%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Multiple media reports say Polymarket is reducing its workforce and ending contractor agreements as it faces increased competition in the prediction market industry. Polymarket has not announced a specific number of job cuts. But multiple media reports say the company is reorganizing as it faces stiff competition, particularly from archrival Kalshi. Bloomberg says the company confirmed that job cuts are taking place and that they involve "a lot of new hires, changes in personnel, and letting some people go." There are also reports that Polymarket is ending or restructuring many of its contractor agreements as it looks to bolster its finance. Polymarket CEO and co-founder Shayne Coplan is reported to be under pressure to bring more discipline to the business ahead of a potential initial public offering (IPO) in 2027. Polymarket, which lets users bet on the outcomes of elections, sports and other real-world events, trails rival Kalshi in monthly trading volumes, according to data from each company. Kalshi and Polymarket also face growing competition from other companies that are expanding into prediction markets, including DraftKings (NASDAQ: $DKNG ) and Gemini (NASDAQ: $GEMI ). The restructuring also comes after Polymarket made changes to its leadership team, naming former Amazon (NASDAQ: $AMZN ) Chief Financial Officer (CFO) Warren Jenson as its finance chief. Polymarket and Kalshi are each privately held and their stocks do not trade on public exchanges.