Polymarket layoffs: the company confirms it cut employees and contractors in a reorganization, but will not say how many
The cuts first surfaced on X the week before, when screenshots of a contractor termination email circulated. Reuters and Bloomberg reported that Polymarket confirmed the email was authentic. The email cited a "company-wide reduction in force" and ended the contractor agreement on November 4, according to Reuters. Front Office Sports reported that marketing was the area hit hardest, with posts from affected workers naming creative, growth, video and marketing roles. FOS also said viral posts claiming 30% of staff had been cut were inaccurate, according to its sources. Polymarket declined to disclose its headcount.
What the market is pricing
No Kalshi or Polymarket contract prices Polymarket's own business, so the useful numbers are activity on its books and the reported figures around the company. Live figures were read at 16:48 to 16:52 UTC on November 12; reported figures are attributed:
| Figure | Value | Source |
|---|---|---|
| Fed December decision, Polymarket volume | $27.4M | BetG8 Fed odds page, 16:52 UTC |
| Largest company end of December, Polymarket volume | $10.6M | Polymarket Gamma API, 16:48 UTC |
| Polymarket annualized revenue | above $1.8B | Polymarket to CNBC, via FOS |
| Q3 prediction market volume share, Kalshi / Polymarket | 73% / about 18% | Predicted, via FOS |
| Kalshi valuation, late-October round | $40B | Reuters |
| Polymarket valuation, pending round | about $21B (reported) | FOS |
The revenue figure is a company disclosure and the valuations are from funding reports, not audited numbers. Market activity is a snapshot and changes by the minute.
Why now: new leadership and a push to professionalize
The reorganization follows a run of senior hires. Warren Jenson, a former Amazon finance chief, became Polymarket's first chief financial officer in September, and Travis VanderZanden, a former Uber executive, joined as chief growth officer, according to Reuters. Bloomberg reported that founder Shayne Coplan had faced investor pressure to bring more discipline to the business and that recent hires include executives from Goldman Sachs, DoorDash and Robinhood. Two sources told FOS the company is professionalizing ahead of a possible public listing as soon as 2027. FOS also reported, citing the New York Post, that the former chief marketing officer was fired in October.
The Kalshi gap
Every report framed the cuts against competition. Polymarket was once the largest prediction market but now trails Kalshi in monthly volume, according to Reuters and Bloomberg. Reuters pointed to Kalshi's wider distribution and partnerships, and to its $1 billion raise late last month at a $40 billion valuation, co-led by Sequoia and Wellington. Kalshi recently logged back-to-back days of about $5.3 billion in volume, which we covered in Kalshi record volume. Polymarket's revenue growth shows the business is not shrinking; the cuts look more like a shift in where it spends, with marketing contractors first in line.
Regulatory backdrop
Both venues face government scrutiny. Reuters reported last month, citing sources, that the CFTC is examining whether Polymarket breached a 2022 settlement that required it to block US users from its offshore platform. Polymarket runs a CFTC-regulated US exchange alongside its blockchain-based international venue, and state-level fights over sports contracts continue. See our explainers on CFTC self-certification and whether Polymarket is legal in California.
What to watch next
Watch for a headcount figure or any further rounds, the close of the reported funding round, and October and November volume share data from industry trackers. A narrowing of the gap with Kalshi would suggest the reorganization is working; a further slide would raise the pressure that Bloomberg described. The Kalshi vs Polymarket comparison shows how the two venues price the same events.
Method and limits
Facts about the cuts are attributed to Bloomberg (via Yahoo Finance), Reuters (via AOL) and Front Office Sports; The Defiant and Yogonet carried similar accounts. Several details rest on unnamed sources, and Polymarket has not published numbers. Volumes were read from BetG8's live Fed page and the Polymarket Gamma API on November 12, 2026. BetG8 does not recommend any venue, and nothing here is investment advice.
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Frequently asked questions
Did Polymarket have layoffs?
Yes. Polymarket confirmed on November 11, 2026 that it let some employees go and ended contractor agreements as part of a reorganization, according to Bloomberg, Reuters and Front Office Sports.
How many people did Polymarket lay off?
Polymarket has not said. A person familiar with the matter told Reuters more than half of the cuts were contractors, and Front Office Sports said viral claims of a 30% staff cut were inaccurate, according to its sources.
Why is Polymarket reorganizing?
The company said it reorganized to set up its next phase of growth after hiring new leadership. Reports tie the move to competition with Kalshi and to a push to professionalize before a possible listing.
Sources
- Bloomberg via Yahoo Finance, Polymarket cuts workforce after stumbles prompt reorganization
- Reuters via AOL, Polymarket cuts jobs, contracts as prediction market competition heats up
- Front Office Sports, Polymarket cuts jobs amid push to professionalize
- The Defiant, Polymarket cuts staff and contractors in reorganization
- BetG8, Fed rate decision odds, live, read 16:52 UTC, November 12, 2026
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