Polymarket confirms layoffs and contractor cuts amid Kalshi competition

Polymarket confirmed layoffs and the termination of contractor agreements on November 11 as it reorganises operations amid rising competition from Kalshi. An internal termination email said contractor agreements would end on November 4; the company denied social media reports claiming it had reduced its workforce by 30%. Reuters reported contractors made up more than half of the affected positions, and FOX Business cited a source saying marketing, customer experience and engineering teams saw the heaviest reductions.

Personnel changes and leadership hires

Polymarket has recently added senior executives as it reshapes the business. In September the company appointed veteran finance executive Warren Jenson as its first Chief Financial Officer. Former Uber executive Travis VanderZanden joined earlier in 2026 as Chief Growth Officer. The firm said the reorganisation followed those hires and was intended to prepare the company for further growth.

"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," the company said.

The company also said it remains grateful to departing workers and intends to continue recruiting.

Contractors, numbers and denials

Polymarket declined to publish the exact number or percentage of employees affected. It rejected social media claims of a roughly 30% workforce reduction. Reuters' coverage noted that more than half of those impacted were contractors. FOX Business reported that full-time staff losses fell mainly in marketing, customer experience and engineering.

Market context and regulatory priorities

Kalshi now leads in monthly prediction market trading volume, reversing the previous positions of the two rivals, and has strengthened its business through new partnerships, including an agreement tied to the FIFA World Cup. Polymarket has also been managing regulatory work: the Commodity Futures Trading Commission (CFTC) has been examining whether Polymarket complied with its 2022 enforcement settlement that required the platform to restrict US users from accessing its offshore market. Polymarket has since launched a US-regulated exchange alongside its existing international platform, adding an operational priority while competition with Kalshi continues.

Polymarket confirmed the November 11 communication after the internal termination email circulated on X and said the changes reflect a company-wide workforce reduction tied to its reorganisation and new leadership hires. Regulatory challenges and shifting monthly trading volume position the decisions in the wider market context.