Polymarket confirms layoffs in company restructuring
Polymarket has confirmed layoffs as part of a restructuring, after contractors received termination notices, but denied reports of a 30 per cent cut.
US.- Prediction market operator Polymarket has confirmed a round of layoffs as part of an organisational restructuring. The company acknowledged the workforce reduction after reports emerged that contractors had received termination notices effective November 4. It has denied suggestions that the cuts would affect around 30 per cent of its employees.
Reports indicated that the reductions affected employees across marketing, customer experience and engineering. The news initially circulated on X, where contractors shared an email informing them that their contracts were being terminated as part of a “company-wide reduction in force”.
A Polymarket spokesperson stated that the move reflected the company’s evolving business and the need to reorganise its workforce to support future expansion. It said the restructuring involved both departures and new hires/
Polymarket is not the only company in the gaming and prediction markets sectors to announce workforce reductions. Sports betting and igaming operator DraftKings has also carried out another round of layoffs, without disclosing the number of employees affected.
Frequently asked questions (FAQs)
- How many Polymarket employees were affected by the layoffs? The company has not disclosed a number. It denied claims that the cuts would affect around 30 per cent of its employees. Reports indicated that the reductions affected employees across marketing, customer experience and engineering.
- Why is Polymarket restructuring? A spokesperson said the changes reflect the company’s evolving business and the need to reorganise its workforce to support future expansion. The restructuring involves departures and new hires as the company adjusts its organisational structure.
