Polymarket Confirms Layoffs as Texas Proposes Prediction Market Rules
United States – 13 November 2026 – www.zonadeazar.com Polymarket has confirmed staff reductions and the termination of contractor agreements as part of a corporate restructuring designed to strengthen its position in the prediction markets industry.
The company is implementing the changes amid increasing competition from Kalshi and growing regulatory scrutiny across the United States.
Meanwhile, Texas has introduced legislation seeking to restrict certain prediction market contracts and establish additional consumer protection requirements.
Polymarket Restructures Its Workforce
The platform confirmed the redundancies after internal communications concerning contract terminations circulated online.
The reductions primarily affected marketing, creative and other commercial growth functions.
Although Polymarket did not disclose the total number of people affected, it disputed social media claims suggesting that 30% of its workforce had been eliminated.
According to people familiar with the restructuring, more than half of those affected were external contractors.
The company explained that the adjustments form part of organisational changes following several senior leadership appointments.
New Executives Support Expansion Strategy
The restructuring coincides with the recruitment of experienced professionals into strategic positions.
Key appointments include:
- Travis VanderZanden: Chief Growth Officer and former Uber executive.
- Warren Jenson: Chief Financial Officer.
- Lisa Mantil: Head of Institutional Growth.
These appointments are intended to strengthen Polymarket’s commercial, financial and expansion capabilities.
The changes come amid intensifying competition, particularly after Kalshi overtook Polymarket in monthly trading volume.
Texas Proposes Restrictions on Prediction Contracts
Texas state representative Salman Bhojani has introduced House Bill 598 (HB 598), proposing specific regulations for prediction markets.
The legislation would prohibit contracts linked to certain sensitive subjects, including:
- Assassinations, kidnappings and terrorist attacks.
- Wars and armed conflicts.
- Criminal investigations and legal proceedings.
- Individual illnesses, injuries and deaths.
- Natural disasters and emergencies.
The proposal does not specifically prohibit contracts based on sporting results.
The bill remains subject to legislative approval and has not yet become law.
Minimum Age of 21 and Penalties of Up to US$25,000
HB 598 would also introduce requirements for platforms offering prediction market contracts to individuals physically located in Texas.
Key provisions include:
- Minimum age: participants must be at least 21.
- Age verification: systems to confirm customer eligibility.
- Geolocation: controls preventing prohibited transactions within the state.
- Advertising: restrictions on marketing directed at people under 21.
Violations could result in civil penalties of up to US$10,000, increasing to US$25,000 for breaches of age-verification requirements.
If approved, the legislation would take effect on 1 September 2027.
Congress Examines College Gambling Risks
Prediction markets also featured in a congressional hearing examining sports betting risks on university campuses.
Participants discussed gambling-related harm, athlete harassment and the limited resources available to identify and address problem gambling among students.
Jordan Maynard, Chair of the Massachusetts Gaming Commission, highlighted the regulatory challenges associated with sports prediction markets.
He explained that state regulators receive complaints about platforms operating outside their direct oversight.
The hearing also addressed college player proposition bets, a category the NCAA has repeatedly called for prohibiting.
Missouri and New York Continue Legal Disputes
Regulatory disagreements remain active across several states.
In Missouri, authorities agreed on 10 November to temporarily refrain from certain enforcement actions against Kalshi while federal litigation continues.
However, the state continues pursuing licensing and taxation claims through the court proceedings.
Meanwhile, Novig has appealed to the Second Circuit after a federal court rejected its request for preliminary protection against New York regulators.
These developments highlight the absence of a consistent regulatory approach to sports-related prediction contracts across the United States.
Prediction Market Trading Reaches New Record
Despite regulatory challenges, commercial activity across the sector continues expanding.
According to specialist tracking service PM Pulse, weekly trading volume reached a record US$39.4 billion, representing growth of 16.5%.
DraftKings’ DKeX overtook Polymarket’s international exchange to reach third place, recording US$1.5 billion in weekly trading volume.
Meanwhile, Rothera generated US$466 million in weekly trading, excluding combination contracts, representing a 41.1% increase.
These figures represent trading volume rather than revenue earned by the platforms.
Industry Impact and Next Steps
Polymarket’s restructuring and the proposed Texas legislation reflect two simultaneous industry trends: the professionalisation of prediction market platforms and increasing state-level oversight.
As companies strengthen their leadership teams and expand their services, regulators are seeking clearer restrictions on certain contracts and stronger consumer safeguards.
Upcoming legislative and judicial decisions will influence the conditions under which prediction markets operate across the United States.
With Polymarket reorganising its operations and Texas proposing additional restrictions, the prediction markets industry is experiencing rapid commercial expansion alongside growing regulatory pressure.
Editó: @fonta
