Polymarket Confirms Layoffs as Texas Introduces New Bill
Prediction market company Polymarket confirmed layoffs and contractor cuts as part of a restructuring but did not disclose how many people were affected. In the same period, a bill numbered HB 598 was introduced in Texas that would ban certain contracts.
Polymarket confirmed layoffs affecting positions in marketing and creative areas after claims spread on social media. The company said that, as part of its restructuring, it had made many new hires, personnel changes, and some departures. A company spokesperson said that as the company grows, new leaders come in, and the reorganization is meant to prepare the company for its next stage of growth.
Polymarket rejected the claimed 30 percent workforce reduction circulating on social media. According to Reuters, citing a source, more than half of those affected were contract workers. The company did not disclose the number of people affected.
The company also made senior appointments during this process. Former Uber executive Travis VanderZanden was named growth lead, Warren Jenson was named chief financial officer, and Lisa Mantil was placed in charge of the corporate growth unit.
In Texas, State Representative Salman Bhojani introduced bill HB 598 to set state rules for prediction markets. The bill would ban contracts related to assassination, war, legal proceedings, individual health outcomes, and natural disasters. Contracts based on sporting events are not covered by the bill.
The bill also includes a minimum age of 21, location verification measures, and restrictions on advertisements targeting young people. Violations could bring civil penalties of up to 10,000 dollars, and violations of age verification requirements could rise to 25,000 dollars. Meanwhile, at a session held in Congress on Wednesday, sports betting on campuses and its impact on young people also came up.
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