
Polymarket and Kalshi have a bad reputation for normalizing gambling using loopholes that exist in US law. Both are currently being investigated for causing gambling addiction with several users also being dragged to court after using insider information to profit.
