Are Polymarket layoffs driven by efficiency push?

Polymarket has cut jobs and terminated multiple contractor agreements, according to Reuters. An internal email ending a contract has been circulating on X, and Polymarket confirmed the screenshot is genuine.

Polymarket refused to disclose what proportion of its overall workforce was affected by the cuts. However, more than 50% of those laid off were contractors, according to a person familiar with the matter who spoke to Reuters. Some full-time employees were laid off, though the full scope remains unclear.

Does Polymarket’s workforce restructuring signal a shift toward greater professionalization?

In an emailed statement to Front Office Sports, Polymarket stated: “As we’ve grown and brought on new leadership, we’ve reorganited and set the company up for its next phase of growth, which has meant a lot of new hires, changes in personnel and letting some people go.”

The outlet further noted that its sources say viral posts claiming 30% of the company was affected were inaccurate. Apparently, most of the laid-off contractors worked in marketing, an area that is being ‘’heavily reorganized.’’ At the same time, operators official statement mentions new hires too.

Reportedly, there is a push for greater professionalization at the company ahead of a potential public offering that could take place in 2027.

Executive hires point to a shift in corporate strategy

Polymarket made several high-profile hires in recent months. Notable appointments include Lisa Mantil, who took over as head of Institutional Growth in September after almost 30 years at Goldman Sachs. The same month it also appointed its first CFO, Warren Jenson. He brings prior experience in the same role at Amazon, Electronic Arts, and Delta Air Lines.

Polymarket is reportedly finalizing a $1bn funding round led by 1789 Capital, valuing the company at approximately $21bn. The prediction market platform also claims its annualized revenue has surpassed $1.8bn, an increase from June, when it said its annual revenue run rate was higher than $1bn.

Speculation over Kalshi’s competitive pressure may be misplaced

Despite above figures, some speculate that the operator may be feeling competitive pressure from its main rival, Kalshi. Polymarket now trails Kalshi in monthly trading volume. Kalshi has benefited from expanded distribution and partnerships, including a lucrative FIFA World Cup deal.

Nevertheless, it is more likely Polymarket is simply moving from rapid expansion to building a more mature, financially disciplined and better-structured organization. Bringing in big names such as Jenson and Mantil for key leadership roles suggests the company is serious about strengthening its corporate structure and positioning itself for its next phase of growth.