Prediction firm restructures operations, dismisses staff despite expansion claims

Polymarket has initiated a restructuring exercise that has resulted in the removal of some full-time staff members and the termination of agreements with multiple contractors, according to sources familiar with the developments.

The prediction market platform announced the organizational changes as part of what it described as a business realignment. The moves have raised questions about the scope of the reduction in headcount, with some reports suggesting the cuts could affect as much as 30 per cent of the workforce.

The company has pushed back against such characterizations, stating that the restructuring does not represent a significant reduction in overall staffing levels. Polymarket said it remains committed to expanding its operations and will continue with planned recruitment initiatives across various business functions.

The company did not provide specific details about the number of employees affected or the timeline for future hiring. Polymarket's announcement comes as prediction markets face increased scrutiny from regulators globally, with several jurisdictions reassessing their regulatory frameworks governing such platforms.