Polymarket, once a big name in digital prediction markets, is letting go of staff and contractors to keep up with fast-growing rival Kalshi.
The move was confirmed after an internal email leaked online, showing the company is feeling the pressure to adapt.
Contractors majority, Polymarket faces regulatory probe
More than half of those affected by the cuts are contractors. Polymarket says this is part of a plan to streamline and get ready for future growth.
Meanwhile, Kalshi has surged ahead thanks to smart partnerships like its FIFA World Cup deal.
Polymarket has brought in new executives but is also facing a regulatory probe over possible rule breaches involving US users.