Written by :
Published on :
Have you ever heard of a sportsbook that won't guarantee payouts?
That's PropSwap.
The site does claim it is not a sportsbook. Instead, they compare themselves to an online market place like eBay, minus the guaranteed payments. eBay does guarantee payments for the record.
The platform allows users to buy and sell active sports betting tickets.
A gambler claims the company still owes him $12581 after a seller reneged on a winning Super Bowl bet ticket. 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.
He writes:
"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."
PropSwap tried to explain it all away by defending the seller, to some extent.
"We wanted to provide a bit more context into the winning Eagles sale, that TheCat23454 bought in December. Their bet had original odds of > 300/1, so therefore, it had federal taxes and state taxes withheld. The seller was paid $25,7111 by Caesars Palace. He sent these funds to us, of which we sent directly to TheCat23454.
"The seller did indeed incorrectly list the item for a pre-tax amount, not the past tax amount (even after the mandatory Zoom interview with PropSwap management) during the offboard in which we remind all sellers they must list tickets post-tax, not pre-tax.
"We believe it was an honest mistake, however, legally he is obligated to transmit to PropSwap the full collect amount for any bet he posts on our site.
"It is important to remember that PropSwap is NOT a sportsbook, and we do not guarantee winnings. This is why Buyers get better odds than a traditional sportsbook, quite consistently. Because you are buying from other sports bettors, not PropSwap.
"We are eBay, We are StubHub, we are StockX. And rest assured fraud happens on those sites daily, at a far higher rate than at PropSwap."
Gambling911.com cannot independently confirm that fraud occurs regularly at these sites, however, eBay at least does offer a money-back guarantee, something that PropSwap does not.
The statement continues: "To be transparent, the rate of not fully paid out Sale, on PropSwap, over the last 12 months, is .0002% of our sales.
"We will continue to work with the buyer and try to reach a reasonable conclusion for all parties.
"Thanks and enjoy The Masters."
Brian Smith posed the question over X:
"After hearing CEO - Luke @PropSwap say transaction through their site aren’t guaranteed why would anyone use it and risk being screwed over?"
The company has vowed to pay Cat half of what is still owed. Nearly every gambler following this story agrees, that's not enough (just check out X if you don't believe us). Nothing but full compensation will do.
That could still happen. PropSwap insists it continues to work to fully resolve this matter.
The story has seen some mild interest via Google search while generating more significant interest on Twitter (X).
Gambling911.com will continue to monitor this story.
|
|
