Using an argument similar to this one, the probability of a triangle being formed is $\frac{1}{15}$ since the number of ways six points on the circumference of a circle can be grouped into three sets of two is $\frac{6!}{2!^33!}=15$ and only one of these ways to group forms a triangle. Another way to think about this is forming all chords from six points and looking at $\triangle GKL$, the interior triangle formed.
Given a triangle is formed by three chords of a circle, what is the area of the triangle in terms of the location of the six points on the circle? I am looking run a simulation of the expected area given three random chords but having a hard time simply solving for the area of the triangle.
For simplicity I think we can assume that the circle is a unit circle of radius one?

An analytic approach:
The six points you have at hand form three lines with equations (supposing they form a triangle, this is indeed true):
$$\begin{align} A_1x+B_1y+C_1&=0,\\ A_2x+B_2y+C_2&=0,\\ A_3x+B_3y+C_3&=0, \end{align}$$
where $|A_i|+|B_i|>0$. Now, solving the following systems (all do have a unique solution since the three lines form a triangle and, hence, intersect pairwise each other):
$$S_1=\left\{\begin{array}{l} A_ix+B_iy+C_i=0,\\ A_jx+B_jy+C_j=0\end{array}\right., $$ where $j=i+1\mod3$ and $i=1,2,3$. Let $X_1,X_2,X_3$ be these points with cordinates:
$$x_i=\frac{D_i^x}{D_i},y_i=\frac{D_i^y}{D_i},$$
where $D_i=A_iB_j-A_jB_i$, $D_i^x=-B_iC_j+B_jC_i$ and $D_i^y=-A_iC_j+A_jC_i$, with $i=1,2,3$ and $j$ as above.
Now that you have the triangle's endpoints, it is easy to find its area e.g. using the determinant formula: $$E=\frac{1}{2}\left|\vec{X_1X_2},\vec{X_2X_3}\right|$$