Polymarket cuts staff as part of company restructuring

Polymarket has laid off employees and ended contracts with several contractors as part of a company-wide workforce reduction this month. The prediction market platform confirmed the changes as it works to recover from setbacks that led to it losing market position to rival Kalshi Inc.

An email sent by the company last week notified some contractors they were being let go as part of the restructuring. The New York-based firm confirmed the email was authentic.

"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 company said Wednesday.

The company declined to share specific numbers regarding the workforce changes.

Polymarket previously held the position as the largest prediction market exchange before losing that status to Kalshi Inc. The company has faced legal challenges in recent years even as the prediction market industry expanded.

The workforce reduction follows recent senior leadership appointments at the firm. Company founder Shayne Coplan faced investor pressure to bring more discipline to the business operations.

In September, Polymarket hired Warren Jenson, former finance executive at Amazon.com Inc., as its first chief financial officer. The company has also added executives from Goldman Sachs Group Inc., DoorDash Inc. and Robinhood Markets Inc..

The company launched a US-regulated exchange earlier in 2026 alongside its existing blockchain-based platform.