On Friday, as it became clear that the NCAA Tournament would not happen, PropSwap, a company that allows bettors to sell pending futures tickets from legal sportsbooks, heaved a full-court shot.
It appears to have gone in.
The company issued a statement on Friday saying that since it's not a sportsbook, but rather just a marketplace, bettors who bought tickets on its service would be out the difference. The only way out of the predicament would be if the customers who sold the tickets, gave their money back.
And, against all odds, that's what happened.
PropSwap announced Monday that everyone who bought an NCAA Tournament ticket, well into the six-figures, has been made whole. More than half of the money was returned by the sellers, said Luke Pergande, a former financial analyst who started PropSwap.
"The sellers contributed more than we did, which was amazing to see," said Pergande said. PropSwap takes 10% of the total fee from sellers and a 3% fee from buyers. "I never thought we'd see that when we announced this plan last week."
One of the biggest contributors was Willie Bawarski, a full-time pharmacist from Vegas, who sold 191 college basketball futures on PropSwap this year. Bawarski said he hasn't counted up all the money he committed to giving back, but it was a no-brainer.
"As capitalistic as sports betting may be, we're all in this together," Bawarski said. "In Eastern culture, it's often referred to as 'Karma.' In Western culture, the belief is more closely associated to The Golden Rule. Either way, it's simply lending a hand in the time of need for so many."
Bawarski's largest ticket he sold was Ohio State (+4100) to win it all. He was paid $1,100 for his $487.81 bet. It would have paid $20,000 to the new buyer.
The buyer bought the ticket for $1,100 and then paid PropSwap its 3% fee ($33). Bawarski paid $487.71 for the original ticket, plus a PropSwap fee of 10% ($110).
