Polymarket sacks marketing chief over promotional practices probe

Polymarket has terminated Matthew Modabber as its chief marketing officer following an internal investigation into the company's promotional tactics, iGaming Business reported.

The dismissal, first reported by The New York Post, ends Modabber's long association with founder and chief executive Shayne Coplan. He had been hired in 2024 as one of the prediction market platform's earliest executives.

Polymarket is reported to be finalising a separation agreement with Modabber. Neither the company nor Modabber has issued a public statement on the departure.

The internal review examined allegations that Polymarket used staged betting videos, worked with social media influencers without adequate disclosure, and presented simulated trades as genuine customer winnings.

Those practices were first exposed by a Wall Street Journal investigation earlier this year, which found that some online creators had posted videos falsely showing customers winning roughly $1.9 million on the platform as part of a wider push to attract new users.

A separate investigation by Politico examined more than $2.5 million in payments made through Modabber's personal PayPal account to upward of 800 recipients between January 2025 and February 2026, according to iGaming Business. At least $350,000 of that sum reportedly went to identified influencers, raising questions over disclosure and compliance.

The leadership change comes as Polymarket moves to tighten internal controls and strengthen regulatory compliance, iGaming Business reported. The dismissal also raises questions over whether the company is seeking to improve its public image ahead of a possible initial public offering, though Polymarket has made no statement addressing any such speculation.

Polymarket did not immediately respond to a request for comment from iGaming Business.