Polymarket Cut Jobs As Restructuring Review Begins

Polymarket has confirmed that it has laid off employees and terminated agreements with several contractors as part of a broader corporate restructuring. The prediction market platform acknowledged the personnel changes on November 11, framing the move as a reorganization intended to position the company for its next phase of growth. The announcement follows recent leadership appointments, including the hiring of the company’s first chief financial officer, and comes amid intensifying competition in the prediction markets sector.

Scope of the Cuts

The company notified affected contractors by email last week that their engagements were ending as part of the restructuring. According to reporting by Front Office Sports, the workforce reductions were concentrated in certain functions, with marketing cited as a particular focus.

Reports circulated on social media suggesting that approximately 30 percent of Polymarket’s workforce had been affected. However, sources familiar with the company disputed those estimates, and Polymarket rejected the scale of the cuts as reported. The company has not disclosed the precise number of employees or contractors impacted, leaving the full scope of the reductions unverified.

Polymarket confirmed the authenticity of the viral email notifying contractors of their termination but declined to specify how many jobs were eliminated, according to reporting from crypto media outlet Unchained.

Restructuring Amid Rapid Growth

The reorganization occurs against a backdrop of substantial commercial momentum. Polymarket’s annualized revenue has reportedly surpassed $1.8 billion, according to reporting cited by financial media. Despite this growth, the company is moving to “professionalize” its operations, a term used by sources cited by Front Office Sports to describe the shift toward a more mature corporate structure.

A central element of that shift is the appointment of Warren Jenson as Polymarket’s first chief financial officer, announced in September. Jenson previously served as CFO of Amazon, Electronic Arts, Delta Air Lines, and NBC, and now oversees the company’s capital strategy and financial planning. Reporting has linked the restructuring and the new finance leadership to a potential initial public offering that could take place as early as 2027, although the company has not formally confirmed an IPO timeline.

Competitive Pressures

The restructuring also unfolds in an increasingly competitive landscape. Kalshi, a regulated prediction market operator, has emerged as a principal rival, having expanded aggressively in the United States. Kalshi reportedly generated approximately $260 million in fee revenue in 2025, up sharply from the prior year, and has reportedly been in discussions regarding a valuation exceeding $40 billion. Polymarket, meanwhile, has reportedly sought funding at a valuation above $20 billion.

The rivalry between the two platforms has intensified as prediction markets gain mainstream adoption, including partnerships with major sports organizations. Polymarket’s decision to streamline its workforce and refocus resources may reflect an effort to strengthen its competitive position ahead of potential public-market scrutiny.