Polymarket Cuts Employees and Some Contractors

The prediction markets platform Polymarket has reduced part of its staff and ended cooperation with several contractors. The company confirmed the personnel changes on November 11, 2026, but did not disclose the number of affected employees. The reorganization is taking place amid increased competition with Kalshi, which has surpassed Polymarket in monthly trading volume.

Company Confirms Layoff Letter

Last week, a screenshot of an email from Polymarket appeared on the social network X. It notified contractors of the termination of cooperation in November due to company-wide staff reductions. Representatives of the platform confirmed the authenticity of the message but did not specify the total number of layoffs or the distribution of reductions across departments.

Polymarket explained the changes as part of business expansion and leadership updates. According to the company, the reorganization combines new appointments, personnel reshuffles, and the termination of cooperation with some employees. The exact scale of staff reductions and the number of contractors are not disclosed.

Polymarket Falls Behind Kalshi in Trading Volume

Previously, Polymarket held leading positions among prediction platforms but then fell behind Kalshi in monthly trading operations. The company also faced legal disputes. According to Bloomberg, investors previously urged Polymarket founder Shane Coplan to streamline business management, after which the company brought in several executives.

At the end of October 2026, Polymarket reported a security incident: attackers exploited a breach of a third-party software provider to access the funds of individual users. According to the company, losses related to the attack amounted to about $2.7 million. However, there is no confirmation that the incident directly caused the personnel reductions.