Polymarket confirms layoffs but denies 30 percent workforce cut
The prediction market operator did not disclose the number affected. Reports said more than half of those losing jobs were contractors.
Key points
- Polymarket denied reports that layoffs would affect 30% of its workforce.
- Contractors received termination notices effective November 4.
- Reports indicated cuts across marketing, customer experience and engineering.
- The layoffs followed leadership changes, including Warren Jenson's appointment as CFO.
Prediction market operator Polymarket has confirmed layoffs in the US as part of a restructuring, but denied reports that the cuts would affect 30% of its workforce. The company has not disclosed how many people were affected.
Contractors received termination notices effective November 4, Focus Gaming News reported. Contractors had shared an email on X attributing the terminations to a “company-wide reduction in force”.
Reports indicated that the reductions reached marketing, customer experience and engineering. GamblingNews.com also reported that more than half of those affected were contractors, although some full-time jobs were reportedly cut.
A Polymarket spokesperson said the changes reflected the company's evolving business and a need to reorganize its workforce to support future expansion. The restructuring involves new hires as well as departures.
The layoffs followed changes to Polymarket's leadership team, including the appointment of Warren Jenson as CFO, GamblingNews.com reported.
Sports betting and igaming operator DraftKings has also conducted another round of layoffs, Focus Gaming News reported. DraftKings did not disclose the number of employees affected.
Sources
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