The prediction market startup confirmed the workforce reduction to HT.com over an email this morning. Polymarket has laid off some full-time employees and cut some contractual roles as part of a reorganization drive.
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.
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 HT.com. Once the market leader, Polymarket now trails Kalshi in monthly trading volume, Reuters reported. The New York-based firm has recently brought in several senior executives as founder Shayne Coplan faced pressure from investors to introduce greater discipline in the business, Bloomberg reported last month.
“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 reaching out with difficult news. The rival prediction market has benefited from expanded distribution and partnerships, including a lucrative deal for the FIFA World Cup.
(Also read: Polymarket CEO Shayne Coplan used company money for private jet trips, rent: report )
