DraftKings, Flutter Drop Over 2% as Meta Builds Arena Prediction App
Updated
Updated · CNBC · Jun 23
DraftKings, Flutter Drop Over 2% as Meta Builds Arena Prediction App
3 articles · Updated · CNBC · Jun 23
Summary
DraftKings fell more than 2% and Flutter nearly 2% after reports that Meta is developing a standalone prediction-markets app internally called Arena.
Meta CEO Mark Zuckerberg has directed staff to build the platform, CNBC said, confirming a New York Times report based on people familiar with the plans.
Arena would initially use a video game-style points system rather than real-money trading, though the Times said money could be added later.
Meta plans to keep the app separate from Facebook and Instagram while using those user bases to funnel potential traders to it.
The selloff reflects broader investor concern that prediction-market products, including sports-event contracts, could disrupt sports-betting operators; Robinhood also slipped after the report.