Polymarket cuts job and workforce as competition heats up in prediction market industry

Polymarket has confirmed that it has laid off full-time staff and stopped working with many contractors as part of changes across the company. The cuts come as it falls behind rival Kalshi and considers selling shares to the public in 2027. New York-based Polymarket confirmed the job cuts after an internal email about the layoffs was shared on X last week. More than half of those let go were contractors, a person familiar with the cuts told Reuters . Polymarket did not say how many people were let go or how much of its workforce was affected. It also refused to share the total number of employees and contractors working for the company. The company confirmed on November 11 that a screenshot making the rounds online was real.

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