The company did not immediately respond to a Reuters request for comment. Reuters could not independently verify the report.
The app will probably rely on a video game-like points system instead of users wagering money, though the company has not ruled out betting real money eventually, according to the report.
Prediction markets surged in popularity during the 2024 US presidential election and have evolved into an asset class that lets investors wager on a variety of events, from monetary policy to sports tournaments. Trading platforms such as Robinhood and Interactive Brokers have rolled out event contracts.
The Times report said the app is internally referred to as “Arena” by Meta that would function independently from its social networking apps such as Facebook, Instagram, WhatsApp and Messenger.
