Polymarket, a prediction market platform, has dismissed its Chief Marketing Officer, Matthew Modabber, following an internal investigation into the company’s marketing practices. This inquiry, which received regulatory attention and raised concerns among investors, revealed contentious promotional strategies that led to this leadership change.
According to a report by The New York Post, Modabber’s departure signifies the conclusion of his extensive professional relationship with Polymarket’s CEO and founder, Shayne Coplan. Modabber joined the company in 2024 and was among its first executives.
Reports indicate that Polymarket is finalizing a separation agreement with Modabber, although the company and Modabber have yet to issue any public comments about the dismissal.
The internal investigation scrutinized allegations that Polymarket used staged betting videos, involved social media influencers without proper disclosure, and showcased simulated trades as actual customer profits. These revelations emerged from a prior Wall Street Journal investigation earlier this year.
The investigation highlighted misleading content from online creators, who claimed that customers had won nearly $1.9 million on the platform. Such deceptive representations were part of broader efforts to draw new users to Polymarket’s offerings.
Moreover, the investigation expanded beyond promotional practices. A separate Politico report suggested concerns about over $2.5 million in payments that were directed through Modabber’s personal PayPal account to over 800 recipients from January 2025 to February 2026. Of that total, at least $350,000 was reportedly allocated to identified influencers, which raises issues surrounding disclosure and compliance.
Polymarket's recent restructuring appears to coincide with its initiatives aimed at strengthening internal controls and improving regulatory compliance. The termination of Modabber also raises questions about whether the company is attempting to enhance its reputation in anticipation of a potential Initial Public Offering, although Polymarket has not confirmed any such plans publicly.
The company did not respond immediately to requests for comment.
