Polymarket has confirmed that it cut jobs and ended several contractor agreements as part of a company-wide reorganisation. Reuters reported on 11 November that more than half of the affected roles were held by contractors, although the company declined to disclose the overall share of its workforce affected.
Competition and regulatory pressure
The restructuring comes as Kalshi has moved ahead of Polymarket in monthly trading volume, supported by distribution agreements and partnerships, including a deal connected with the FIFA World Cup. Kalshi also raised US$1bn in late October at a reported US$40bn valuation.
Polymarket said the changes followed the arrival of new executives and were intended to prepare the business for its next growth phase. The company is also facing scrutiny from the Commodity Futures Trading Commission over compliance with a 2022 agreement restricting US access to its main offshore platform. The changes illustrate the operational and regulatory pressures facing prediction-market businesses as competition intensifies.