Polymarket Reduces Staff and Contractors in Reorganization to Professionalize Operations
Polymarket cut some full-time staff and sharply reduced contractors last week, focusing on marketing, as it reorganizes. Viral claims of 30% layoffs were inaccurate. The moves support a professionalization drive with new executive hires ahead of a potential 2027 IPO, as revenue hit $1.8B annualized amid a $1B raise at $21B valuation.
SCCG Take — Targeted reductions paired with finance and tech leadership hires signal maturation. Prediction market operators must prioritize governance to manage regulatory exposure and scale responsibly.
Polymarket has made staff cuts and reduced its number of contractors as part of a broader reorganization. Sources familiar with the company told Front Office Sports that viral social media claims of a 30% workforce reduction were inaccurate.
The company laid off some full-time employees last week. It also significantly cut contractors, with a heavy focus on marketing, an area that has undergone substantial changes. Its former CMO, Matthew Modabber, was fired in October. Travis VanderZanden, a former Uber executive, replaced him as chief growth officer.
A Polymarket spokesperson said in a statement: “As we’ve grown and brought on new leadership, we’ve reorganized to set the company up for its next phase of growth, which has meant a lot of new hires, changes in personnel and letting some people go. We’re grateful to the team that got us here, and we’ll keep growing as we build what’s next.” The company declined to disclose its current headcount or contractor numbers.
Scope of the Changes
Social media posts from affected individuals referenced roles in creative, growth, video, and marketing. One post from Nov. 4 included a screenshot of an email terminating a contractor agreement effective that date. Sources confirmed the email applied only to contractors, not full-time employees. The changes are not tied to cash constraints, one source said. A handful of laid-off workers posted publicly, though some later removed their profiles.
Push Toward Professionalization
The reorganization aligns with Polymarket's efforts to professionalize ahead of a potential go-public transaction as soon as 2027. Recent leadership additions include Malea Otranto as global head of trust and safety, who joined in August after nearly seven years at Meta; Lisa Mantil as head of institutional growth, who started in September after nearly three decades at Goldman Sachs; and Warren Jenson as CFO, who began in September after prior stints at Amazon, Electronic Arts, and Delta Air Lines.
The company is completing a $1 billion funding round led by Donald Trump Jr.’s 1789 Capital that would value it at about $21 billion. It told CNBC on Tuesday that annualized revenue has eclipsed $1.8 billion, up from a run rate higher than $1 billion in June. Polymarket attributes the increase to its U.S. exchange, relaunched in December 2025 after a nearly four-year absence under a prior CFTC settlement.
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