Prediction market platform Polymarket has dismissed employees and ended several contractor agreements as part of a broader restructuring, the company confirmed to FOX Business.
The cuts primarily affected Polymarket’s marketing, customer experience and engineering teams, according to a person familiar with the matter.
A Polymarket spokesperson said the company had adjusted its workforce as it prepares for its next stage of expansion.
“As we’ve grown and brought on new leadership, we’ve reorganized to set the company up for its next phase of growth, which has meant a lot of new hires, changes in personnel and letting some people go,” the spokesperson said.
Prediction market platform Polymarket confirmed layoffs and contractor cuts as part of a wider restructuring aimed at positioning the company for future growth. (Dado Ruvic/Reuters / Reuters)
“We’re grateful to the team that got us here, and we’ll keep growing as we build what’s next,” the spokesperson added.
More than half of those affected were contractors, while some full-time employees were also let go, according to a person familiar with the matter.
Polymarket disputed reports suggesting that 30% of its workforce had been cut, calling that figure inaccurate. The company did not, however, disclose what portion of its total workforce was affected.
The restructuring drew attention after an internal email notifying contractors that their agreements were being terminated began circulating on X.
Polymarket Founder and CEO Shayne Coplan speaks at the TOKEN2049 crypto conference in Singapore on October 7, 2026. (Caroline Chia/Reuters / Reuters)
“As part of a company-wide reduction in force, we’ve made the decision to end your contractor agreement with Polymarket effective November 4, 2026,” the email stated, according to Reuters.
The notice was sent only to contractors, not full-time employees, according to a person familiar with the matter.
The personnel changes come as Polymarket has brought in new leadership, including Warren Jenson, who was named the company’s first chief financial officer in September.
Former Uber executive Travis VanderZanden also joined the company as chief growth officer earlier this year.
Polymarket’s workforce reductions come as rival prediction market platform Kalshi has overtaken the company in monthly trading volume, according to Reuters. (Thomas Fuller/SOPA Images/LightRocket via Getty Images / Getty Images)
The restructuring followed a period in which Polymarket’s new leadership team evaluated staffing needs and how departments should be organized, according to a person familiar with the matter.
The changes also come as Polymarket faces intensifying competition from rival prediction market Kalshi, which has surpassed the company in monthly trading volume, Reuters reported.
