Polymarket cuts jobs and contractor deals amid Kalshi volume lead
Prediction market platform Polymarket confirmed on Nov. 12 that it has cut jobs and ended several contractor agreements as part of a restructuring. The workforce reductions follow recent leadership changes and come after rival Kalshi overtook Polymarket in trading volume, according to reports. No specific headcount or financial figures were disclosed. The company is reshaping its business amid investor pressure and intensifying competition.
Kalshi's volume lead is now forcing direct cost cuts at its closest competitor. Polymarket's restructuring shows that trading-volume dominance translates quickly into operating leverage: every dollar Kalshi saves on customer acquisition becomes a dollar Polymarket must either match or cut from payroll. The leadership shuffle signals prospective investors in a possible 2027 IPO want proof of profitability, not just growth narratives.
Polymarket cannot match Kalshi's distribution through Tradeweb and media partnerships. With Flutter's FanDuel Predicts and Robinhood also burning cash to catch up, second place in this market means paying the same compliance costs for shrinking returns. The faster Kalshi pulls away, the steeper the climb back.