Key facts
- Polymarket paid influencers hundreds of thousands of dollars to promote its prediction market.
- Influencers did not disclose that they were being paid by Polymarket.
- Polymarket CMO Matthew Modabber used a personal PayPal account for these payments.
- At least 20 content creators promoted Polymarket on X after receiving money.
- Polymarket has seen trading volumes increase significantly since Donald Trump's reelection in 2024.
Polymarket, a prediction market platform, has been paying high-profile influencers hundreds of thousands of dollars to promote its services, with many allegedly failing to disclose these paid partnerships on social media. Polymarket's Chief Marketing Officer, Matthew Modabber, reportedly used a personal PayPal account to send over $2.5 million to more than 800 individuals over a 14-month period, including at least $350,000 to influencers who subsequently posted about the platform at least 490 times on X without clear disclosures. The company claims these partnerships are standard practice for providing market insights. Polymarket, which operates largely outside the US after a 2022 ban by Wall Street regulators, has seen a surge in trading volumes, particularly since President Donald Trump's reelection in 2024. Experts emphasize that influencers have a responsibility to disclose material connections, as per FTC guidelines, though the application to prediction markets remains unclear. Kalshi, a competitor, also engages in similar influencer marketing.