Polymarket Announces Job Cuts and Contractor Terminations Amid Kalshi Rivalry
Polymarket restructures after executive hires as Kalshi leads on volume and funding.
Key Takeaways
- Polymarket implemented job cuts and terminated multiple contractor agreements, confirmed on 12 November 2026.
- Sources said over 50% of the workforce reductions affected external contractors.
- Polymarket appointed Warren Jenson as CFO in September and hired Travis VanderZanden as Chief Growth Officer earlier in 2026.
- Kalshi now leads in monthly trading volume and closed a $1 billion funding round that values it at $40 billion.
- The Commodity Futures Trading Commission is reported to be investigating whether Polymarket violated a 2022 enforcement agreement.
Polymarket has carried out job cuts and terminated multiple contractor agreements as part of a broader corporate reorganisation, the company confirmed on 12 November 2026. An internal email circulated on social platform X and Polymarket verified the communication; the company declined to give an exact percentage of full‑time roles affected but sources said over 50% of the reductions hit external contractors.
Reorganisation driven by new leadership and competition
Polymarket framed the changes as part of positioning for growth after recent executive appointments. In an emailed statement the company said:
“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.” — Polymarket
The restructuring follows hires that include Warren Jenson as inaugural Chief Financial Officer in September and Travis VanderZanden as Chief Growth Officer earlier in the year. VanderZanden is a former Uber executive.
Competitive context with Kalshi
Polymarket once led the decentralized prediction market sector but now trails rival Kalshi in monthly trading volume. Kalshi has expanded distribution and struck high‑profile partnerships, notably a commercial agreement tied to the FIFA World Cup. Kalshi also closed a $1 billion funding round co‑led by Sequoia and Wellington, which the company says values it at $40 billion.
Regulatory pressures
Both platforms operate under growing regulatory scrutiny. Reports last month said the Commodity Futures Trading Commission is investigating whether Polymarket breached a 2022 enforcement agreement that required Polymarket to block United States users from accessing its primary overseas website. Polymarket is headquartered in New York and maintains an offshore corporate entity registered in Panama.
What Polymarket confirmed and what remains private
Polymarket verified the authenticity of the circulated internal email but did not disclose precise headcount reductions among salaried staff. Sources familiar with the matter emphasised that the majority of cuts affected contractors rather than full‑time employees.
Polymarket continues to balance international expansion, new senior hires, and regulatory engagement as competition with Kalshi intensifies.
Frequently Asked Questions
What did Polymarket announce about staff changes?
Polymarket announced job cuts and the termination of several contractor agreements on 12 November 2026. The company verified an internal email shared on X and confirmed reorganisational changes tied to new leadership but did not disclose the exact percentage of full‑time roles affected.
How many of the reductions affected contractors?
Sources familiar with the situation indicated that over 50% of the reductions impacted external contractors. Polymarket itself declined to specify the precise split between contractors and full‑time employees.
What competitive pressures is Polymarket facing?
Polymarket is facing intensified competition from Kalshi, which now leads in monthly trading volume and secured a $1 billion funding round co‑led by Sequoia and Wellington that values Kalshi at $40 billion. Kalshi has also expanded distribution and signed partnerships including a FIFA World Cup commercial agreement.
Is Polymarket under regulatory investigation?
Reports say the Commodity Futures Trading Commission is investigating whether Polymarket breached a 2022 enforcement agreement requiring it to block United States users from its primary overseas website. Polymarket is headquartered in New York and has an offshore entity registered in Panama.
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About the author
Tessa Coleman
Betting Markets Correspondent
Tessa Coleman covers betting products and markets — sportsbook launches, odds and trading technology, and the fast-growing prediction-market space from regulated exchanges to event contracts. The stories lead with the product or the ruling, name the operators and platforms precisely, and translate trading jargon into what bettors can actually do. When a book reworks its pricing or a prediction market wins a license fight, Tessa Coleman explains the mechanics and the stakes.
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