Shortly before Super Bowl weekend the Las Vegas Review Journal reported on a startup, PropSwap, that allowed people who had made bets they now considered ill-advised would be able take a loss but save some funds if they wanted get out of them.
PropSwap, which opened for business a year ago, is the first secondary market for active sports bets in Las Vegas.
The company allowed people to salvage some money on a bet they might be likely to lose, or simply cut lose from a bet they didn’t feel confident about anymore.
As a spokesman for the company commented (remember, this is before the game happened) “The Falcons were 100-to-1 or even 150-to-1 earlier in the year, so nobody really thought they would be in this position. If you got that ticket at 100-to-1 or 150-to-1 back then, you can sell that slip now for a massive profit before the game starts.”
Luke Pergande, co-founder of the company, told the RJ: “I post a slip for sale, a buyer writes them a check, the seller is happy—they don’t have to be sweating the game Sunday, and they get a nice chunk of change.” PropSwap collects a transaction fee of 10 percent of the money changing hands.
