PropSwap Battling With Customer Who Bought A Winning, But Mislabeled, Ticket
The bettor claims he’s owed over $12,000, but PropSwap says the ticket he bought was listed incorrectly in their marketplace
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PropSwap, the online marketplace that allows users to buy and sell active sports betting tickets, was forced to issue a statement via X Wednesday morning after a user claimed he didn’t get paid in full after purchasing a ticket for the Philadelphia Eagles to win the Super Bowl.
The player — who goes by the handle “Cat” on X — took to the social media site Tuesday with his complaint.
“I have had good experiences with @PropSwap in the past but unfortunately for this ticket I’ve been owed $12,581 for coming up on two months,” he wrote. “I paid $5,400 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 $38,292, and PropSwap doesn’t want to make up the difference.”
The response
On Wednesday, PropSwap went online with its explanation of the matter, and placed the blame squarely on the original seller of the ticket. According to PropSwap, the ticket was subject to federal and state withholding tax, but the seller listed the ticket at the pre-tax number.
“The bet had original odds of > 300/1, so therefore, it had Federal Taxes and State Taxes withheld,” read the statement. “The seller was paid $25,711 by Caesars Palace. He sent those funds to us, of which we sent directly to The Cat123454. The seller did indeed incorrectly list the ticket for a pre-tax amount, not the past-tax amount, (even after a mandatory Zoom interview with PropSwap management) during his onboarding, of which we remind all sellers they must list tickets post-tax, not pre-tax. We believe it was an honest mistake.”
In effect, PropSwap points to an error on the seller’s part for listing the ticket at $38,292, when the post-tax upside would be limited to $25,711.
Mistake or not, the PropSwap statement went on to say that while they’re working with the buyer of the ticket, the company is in no way responsible for what happened.
“It is important to remember that PropSwap is NOT a sportsbook, and we do NOT guarantee winnings,” the statement continued. “This is why buyers get better odds than a traditional sportsbook, quite consistently. Because you are buying from other gamblers, not PropSwap. We are eBay, we are StubHub, we are StockX. And rest assured, Fraud happens on those sites daily, at a far greater rate than at PropSwap.”
Predictably, the comments were not exactly taking the side of PropSwap in this dispute, with many people noting the reputational damage a case like this might have on the operation.
Emails to PropSwap have not been returned as of press time.
