CEO Mark Zuckerberg recently dispatched a small team at his company to create a smartphone app ​similar to Polymarket and Kalshi, the New York Times reported ‌on Tuesday, citing two employees with knowledge of the matter.

Axar.az informs, citing Reuters, 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 U.S. 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 (HOOD.O) and Interactive Brokers (IBKR.O) 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 including ‌Facebook, ⁠Instagram, WhatsApp and Messenger.

Arena is one of several applications Meta is testing. Another of these standalone apps, Meta Photos, is designed to generate new forms of media, the report said.