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A peer-to-peer sports betting platform similar to that of eBay claims they have better protections in place than competitors like PropSwap. This comes in light of PropSwap refusing to pay a customer the full $12581 owed after a seller reneged on a winning Super Bowl bet ticket.
The customer, who goes by the handle Cat, or thecat123454, 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. PropSwap has since offered to pay half of that.
Kutt claims that "all bets are pre-funded, so no one can flake on you when you lose".
That platform has offered Kutt $1000 in free site credits with a 1X rollover in light of his well publicized troubles dealing with PropSwap.
The latter company made things worse by attempting to market off of Cat's situation. Twitter users expressed disgust and PropSwap has since deleted one of the promotional tweets.
USA Today is one of the media outlets covering this story.
They (PropSwap) brought attention to the situation by posting a screenshot of an apparent explanation from PropSwap about the $12,000 shortage, in which the company noted all the steps it was taking to prevent something like this from happening again. Everything but a remedy for the customer at hand, who just wanted the rest of their money.
This was unacceptable for obvious reasons. As the facilitator of these sales, PropSwap has to ensure its customers receive the full amount of money the website says they will, otherwise it defeats the purpose of the site existing. People weigh how much they’re willing to spend to buy a bet based on the potential payout. If the payout is less than what they see, it changes the math. The site becomes unreliable.
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