Polymarket cuts jobs and contractors as rival Kalshi pulls ahead: Here's what happening at the prediction market startup

Polymarket has laid off some full-time employees and ended several contractor roles as the prediction market startup reorganises its business, Hindustan Times reported on Thursday. 

The company has not disclosed how many employees were affected, but a person familiar with the matter said more than 50% of those let go were contractors.

The cuts mainly affected teams including marketing, customer experience and engineering. Polymarket also rejected a claim that 30% of its workforce had been affected, saying it would continue to hire and grow as it prepares for its next phase.

"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. We’re grateful to the team that got us here, and we’ll keep growing as we build what’s next,” a Polymarket spokesperson told Hindustan Times. 

The company declined to disclose the percentage of its total workforce affected by the layoffs. However, a person familiar with the matter said that over 50% of those let go were contractors.

The layoffs come as Polymarket reshapes its leadership team and faces growing competition from rival prediction market Kalshi.

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Contractor layoffs surfaced on X

News of the job cuts emerged last week after a screenshot of an email sent by Polymarket to some contractors began circulating on X.

“We're reaching out with difficult news. As part of a company-wide reduction in force, we've made the decision to end your contractor engagement with Polymarket effective Wednesday, November 4, 2026,” the email read.

 

Polymarket confirmed the authenticity of the email to Bloomberg.

The screenshot was shared with a claim that the company had fired 30% of its workforce. However, sources told HT that the 30% figure is incorrect.

Polymarket trails Kalshi in trading volume

The workforce reduction comes at a challenging time for Polymarket, which was once the market leader but now trails Kalshi in monthly trading volume, Reuters reported.

Kalshi has benefited from expanded distribution and partnerships, including a lucrative deal for the FIFA World Cup.

Polymarket has also been adding senior executives as founder Shayne Coplan faces pressure from investors to bring greater discipline to the business, Bloomberg reported last month.

In September, the company appointed veteran finance executive Warren Jenson, formerly of Amazon, as its first chief financial officer. It also hired former Uber executive Travis VanderZanden as chief growth officer this year.

Other recent additions to its leadership team include executives from Goldman Sachs, DoorDash and Robinhood.