TLDR Polymarket appears to have confirmed layoffs, but the cuts were smaller than the 30% figure rumored online. Some believe the prediction market is trimming staff ahead of a possible 2027 IPO. Polymarket raised $1 billion in August at a $21 billion valuation. DraftKings reportedly cut staff last week, its third round of layoffs this year. Some early Polymarket users are giving up hope of a native token airdrop.
Polymarket has reportedly cut staff, just weeks after posting its busiest month on record. Sports betting company DraftKings is also said to have reduced its workforce once again.
Both companies face rising competition in prediction markets and sports betting. One is privately held, while the other is publicly traded on the Nasdaq.
First at FOS: DraftKings has made at least its third round of job cuts this year, adding to a wave of layoffs across the sports betting industry.
The latest cuts came ahead of the company’s third-quarter earnings report, which included a lowered fiscal 2026 revenue outlook.
— Front Office Sports (@FOS) November 6, 2026
Polymarket Cuts Smaller Than Rumored
Polymarket appears to have confirmed that it laid off workers. However, the cuts were not as deep as the 30% figure some social media accounts had claimed. No exact headcount figure has been reported.
The company, led by CEO Shayne Coplan, has faced scrutiny over a perceived lack of professionalism. It has also faced claims of management missteps.
The layoffs follow a strong run for the business. October was Polymarket’s highest volume month ever, and much of that growth came from its recently launched Polymarket US unit.
Some observers believe the company is trimming staff to get in shape for a possible initial public offering in 2027. Polymarket has not said publicly that it