Key Facts

• Meta is developing a prediction market app called 'Arena' that would enable users to forecast future events using a points-based system rather than cash wagers.
• The app's points-based system is designed to differentiate it from traditional prediction markets that often involve cash betting.
• The development of 'Arena' comes as the prediction market sector is experiencing significant growth, according to The New York Times report.
• The New York Times report cited people familiar with the matter, who provided information about the app's features and development.
• Meta's entry into the prediction market sector with 'Arena' could potentially disrupt existing platforms and offer users a new way to engage with forecasting and prediction markets.