Polymarket restructures amid Kalshi pressure, cuts jobs and contractor ties

Polymarket, a global prediction market platform, has carried out a restructuring that included job cuts and the termination of external contractor agreements to improve organizational efficiency, Bloomberg reported on Nov. 12. The company said it reduced full-time headcount and ended some vendor contracts as part of an organizational overhaul following the appointment of new management. While it did not disclose the scale of the layoffs, Polymarket said it also conducted new hiring and internal role reassignments in some functions. Bloomberg said the restructuring came amid rapid growth at rival Kalshi and pressure from investors to improve management performance. As Kalshi expanded trading volume on the back of U.S. regulatory approval and challenged Polymarket’s leading position, investor demands for stronger profitability appear to have intensified.