Polymarket cuts jobs as Kalshi takes prediction market lead
US authorities had begun investigating the company in June 2026.
Polymarket, a prediction market startup, has undergone a reorganization, resulting in job cuts and termination of several contractor agreements. The company, which once held the market lead, now lags behind rival Kalshi in monthly trading volume. Over 50% of the cuts were contractors, according to a person familiar with the situation.
Polymarket's restructuring is part of its plan to position itself for future growth, involving new hires, personnel changes, and some layoffs. The company's first chief financial officer, Warren Jenson, was appointed in September, and Travis VanderZanden, a former Uber executive, joined as chief growth officer this year. Both Polymarket and Kalshi have faced government scrutiny over their marketing and other practices, with the Commodity Futures Trading Commission investigating Polymarket for potential violations of a 2022 enforcement deal.
Polymarket is headquartered in New York and has an offshore entity registered in Panama. Kalshi recently raised $1 billion in a funding round led by Sequoia and Wellington, valuing the company at $40 billion.
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