United Kingdom, June 25 -- Meta is reportedly developing a new standalone app that will allow users to predict the outcomes of future events, as the technology giant looks to tap into the rapidly growing popularity of prediction markets.

According to a report by The New York Times, the project has been personally championed by Meta chief executive Mark Zuckerberg and is currently being developed under the internal name "Arena".

The app is expected to let users compete by predicting the outcome of real-world events, initially using a points-based system similar to a video game.

However, the report claims Meta could eventually expand the platform to support real-money wagering.

Arena is expected to launch separately from Meta's existing...