What was once a happy gambler is now having regrets placing a winning wager at PropSwap.  He claims the company still owes him $12581 after a seller reneged on a winning Super Bowl bet ticket.

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Cat posted his winning Super Bowl on X.  His $5400 bet on the Eagles to win the Super Bowl promised a payout of $38,292.50.

Got the Eagles on @PropSwap pic.twitter.com/MKgWr34EiG

— Cat (@thecat123454) December 21, 2024

But two months later Cat is still waiting to get paid.

"I have had good experiences with @PropSwap in the past but unfortunately for this ticket I've been owed $12581 for coming up on two months. I paid $5400 upfront to purchase the ticket when I bought it in December. Unfortunately after the ticket won, the seller does not want to pay the full amount of $38292, and PropSwap doesn't want to make up the difference."

I have had good experiences with @PropSwap in the past but unfortunately for this ticket I've been owed $12581 for coming up on two months. I paid $5400 upfront to purchase the ticket when I bought it in December. Unfortunately after the ticket won, the seller does not want to… https://t.co/CClXVaCpV9 pic.twitter.com/GTEuCE0pq0

— Cat (@thecat123454) April 8, 2025

How Does PropSwap Work?

PropSwap is an online marketplace that sort of resembles eBay, but for gamblers.   The company is based in Las Vegas.

Users can buy and sell active sports betting tickets.

Sellers can list a ticket (or bet) they made at a sportsbook and wish to sell prior to the conclusion of an event such as the Super Bowl. 

Buyers browse the PropSwap site and purchase their desired ticket (bet), just as Cat did for the Super Bowl. 

PropSwap says it ensures the physical ticket is delivered to the buyer via certified mail. ​

This platform offers sports gamblers the flexibility to secure profits or cut losses before the conclusion of an event, providing an additional layer of strategy to sports betting.

SBC claims PropSwap is not licensed to operate in Nevada. 

"In May 2024, the Nevada Gaming Control Board (NGCB) rejected PropSwap's proposal to create a new "betting ticket resale service provider" category, which would have allowed the company to facilitate the resale of sports betting tickets in the state. The NGCB cited concerns including the legality of interstate transactions and potential regulatory gaps. Therefore, PropSwap remains unauthorized to conduct business in Nevada."

PropSwap's Response

Cat posted the response from PropSwap, which claims it has paid some of the funds owed.

"We understand your frustration with this ticket.  Trust us, we are extremely upset as well, if not moreso.  The $25,711 we've obtained for you so far, is hopefully exemplary of the work we've put in to reach out to the seller.  For more transparency, steps we have taken so far: 

"1. Paid our legal counsel with company funds to reach out to the Seller multiple times, including legal demands.

"2. Delegated multiple employees at PropSwap to ensure the situation never happens again on the site (e.g. manual review of every ticket that gets posted at PropSwap.

"3. Increased steps in our seller onboarding process to ensure the Federal Tax Withholding on winners from the sportsbook, and the State, are very clear when listing the ticket."

PropSwap Can Learn From Early eBay Scams

As noted above, PropSwap acts very much in the same way as the model employed by eBay. 

Many of us first became exposed to eBay platform scams via an episode of Judge Judy when a mother and daughter claimed they were successful bidders for telephones but instead were sent photos of the phones by scam artist Kelly Filkins, who has since passed away.

eBay now has a Money Back Guarantee designed to protect buyers from scams, offering refunds for items not received, damaged, or not as described, but it's important to be vigilant and understand the process.

In the early days of eBay, the platform resembled more of the Wild West where scams, such as the one perpetrated by Ms. Filkins, were more prevalent. 

PropSwap has some player protections in place, but not nearly that of which eBay offers.  They claim to offer ticket verifications, digital transfers and secure payments.  Unlike eBay, PropSwap does not explicitly advertise a general "money-back guarantee."

Fellow gamblers were not buying the excuses from PropSwap. 

JimmyTheBartender wrote:

"How is this even an issue? @PropSwap must pay this difference. Your platform is DONE if you don't.  Oh but we pay our lawyers out of pocket. Hahah bunch of baloney.  When you become the middle man and make $ off that transaction you accept the liability. Pay Cat in full and then go after the seller for yourself.  Joke."

Josh Yanker chimed in:

"@propswap better pay up or just close down. NO ONE will use a service that doesn’t pay. Who wants to get free rolled for $1000s ?   It’s unfortunate the seller isn’t upholding his end but that’s why Propswap is the middleman, they need to eat the difference for setting the deal."

And this from Shel:

"1. Where do “company funds” come from? Fees paid for by customers for this specific reason.  2 & 3 are just admitting that their system was/is shit. Cover the $12k or go out of business. Or both."

Gambling911.com will continue to monitor this situation for any further developments.