As part of a company-wide reduction in force, we’ve made the decision to end your contractor agreement with Polymarket effective November 4, 2026,” the email stated, according to Reuters. Prediction market platform Polymarket has confirmed the authenticity of an internal email that surfaced on social media, as the company undergoes a workforce restructuring aimed at positioning itself for its next phase of growth amid intensifying competition from rival Kalshi.
The email, which has been circulating on X since last week, informed some contractors that their agreements would be terminated as part of a broader reduction in force, according to a Reuters report. “We’re reaching out with difficult news. Polymarket confirmed on Wednesday that the screenshot shared online was genuine.
Competition from Kalshi intensifies
The competition between Kalshi and Polymarket further increased after Kalshi announced a $1 billion funding round last month that valued the company at $40 billion. As reported by Reuters, Polymarket, once the market leader, now trails Kalshi in monthly trading volume. The restructuring at Ploymarket comes as the company is trying to regain momentum against rival Kalshi, which has gained the position of a dominant player in the prediction market segment. Kalshi has managed to expand its reach by adding new distribution channels and commercial partnerships including major FIFA World Cup-related deal.