Polymarket Job Cuts Hit Marketing as Rival Kalshi Takes Prediction Market Lead

Polymarket has cut jobs and ended several contractor agreements in a sweeping reorganisation, the prediction-market company confirmed on Wednesday, November 11, 2026, as it races to catch fast-growing rival Kalshi. The Polymarket job cuts fell heavily on marketing, which the company said was "heavily reorganised", and follow a leadership shake-up in the department and the appointment of the company's first chief financial officer.

An internal email ending contractor agreements, effective November 4, called the move a "company-wide reduction in force". The email circulated on X last week, and Polymarket confirmed to Reuters that the screenshot was genuine. More than half of the cuts were contractors, a person familiar with the matter told Reuters, but the company declined to give a total.

Key Points

• Polymarket confirmed on November 11, 2026 that it cut jobs and ended several contractor agreements in a "company-wide reduction in force".
• Contractor agreements ended on November 4; more than half of those cut were contractors, a source told Reuters, and the company would not give a total.
• Marketing was hit hardest and "heavily reorganised" after former chief marketing officer Matthew Modabber was fired in October.
• Kalshi now leads: about 73% of third-quarter prediction-market volume against Polymarket's roughly 18%, after raising $1 billion at a $40 billion valuation.
• Polymarket says annualised revenue has passed $1.8 billion, up from more than $1 billion in June, even as the CFTC probes its US user ban.

What Happened

Reuters first reported the cuts on Wednesday, November 11, after the internal email circulated on X the previous week. The email, effective November 4, told contractors their agreements were ending as part of a "company-wide reduction in force". Polymarket confirmed the screenshot was genuine but gave no details on the scale.

Marketing took the heaviest cuts. The department was "heavily reorganised", according to the company, weeks after former chief marketing officer Matthew Modabber was fired in October. Former Uber executive Travis VanderZanden replaced him as chief growth officer. The company has not said how many full-time staff were affected; viral claims online that Polymarket cut 30% of its workforce were inaccurate, sources told Front Office Sports.

The reorganisation follows leadership changes at the top. In September, Polymarket named veteran finance executive Warren Jenson as its first chief financial officer, a hire signalling a push to professionalise under closer regulatory scrutiny.

Background: From Market Leader to Chasing Kalshi

Polymarket was once the clear leader in prediction markets, where users bet on elections, sports, finance and world events. Its profile soared in the 2024 US election, when its odds became a fixture of campaign coverage. But the balance has shifted sharply this year, and Kalshi, its main American rival, has pulled ahead in trading volume.

Kalshi raised $1 billion late in October at a $40 billion valuation, and held about 73% of prediction-market trading volume in the third quarter, against roughly 18% for Polymarket, according to industry figures. Polymarket told CNBC on November 10 its annualised revenue had surpassed $1.8 billion, up from above $1 billion in June — growth that frames the cuts as competition and cost discipline, not retreat.

Regulators add pressure: the Commodity Futures Trading Commission is probing whether Polymarket broke a 2022 deal promising to ban US users from its overseas platform. US News Pulse reported on the reopened CFTC probe, and on the Polymarket hack that drained $27 million from election bettors in a vendor-script attack.

Polymarket Job Cuts Show a Company Under Pressure

The cuts land at an awkward moment: revenue is growing fast, yet Polymarket's share of trading has slipped badly behind Kalshi. That points to a company spending more efficiently rather than simply less: trimming a marketing operation just rebuilt under new leadership, while keeping the trading and product teams driving revenue.

The marketing shake-up is the clearest sign of the new direction. Firing a chief marketing officer, hiring a growth chief from Uber and reorganising the department within weeks suggests Polymarket wants cheaper, more measurable marketing focused on winning back volume from Kalshi. A first chief financial officer appointed in September fits the same pattern, adding financial discipline for a longer fight.

None of this means Polymarket is shrinking. Annualised revenue above $1.8 billion puts it among the largest US fintech start-ups, and it still holds close to a fifth of prediction-market volume. But the cuts show even fast-growing firms here must now prove they can compete on cost as well as growth.

Reactions and Quotes

Polymarket confirmed the cuts to Reuters on Wednesday, verifying the internal email was genuine. The company described the move as a "company-wide reduction in force" in the email itself, but declined to disclose the total number of people affected.

People familiar with the matter pushed back on the wilder online claims. More than half of the cuts were contractors, one person told Reuters, and sources told Front Office Sports that viral claims of a 30% workforce cut were inaccurate. It has issued no further statement on the reorganisation.

Kalshi has not commented on its rival's cuts.

Why It Matters

Prediction markets have moved from a niche of finance into the mainstream of American news and politics, their odds quoted alongside polls during elections. When the biggest names in that market cut jobs, it signals a shake-out: the early land grab is over, and winners will be decided by efficiency, regulation and trust as much as growth.

For Polymarket, the stakes are high. The CFTC probe over US users hangs over its plans to grow at home, while US-regulated Kalshi keeps taking volume. How Polymarket reorganises now, and whether its leaner marketing team can win back traders, will decide whether it closes the gap or settles into second place.

What Happens Next

The next trading-volume figures will show whether Polymarket is stabilising its share or still losing ground to Kalshi. Further cuts or new hires under VanderZanden and Jenson will show how deep the reorganisation goes. The CFTC probe is the other open question: its outcome will decide how freely Polymarket can serve American users, the biggest prize in prediction markets.

Frequently Asked Questions

How many jobs did Polymarket cut?

Polymarket has not disclosed a total. A person familiar with the matter told Reuters more than half of the cuts were contractors, whose agreements ended on November 4, 2026.

Why is Polymarket cutting jobs?

The company called it a "company-wide reduction in force" as it reorganises to compete with Kalshi, now the market leader. Marketing was hit hardest after a leadership change in October.

Did Polymarket really cut 30% of its workforce?

No. Viral claims of a 30% cut were inaccurate, sources told Front Office Sports. The company has not given a total.

How far ahead of Polymarket is Kalshi?

Kalshi held about 73% of third-quarter prediction-market volume against Polymarket's roughly 18%, and raised $1 billion late in October at a $40 billion valuation.

What is the CFTC investigating at Polymarket?

The Commodity Futures Trading Commission is probing whether Polymarket violated a 2022 deal promising to ban US users from its overseas platform.