How Does PropSwap Work?
PropSwap is a Nevada-based platform established in 2015. The current online platform was built in collaboration with BetX Technologies. The platform serves as an online marketplace where sports bettors can sell their tickets.
Selling takes place via bidding and direct buying, and potential buyers can place bids for the tickets they are interested in or buy them outright. It is just like a stock market for sports, where you can buy or sell bets, make wise investments, assess your risks and earn money.
For instance, a punter bets on Team A to win a match at 100/1. However, the odds drop to 25/1, so the seller can cash out on the bet and sell the ticket to an interested buyer at a price that is not available in the sportsbook anymore.
In 2021, PropSwap partnered with SB22, a sports betting platform, to enable bettors to list their live mobile tickets within the betting app. This has led to an increase in the business for the company, while sportsbooks also benefit as bets get sold multiple times.
The PropSwap app is compatible with Android and iOS devices and provides all the features available on the desktop version.
How does selling work at PropSwap?
Whether you want to buy or sell, you must first register at PropSwap and open your account. The site and app layout are simple, with buying and selling options in convenient access. You can list your ticket for sale by listing it on the site. The ticket must be from a licensed US sportsbook.
PropSwap offers suggestions for listing prices of the tickets, but you can list your price as well. You can also list a minimum bid below, which buyers cannot submit a bid. PropSwap also allows you to change the selling price of the ticket while it is listed for sale. Once the ticket is sold, you will be notified via email. You will also receive instructions on how to post your ticket. You have seven days to send the ticket to PropSwap.
PropSwap also verifies the sold ticket at its end by checking in with the issuing sportsbook and stores it securely until the bet is won or lost. Once they win, the buyers are sent the ticket in the mail so they can cash it in person or redeem it via mail.
How does buying work at PropSwap?
If you are interested in buying a ticket, you must have sufficient funds in your account to submit a bid. If your bid is declined, the deposit will be refunded upon request, provided you initiate the request within 48 hours.
You can either buy the ticket at the quoted price or submit a bid quoting a lower price than the listed figure. Your bid will stay active till the time the ticket has been sold. Once you successfully buy the ticket, PropSwap will maintain possession of the ticket until the event’s outcome is decided. Once you win, you will receive the ticket so you can cash it or redeem it.
PropSwap fees and withdrawals
PropSwap does not charge a fee for withdrawals, so you can withdraw as many times as you like. Withdrawals are available via paper checks and ACH. The PropSwap platform presently earns via charging a deposit fee of 3% and a 10% commission from the seller.
PropSwap Customer Service
PropSwap offers a comprehensive tutorial and FAQ section on its site, which caters to a wide range of customer queries and concerns. If you want to contact PropSwap, the only available option is via email.
Is PropSwap Legal?
PropSwap only accepts tickets from licensed sportsbooks. The platform abides by gaming regulations and ensures the safety of customer data and privacy.
Where is PropSwap available?
PropSwap only accepts betting tickets from licensed sportsbooks in the US but does not sell tickets from Nevada or Illinois. The service is currently available for 23 states in the US, and customers must be located in one of these states to be able to purchase tickets.