Polymarket lays off employees and ends work with some contractors as prediction market competition intensifies

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Polymarket confirmed that it laid off full-time employees and stopped working with many contractors as part of a company restructuring. In the prediction market competition, Kalshi accounted for 73% of total trading volume in the third quarter, while Polymarket accounted for about 18%; the latter’s revenue run rate has exceeded $1.8 billion, up from more than $1 billion in June. Polymarket is considering going public as early as 2027, but the CFTC is still investigating whether it violated a 2022 agreement.