Meta is building a prediction markets app
Meta prediction markets platform could use a points-based system to forecast events See how Zuckerberg’s new app may challenge DraftKings, Flutter and Robinhood
Meta CEO Mark Zuckerberg has directed staff to develop a prediction markets platform, according to a person familiar with the plan who confirmed the details to CNBC. The New York Times first reported the project.
The app is said to use a pointsbased system rather than real money at launch, setting it apart from other prediction markets where users trade with cash on future events. According to the report, the product is being developed separately from Facebook and Instagram, though Meta could use those platforms to attract users.
Shares of DraftKings, Flutter Entertainment, and Robinhood moved lower after the report as investors weighed the possible competitive impact on sports betting and prediction market businesses.