Mark Zuckerberg Made Meta Create an App Like Kalshi and Polymarket

Prediction markets like Polymarket and Kalshi are very popular now. For example, Polymarket had users spend $425 million in one day.

Sites like Polymarket and Kalshi let people bet on many things, including sports and politics.

Mark Zuckerberg, Meta's CEO, wants to join the prediction market business. Meta made a new app similar to Polymarket and Kalshi.

Meta's prediction market app is called 'Arena'.

Arena is different from Polymarket and Kalshi because it does not use real money. Instead, it uses in-app points.

Arena is being tested inside Meta now. There are no plans to release it to the public yet. The app might never be released. But Meta might add real money betting if it is released.

Meta tried a prediction market app before. In 2020, they made an app called Forecast. It asked users to guess what the world would be like after the pandemic. Meta closed Forecast in 2022.

Meta has made standalone apps before, but they were not successful. For example, they made an app called Lasso to compete with TikTok. But Meta closed Lasso less than two years later.

Polymarket and Kalshi have had problems recently. They have issues like insider trading and deceptive marketing.

Even with problems, prediction markets are still very popular. Meta often follows trends, so it is not surprising they made a prediction market app. The question is if they will release it.

Meta has tried many new things, like the Metaverse and a cryptocurrency. Now they have a prediction market app.

Topics include apps and software, Facebook, and Meta.

COPYRIGHT DISCLAIMERS

4English does not own the rights to this content. All rights belong to the owner. 4English only uses this content to help users learn English via the app's features. Contact to request the removal of your content: contact@4englishapp.com.

Practice Listening