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Illustration of Meta's Arena app on a smartphone showing prediction markets for politics and sports using points.
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Meta develops points-based prediction market app Arena

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Meta is building an experimental prediction market app called Arena that lets users forecast events in politics, sports and other areas using points instead of cash. The project is a top priority at the company and revives an earlier effort from 2020.

Kalshi filed a lawsuit against Illinois officials on Tuesday, challenging a new state tax on sports-related prediction markets. The suit was brought in the US District Court for the Northern District of Illinois. It alleges that state officials have overstepped federal regulatory authority.

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Kalshi is seeking to raise new capital at a valuation of about 40 billion dollars, nearly doubling its previous 22 billion dollar valuation, according to people familiar with the matter.

U.S. President Donald Trump called it critically important for the CFTC to retain exclusive authority over prediction markets in a Truth Social post late Tuesday afternoon.

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Kalshi has unveiled a new advocacy group called Americans for Fair Markets to influence policymakers on prediction markets. The move comes as the US House Oversight Committee launched an investigation into Kalshi and Polymarket over insider trading concerns.

A senior White House official expressed optimism this week that the Clarity Act could reach President Donald Trump's desk by Independence Day. The comments came during Consensus Miami 2026, where lawmakers and industry figures also discussed ethics rules and prediction markets.

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Two industry leaders urged regulators to treat sports betting as a financial instrument rather than gambling during a panel at Consensus Miami 2026. Novig CEO Jacob Fortinsky outlined plans to expand nationwide under a federal framework this summer. Adam Mastrelli of 57 Maiden shared his experience of being banned from major sportsbooks for successful betting.

 

 

 

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