Polymarket, the prediction market platform, has parted ways with its Chief Marketing Officer, Matthew Modabber, following an internal investigation into the company’s promotional strategies.
This inquiry, which attracted regulatory attention and raised concerns among investors, revealed questionable marketing practices that ultimately resulted in Modabber’s dismissal.
As first reported by The New York Post, this change concludes Modabber’s long-standing partnership with Polymarket's founder and CEO, Shayne Coplan. Modabber joined the company in 2024 and was one of its earliest executives.
Currently, Polymarket is working on a separation agreement with Modabber. Neither party has publicly commented on the dismissal.
The internal review specifically examined allegations that Polymarket utilized staged betting videos, collaborated with social media influencers without adequate disclosure, and showcased simulated trades as if they reflected real customer profits. This was highlighted in a Wall Street Journal report earlier this year.
The investigation disclosed instances where creators shared videos misrepresenting customer wins totaling around $1.9 million on the platform. These misleading representations were part of broader efforts to entice new users to Polymarket.
Furthermore, the scrutiny expanded to more than $2.5 million in payments made through Modabber’s personal PayPal account to over 800 different recipients from January 2025 to February 2026, as noted by Politico.
Out of this sum, at least $350,000 went to identified influencers, raising significant compliance and disclosure concerns. Polymarket's recent leadership changes align with its efforts to bolster internal controls and regulatory compliance.
Modabber’s termination raises questions about whether Polymarket is attempting to improve its public image as part of initial steps toward a potential Initial Public Offering (IPO). The company has not made any public remarks regarding speculation about such an offering.
Polymarket did not respond promptly to a request for comment from iGB.
