Polymarket Restructures with Layoffs and Contractor Cuts as Competition with Kalshi Intensifies

Polymarket lays off employees and terminates contractor agreements as the prediction market platform prepares for its next growth phase. Prediction market platform Polymarket has laid off employees and terminated several contractor agreements as part of a company-wide restructuring aimed at preparing the business for its next phase of growth. The changes come as the company faces intensifying competition from rival Kalshi, which has overtaken it in monthly trading volume. Polymarket confirmed the restructuring on November 11, following reports that an internal email notifying contractors of their termination had circulated on social media.