Meta Reportedly Testing Out Prediction Market App ‘Takes’ Ahead of Potential Rollout

Tech giant Meta is moving ahead with its proposed prediction market app, which employees are reportedly testing. As part of the testing process, employees are using ‘Cred’ to bet on events instead of wagering real money.

Meta Employees Test Out Prediction Market App

According to a WSJ report, the company’s employees have begun testing the prediction market app, which is under development. This is notably a step that the tech giant often takes before the public release of a product.

As part of the testing process on the application, called Takes, employees wager on events and questions using cred rather than real money. Correct predictions earn points while users lose points when a prediction is incorrect.

Details about the planned Meta prediction market app first emerged earlier this year. As CoinGape reported in June, the app was first called Arena when Meta began developing it. The current name, Takes, could still change before a public release.

With its proposed prediction market app, the tech giant could rival top crypto prediction market platforms such as Polymarket and Kalshi. It remains to be seen whether the company would enable wagers with real money like these platforms or simply stick to using cred to earn points.

A potential rollout could come at a time when prediction markets are facing pushback from state regulators, who argue that these platforms operate as illegal betting sites. Louisiana recently sued these prediction market platforms, becoming the 13th state to bring an enforcement action against the industry. Similar to other actions, Louisiana argues that these platforms are offering illegal gambling.