Polymarket, a platform for prediction markets, has officially let go of its Chief Marketing Officer, Matthew Modabber, following an internal inquiry into the company’s marketing practices.
This investigation, which incurred regulatory attention and raised concerns among investors, revealed questionable promotional methods that led to Modabber's dismissal.
As initially reported by The New York Post, Modabber’s exit signifies the conclusion of a long-standing professional connection with Polymarket’s founder and CEO, Shayne Coplan. Modabber joined the company in 2024 and was among its earliest executive hires.
Polymarket is currently in the process of finalizing a separation agreement, yet no public statements have been made by either the company or Modabber regarding the termination.
The internal review concentrated on claims that Polymarket used staged betting videos, did not sufficiently disclose arrangements with social media influencers, and portrayed simulated trades as if they were actual earnings from customers. These practices were first highlighted in a Wall Street Journal investigation earlier this year.
The Journal discovered that certain online creators shared videos misleadingly suggesting that customers had won around $1.9 million using the platform. These deceptive clips were part of a larger strategy aimed at drawing new users to Polymarket.
Compounding the issues, a Politico investigation brought to light scrutiny over more than $2.5 million in payments that flowed through Modabber's personal PayPal account to over 800 recipients from January 2025 to February 2026.
Among this sum, at least $350,000 was traced to identified influencers, raising significant concerns regarding transparency and compliance. In light of these developments, Polymarket has been implementing new internal controls to heighten its regulatory adherence.
Modabber’s termination also sparks questions about whether Polymarket is trying to improve its public image as it possibly prepares for an Initial Public Offering (IPO). The company has not publicly commented on speculation surrounding a potential IPO attempt.
Polymarket did not immediately provide a response to a request for comment.
