Polymarket has laid off workers and ended a number of contractor agreements as a part of a broader firm restructuring. Cuts have primarily affected its advertising and marketing, buyer expertise, and engineering groups.
The corporate stated that the transfer comes because it prepares for its subsequent section of development.
Newest Shake-Up
Greater than half of these affected had been contractors, whereas some full-time workers had been additionally let go, in accordance with FOX Enterprise. Polymarket additionally pushed again in opposition to experiences claiming that round 30% of its workforce had been minimize, and described that determine as inaccurate. Nevertheless, the corporate has not shared what number of workers or contractors had been affected total.
The layoffs got here into focus after an inside e mail informing contractors concerning the termination of their agreements began circulating on X. In keeping with Reuters, the e-mail said that their contracts would finish efficient November 4, 2026, beneath a company-wide discount in power. The e-mail was particularly despatched to contractors fairly than full-time workers.
The restructuring comes alongside a number of management adjustments at Polymarket. Warren Jenson joined as the corporate’s first chief monetary officer in September, whereas former Uber govt Travis VanderZanden got here on board as chief development officer earlier this 12 months.
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Prediction markets, as an entire, are seeing a pointy rise in buying and selling exercise. In keeping with a current report by Predicted, the sector recorded $194.1 billion in notional buying and selling quantity in the course of the third quarter of 2026, up 75% from the earlier quarter and its largest quarter on file.
Polymarket and Kalshi collectively accounted for 91% of that quantity, though their efficiency moved in numerous instructions. Kalshi’s quantity greater than doubled to $141.9 billion. Polymarket US, alternatively, grew 2.4 occasions to $17.3 billion, and overtook its worldwide platform, which recorded $17.1 billion after a 36% decline.
The report additionally discovered that US-regulated exchanges accounted for 89% of whole buying and selling quantity, up from 69% in Q2. Regardless of the soar in buying and selling exercise, search demand for prediction markets fell 41% in the course of the quarter. Polymarket continued to guide search curiosity in 43 US states, whereas Kalshi gained floor and took the lead within the remaining seven.
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