Prediction market giant Polymarket has confirmed a round of layoffs as it prepares to “build what’s next.” The company did not disclose details about the number of affected employees, but dismissed rumors that the layoffs will affect a third of its workforce.
Polymarket Confirms Company-Wide Reduction in Force
The news first made the rounds on X, where contractors shared an agreement notifying them that they were being terminated effective November 4. The email stated that this came as part of a “company-wide reduction in force.”
According to Polymarket, the personnel changes reflect the company’s evolving nature as it prepares to enter a new phase of growth. A spokesperson explained that further growth required a reorganization of the company’s human resources, which included changes in personnel, new hires, and a round of layoffs.
Reports say that the layoffs affected Polymarket’s marketing, customer experience and engineering teams and suggested that the company has cut 30% of its workforce. While Polymarket said that this was not the case, it did not disclose how many people have been affected either.
Reports also suggested that over half of the affected people were contractors, although some full-time jobs were reportedly put on the chopping block as well.
The changes come shortly after Polymarket enhanced its leadership team with new C-suite members, including the appointment of Warren Jenson as CFO.
Some suggested that Polymarket’s decision to streamline its business might have been spurred by the rapid growth of rival Kalshi.
Other Companies Have Also Reduced Their Teams
In any case, Polymarket isn’t the only company in the gaming and predictions sectors to reduce its workforce. DraftKings, which offers sports betting, iGaming, and prediction markets, just carried out a new set of layoffs, although it did not reveal how many employees were affected. This came shortly before the company published its Q3 results, highlighting strong revenue. Despite the favorable Q3 performance, the company reduced its expectations for FY 2026.
In the UK, an unfavorable tax regime has caused multiple gaming and betting companies to reduce their teams. One of the latest companies to announce such a move was Flutter Entertainment, which considered slashing up to roughly 1,400 positions.
The likes of Paddy Power, Betfred and Entain have also axed hundreds of jobs due to the tax hikes, slimming down their businesses. To make matters worse, the UK just announced further tax increases, adding to the industry’s woes.
Prediction market giant Polymarket has confirmed a round of layoffs as it prepares to “build what’s next.” The company did not disclose details about the number of affected employees, but dismissed rumors that the layoffs will affect a third of its workforce. Polymarket Confirms Company-Wide Reduction in Force The news first made the rounds on