Polymarket cuts workforce under investor pressure as rival Kalshi gains ground

Prediction market platform Polymarket has reduced its workforce, according to reporting that cites a source speaking to Reuters. More than half of the affected employees were contractors rather than full-time staff. The layoffs come as investors press founder Shayne Coplan for changes. The move takes place while competitor Kalshi is growing rapidly in the same sector. The source material provided does not give exact figures on the number of roles cut or the timing of the decision.