Polymarket terminates CMO following marketing practices investigation

Polymarket has terminated the employment of its Chief Marketing Officer, Matthew Modabber, following an internal investigation into the company’s promotional tactics, The New York Post first reported.

The probe drew regulatory scrutiny and concerned investors, and uncovered controversial marketing practices that prompted the leadership change, according to reports. The company is reported to be finalising a separation agreement, although neither Polymarket nor Modabber have offered public statements regarding the dismissal.

Modabber was first hired in 2024 and was one of the company’s earliest executives.

Allegations of staged content and influencer payments

The internal review focused on allegations that Polymarket employed staged betting videos, engaged social media influencers without sufficiently transparent disclosure, and presented simulated trades as though they represented actual customer gains.

The allegations were uncovered in a Wall Street Journal investigation earlier this year. The investigation revealed that some online creators had posted videos falsely depicting customers winning approximately $1.9 million through the platform.

A Politico investigation indicated scrutiny over more than $2.5 million in payments routed via Modabber’s personal PayPal account to over 800 recipients between January 2025 and February 2026. At least $350,000 of the payments reportedly went to identified influencers, raising potential disclosure and compliance questions.

Polymarket has not issued a public statement on any speculation regarding a potential IPO attempt. Polymarket did not immediately respond to a request from iGB for comment.