Polymarket dismisses CMO Matthew Modabber after probe into its promotional practices

Polymarket has terminated the employment of its Chief Marketing Officer, Matthew Modabber, after an internal investigation into how the prediction market platform promotes itself. The dismissal was first reported by The New York Post.

Modabber joined Polymarket in 2024 and was among the company's earliest executives. His exit ends a long professional relationship with founder and CEO Shayne Coplan. The company is reported to be finalising a separation agreement. Neither Polymarket nor Modabber has made a public statement about the departure.

The internal review looked at allegations that the company used staged betting videos, worked with social media influencers without sufficiently transparent disclosure, and presented simulated trades as if they were real customer gains. These practices were first uncovered in a Wall Street Journal investigation earlier this year. That reporting found that some online creators had posted videos falsely showing customers winning about $1.9 million on the platform, as part of a wider push to attract new users.

The scrutiny also covered payment flows. A Politico investigation pointed to more than $2.5 million sent through Modabber's personal PayPal account to over 800 recipients between January 2025 and February 2026. At least $350,000 of that amount reportedly went to identified influencers, which raises potential questions about disclosure and compliance.

The company's recent organisational changes coincide with efforts to introduce stronger internal controls and improve regulatory compliance. The probe has drawn attention from regulators and concerned investors.

The dismissal has also prompted questions over whether Polymarket is seeking to improve its image as an early step toward an initial public offering. The company has not commented on any speculation about a possible IPO. Polymarket did not immediately respond to a request for comment from iGaming Business.