PropSwap Relying on Its Sellers to Make Its Ticket-Buyers Whole After March Madness Cancellation
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With the mass cancellation of championship events, sportsbooks will be issuing a whole lot of refunds in the coming days.
But it’s not as simple for secondary markets like PropSwap, which allows bettors to sell their tickets to others.
PropSwap issued a statement Friday saying that since it’s not the sportsbook, and is just a marketplace, bettors who bought tickets on its service are out the difference.
For example, a bettor recently paid $6,500 for a Florida State to win the NCAA men’s basketball title ticket on PropSwap. The bettor bought the ticket for $1,800 and, after paying PropSwap a $180 fee (10%), netted $4,520. The buyer paid $6,500, plus a PropSwap fee of 3% ($195), and can cash the ticket in at the sportsbook for the original value ($1,800), which means he is out $4,895.
PropSwap, for its part, is hoping good will will prevail.
“We are calling upon our community of sellers to return the profits collected from their college basketball sales this year, and help make the buyers on PropSwap whole,” the company said, in a statement, adding that it will offer rewards for doing so.
PropSwap said it is returning all their revenue made from March Madness tickets.
“We believe in times like these, profits should be the last thing on people’s minds.”