Meta plans a new prediction market app, causing sports betting stocks to drop

Meta CEO Mark Zuckerberg has instructed the development of a new prediction market platform called "Arena," separate from Facebook and Instagram. The app will initially use a points system for trading predictions instead of real money, with potential future monetization. Meta aims to leverage its large social media user base to attract users to this platform. Following the news, shares of sports betting companies DraftKings and Flutter Entertainment fell, reflecting investor concerns about competition from Meta's new app.