TL;DR:
Scope of the measure: The workforce reduction includes both full-time staff and external collaborators, with more than half of the cuts concentrated among contractors.
Financial context: The company reported that its annualized recurring revenue surpassed $1.8 billion in November 2026, up from over $1 billion recorded in June.
Leadership changes: In September 2026, the firm appointed Warren Jenson, a former Amazon executive, as its first Chief Financial Officer, alongside executives from Goldman Sachs, DoorDash, and Robinhood.
Polymarket cuts jobs and terminates contracts with multiple external collaborators as part of an internal reorganization of its operational and leadership structure. The New York-based company confirmed the authenticity of the internal memos announcing the departures after they were leaked on social media.
The information was confirmed on Wednesday, November 11 , after a screenshot of an email addressed to an external collaborator circulated on X. According to the document verified by the company, the contract termination took effect on November 4 under the rationale of a corporate-wide workforce reduction.
Polymarket declined to disclose the exact number of affected workers or the total size of its current workforce. However, a source familiar with the process told Reuters that more than half of the individuals let go worked as contractors.
During the first week of November , several viral posts on X claimed that the layoffs had reached 30% of the staff following the U.S. midterm elections. Sources consulted by Front Office Sports noted that these percentage estimates were inaccurate and that the leaked email was sent solely to contractors, not full-time employees.
In a statement issued this Wednesday, Polymarket’s management attributed the moves to the recent evolution of its internal structure. The firm stated that as it has grown and brought on new leaders, it has reorganized to prepare for its next phase of expansion, which involved numerous hires, personnel changes, and the departure of some team members.
Leadership Overhaul and Competition in the U.S. Market
The restructuring follows a series of senior management appointments driven by founder Shayne Coplan . According to reports from Investing.com, Coplan faced pressure from investors to establish greater operational discipline within the company.
In September 2026, Polymarket appointed Warren Jenson, a former finance executive at Amazon.com Inc., as the first C hief Financial Officer (CFO) in the company’s history. Concurrently, the organization added executive profiles from financial and technology institutions such as Goldman Sachs Group Inc., DoorDash Inc., and Robinhood Markets Inc.
The staffing adjustment coincides with a landscape of heightened competition and commercial shifts in the prediction markets sector. Polymarket lost its volume lead to its regulated rival Kalshi Inc., a platform that has gained market share in the United States.
This is compounded by the end of major distribution partnerships during the year. In September 2026, Yahoo Finance formally concluded its data integration with Polymarket and removed the dedicated prediction markets hub that had operated for approximately five months, maintaining only an advertising relationship.
Despite the layoffs and setbacks in certain commercial agreements, the company’s revenue metrics show an increase compared to mid-year. Data released by the company indicates that its annualized revenue exceeded $1.8 billion in November 2026, up from the more than $1 billion reported in June.
According to sources cited by Front Office Sports, this revenue growth is driven by the performance of its regulated U.S. platform. Polymarket relaunched its operations on U.S. soil in December 2025, after remaining banned for nearly four years due to a regulatory settlement reached with the CFTC.
Currently, the company operates both its regulated U.S. exchange and its international blockchain-based platform. Reports from Front Office Sports i ndicate that the recent staff reductions focused particularly on the marketing area, as part of an effort to professionalize its sports betting and prediction operations.
On the financial front, the company is in the final stages of closing a $1 billion funding round led by 1789 Capital, a deal that would place Polymarket’s valuation near $21 billion, industry sources told Front Office Sports. Additionally, reports gathered by Reuters indicate that management is evaluating a potential public listing through an initial public offering in the course of 2027.
