Meta is building a prediction markets app. These stocks are falling in response (opens original article in a new tab)

Meta is building a prediction market app called 'Arena' with a points system, which has caused declines in stocks of sports betting companies like DraftKings and Flutter.

• Meta is developing a prediction market app called 'Arena' with a points system instead of real money.
• The app will be separate from Instagram and Facebook but may use their user base for promotion.
• DraftKings and Flutter Entertainment stocks fell after the report due to concerns about prediction market competition.