Prediction market platform Polymarket has confirmed layoffs and the termination of contractor agreements as part of a broader restructuring to position the company for its next phase of growth. The company did not disclose the exact percentage of its workforce affected by the cuts, but disputed reports suggesting that 30% of staff had been cut, calling that figure inaccurate. More than half of those affected were contractors, while some full-time employees also lost their jobs, according to a person familiar with the matter.
The personnel changes primarily hit Polymarket's marketing, customer experience and engineering teams. A Polymarket spokesperson said the company had reorganized as it brought on new leadership, which involved bringing in new hires, making changes to personnel and letting some people go. The restructuring was announced through an internal email sent to contractors on November 4, 2026, informing them that their agreements were being terminated, according to Reuters.
The layoffs follow a period in which Polymarket's new executive team evaluated staffing needs and departmental organization. The company has brought in Warren Jenson as its first chief financial officer in September, and former Uber executive Travis VanderZanden joined as chief growth officer earlier in the year. The spokesperson said the company was grateful to the team that brought it to its current position and would continue growing as it built what comes next.
The restructuring comes as Polymarket faces intensifying competition from rival prediction market platform Kalshi, which has overtaken Polymarket in monthly trading volume, according to Reuters. The changes reflect the company's efforts to adapt its structure and leadership to maintain competitiveness in the growing prediction market sector.