Polymarket has laid off employees and ended some contractor agreements as part of a company-wide restructuring, the prediction market platform confirmed.
The cuts mainly affected marketing, customer experience and engineering, according to a person familiar with the matter. More than half of those affected were contractors, though some full-time employees also lost their jobs.
A company spokesperson said Polymarket had reorganized as it prepares for its next stage of growth, following the arrival of new leaders. The changes included new hires as well as departures, the spokesperson said, adding that the company was grateful to the team that helped build it.
Polymarket disputed reports that the company had cut 30% of its workforce, describing that figure as inaccurate. It did not provide a figure for the share of employees affected.
The restructuring came to wider attention after an internal email to contractors circulated on X. The message said their agreements would end effective November 4, 2026. A person familiar with the matter said the email went to contractors, not full-time staff.
The changes followed a review by the company’s new leadership of staffing and department structure. Polymarket has recently added executives, including Warren Jenson, named its first chief financial officer in September, and former Uber executive Travis VanderZanden, who joined as chief growth officer earlier this year.
The company is also facing increased competition from Kalshi, which has surpassed Polymarket in monthly trading volume.
