Image Credit: Shutterstock
- Polymarket confirmed job cuts and ended contractor agreements on Nov. 11, saying it reorganized for its next phase of growth.
- More than half of those affected were contractors; Polymarket has not disclosed the total number or share of its workforce.
- Rival Kalshi overtook Polymarket in monthly trading volume and raised $1 billion at a $40 billion valuation on Oct. 29.
Prediction-market platform Polymarket has confirmed job cuts and terminated contractor agreements as it reshuffles its business amid tougher competition from Kalshi.
Polymarket confirmed the changes to Reuters on Nov. 11 and verified a termination email circulating on social media. The email gave Nov. 4 as the contractor’s final date.
Contractors Make Up More Than Half of Those Affected
More than half of the people affected were contractors, a person familiar with the matter told Reuters. Polymarket has not disclosed the overall number or the percentage of its workforce involved.
The email linked the termination to broader staff reductions and told the recipient that Polymarket had decided to:
“[…] end your contractor agreement with Polymarket effective November 4, 2026.”
In its response, the company linked the reshuffle to growth and new leadership. It described a mix of hiring, personnel changes and departures, explaining that:
“[…] we’ve reorganized to set the company up for its next phase of growth […].”
Leadership Changes Put Finance and Expansion in Focus
The confirmation comes two months after Polymarket appointed Warren Jenson as its first chief financial officer. The former Amazon finance chief joined on Sept. 10 to lead financial and capital strategy, long-range planning and the infrastructure supporting expansion.
His appointment covered both the company’s U.S. exchange and its global platform. Polymarket also brought in former Uber executive Travis VanderZanden as chief growth officer this year.
Kalshi Adds Capital, Products and Distribution Partners
Reuters reported that Kalshi had overtaken Polymarket in monthly trading volume.
Kalshi also announced a $1 billion funding round on Oct. 29, co-led by Wellington and Sequoia. The investment valued the company at $40 billion after the new capital.
Planned additions include indices, single-stock perpetual futures and markets tied to computing power. Its institutional sales push targets hedge funds, proprietary trading firms and financial institutions.
Kalshi plans to invest in the infrastructure, liquidity and products those customers need. Internationally, its expansion plans name Latin America and Europe as priorities, putting the rivalry beyond the two companies’ U.S. operations.
The rival is also building distribution through financial platforms, with partners including Interactive Brokers, Public.com, PayPal and Block. Those relationships offer routes to customers who already use other investing and payment services.
Kalshi’s funding announcement also pointed to growing participation by entities. It reported about 500 active entities in September, with those apart from market makers accounting for approximately 25% of the exchange’s trading volume.
