Polymarket sacks marketing boss Matthew Modabber
Prediction-market operator Polymarket has reportedly dismissed Chief Marketing Officer Matthew Modabber following an internal investigation into controversial promotional practices involving social media influencers and simulated trading videos.
The departure was first reported by the New York Post on October 22 but Modabber is yet to confirm his departure via his usually very busy social media pages.
Modabber joined Polymarket in January 2024 and was among the company’s earliest employees, working closely with founder and Chief Executive Shayne Coplan.
His reported dismissal follows months of scrutiny surrounding the company’s marketing arrangements.
An earlier Wall Street Journal investigation alleged that social media creators had been paid to publish videos depicting substantial prediction-market winnings that did not reflect genuine trading activity.
Some promotional content allegedly used simulated websites resembling Polymarket’s platform.
The investigation also raised questions about whether creators adequately disclosed commercial relationships when publishing sponsored content.
Separately, media identfied $2.5 million in payments made through Modabber’s personal PayPal account to hundreds of recipients.
At least $350,000 was reportedly paid to identified influencers, prompting further questions about the company’s internal financial and marketing controls.
The allegations have attracted regulatory scrutiny, although no final regulatory finding of wrongdoing has been established in the reporting reviewed.
Polymarket has previously said it would review its promotional content following the original investigation.
The company has not publicly confirmed the reported dismissal or provided a detailed explanation for the management change.
The development comes as prediction-market platforms face increasing attention from gambling regulators, commodities authorities and consumer protection bodies.
Marketing practices are particularly important for companies offering event contracts that resemble conventional betting products but operate under different regulatory arrangements.
For Polymarket, the reported dismissal represents a potentially significant governance development as competition intensifies with Kalshi and established US gambling operators entering prediction markets.
