Polymarket has laid off employees and ended contractor relationships as part of a wider reorganization, Bloomberg reported Nov. 11. Front Office Sports separately reported that marketing was a focus of the cuts.
According to Front Office Sports, the layoffs took place last week, and Polymarket significantly reduced its contractor roster, particularly in marketing. The number of affected employees and contractors is unclear; the company declined to disclose its employee or contractor counts to the publication.
“As we’ve grown and brought on new leadership, we’ve reorganized to 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,” a Polymarket spokesperson told Front Office Sports.
Meanwhile, the prediction-market operator has reported rising revenue, although it trails rival Kalshi in trading volume. Polymarket told CNBC on Nov. 10 that its annualized revenue had exceeded $1.8 billion, compared with a pace of more than $1 billion disclosed in June. As The Defiant previously reported, this is an annualized pace, not revenue earned over a completed year.
A contractor termination notice cited by Front Office Sports listed Nov. 4 as its effective date and described a “company-wide reduction in force.” Bloomberg reported that Polymarket confirmed the email was legitimate.
Front Office Sports reported that the personnel changes include replacing former chief marketing officer Matthew Modabber with chief growth officer Travis VanderZanden, a former Uber executive.
Kalshi’s Trading Lead
Predicted’s comparison for the third quarter shows Kalshi far ahead of Polymarket’s U.S. and international venues in notional trading volume.
Q3 2026 Notional Trading Volume
| Subject | notional trading volume |
|---|---|
| Kalshi | $141.9B |
| Polymarket US | $17.3B |
| Polymarket International | $17.1B |
Predicted said Kalshi’s quarterly volume more than doubled on the back of parlays, or multi-leg bets. According to the report, Polymarket’s U.S. volume rose to 2.4 times its second-quarter level, while its international volume declined 36%. The volume comparison does not measure company revenue.
The reorganization comes after operational disruptions as well. On Oct. 29, Polymarket said it had temporarily halted international trading after a third-party provider was compromised. The company said trading resumed later that day and pledged to reimburse affected traders, as The Defiant reported.
That came after a June vendor compromise, when Polymarket said malicious code had been injected into its website. The company said it had removed the affected software and would refund impacted users.
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