Sports Gambling Tickets
[toc]PropSwap, an online exchange service for sports betting slips, is spreading its wings beyond its Nevada nest and expanding into four new states.
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PropSwap, you say?
Launched in 2015, PropSwap is a marketplace for live, active betting tickets.
Bettors who are stuck with unfavorable tickets can hedge their bets by selling the slips on PropSwap’s exchange. Buyers who missed a big line can lock in a better price than they might be able to find at the time.
For example, say a bettor places a futures wager on the Las Vegas Goats at 100/1. The Goats shock the world and win their first few games, and the price slips to 25/1. The bettor can list their slip on PropSwap at, say, a price equal to a 50/1 payout, both hedging their bet and providing an opportunity for buyers that would not otherwise be available.
“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,” co-founder Luke Pergande said in an interview with the Las Vegas Review-Journal.
The idea came to life following a 2013 trip to Las Vegas in which Pergande placed a futures futures wager at 50/1. He explained the rest of the story to Legal Sports Report:
Sports Gambling Tickets Promo Code
They went 7-1 to start the season and the odds dropped to 15/1. I called my now business partner (Ian Epstein) who worked for CG Technology at the time, and asked where can I sell this ticket in Vegas. He said nowhere. It seemed like a gap in the market so we set out trying to solve it.
PropSwap opened for business less than two years later in August 2015.
How it works
The functionality has grown over the past two years, and more streamlining is on deck, according to the founders. Here’s how it currently works:
- A bettor in Nevada places a bet in a brick-and-mortar sportsbook.
- The seller uploads a photo of the betting slip to PropSwap’s client, enters the details, and sets the sale price.
- PropSwap verifies the validity of the ticket and lists it on the marketplace.
- A buyer purchases the slip with a credit or debit card.
- The seller mails the slip to PropSwap.
- PropSwap delivers the slip to the buyer via certified mail.
- The buyer redeems the slip with the sportsbook, either in person or via mail.
In order to insure the transaction, PropSwap requires credit card information from the seller. It takes a 10 percent commission from the final price, so there’s no up-front fee for either party.
PropSwap touts this process with a number of testimonials on its site, like this one:
WIN! – Steve from San Francisco sold his GSW Futures for $8,000 (collect of $10,500) when they were up 3-1 against the Cleveland Cavaliers. Greg then flew to the Bahamas that day and let the rest of us watch Curry & Co. collapse. True story.
Expanding to more states
For the first two years of its operation, PropSwap was a Nevada-only product.
On September 1, the concept is rolling out to four more states:
- Massachusetts
- New Jersey
- Pennsylvania
- Connecticut
While all four states have gambling establishments within their borders, single-game wagering is still illegal in all of them. New Jersey has passed a law to legalize sports betting, but that effort is pending an appeal in the US Supreme Court. Connecticut just passed legislation to regulate it last month, and it’s encouraging to see regulators from the other states willing to let PropSwap operate, too. And it makes sense from a legal standpoint.
Since buyers are receiving physical tickets, they’re not betting on sports, by definition. The ticket is simple property, and it falls under the same laws as any other piece of paper. This piece of paper, though, may or may not have significant value depending on the outcome of the bet that was placed back in Nevada.
PropSwap’s founders met with regulators in each state to review the legal landscape prior to making the move.
Operating within regulators’ recommendations
Because it is not a gaming entity, PropSwap is not regulated by the Nevada Gaming Commission. Still, it takes due care as it operates around the perimeter of gaming.
When it was only serving the Nevada sports betting market, PropSwap facilitated the actual payout of the ticket itself. While that is still technically legal, the NGC advised that it would prefer to see that changed. So it was. The buyer is now fully responsible for redeeming the tickets, either in person or through a mail exchange with the sportsbook.
By treading carefully, PropSwap seems to be making progress. When it launched, sellers had to conduct transactions in person at a terminal inside a sports bar in Las Vegas. The seller also had to provide the physical ticket before the marketplace would list it.
With the expansion, the process now operates electronically and in real time. The seller’s credit card is pre-authorized when a ticket sells, guaranteeing the transaction and expediting the exchange. Sellers have seven days to submit the ticket to PropSwap if it sells.
The real-time functionality has an additional benefit that the company thinks will be key to its growth. In addition to futures slips, bettors can now list tickets for straight bets, and buyers have the ability to make purchases both prior to and during the game.
It’s tough to find sellers
Talking bettors into giving up their tickets is one of PropSwap’s biggest obstacles. Many gamblers would rather let a bad bet ride than take a buyout up front. Pergande and co-founder Ian Epstein elaborated on the issue:
Convincing bettors to sell their ticket has been a much larger challenge than we had initially thought. They see the ‘Collect’ amount on their ticket, and won’t accept anything less than that. The psychology theory behind it is called ‘Loss Aversion’. People don’t want to be the guy who sold their ticket too early.
PropSwap’s expansion to the northeast could be a boon for potential sellers, though. Whereas they were previously limited to the prices fellow-Nevadans were willing to pay, the market is now open to thirsty would-be sports bettors from states in which options are limited. There should be a significant increase in the margins at which sellers are able to shed their tickets.
Gearing up for even more?
The prospect for out-of-state expansion led the company to broadcast a $6 million valuation in 2016. This year, it appears to be gearing for a big push to help drive its growth.
PropSwap has reached out to potential investors, LSR has learned, trying to raise up to $500,000 under that valuation. It refers to the fundraising as ‘building a moat’ in preparation for the competition it expects to enter its neighborhood.
“As we grow,” Pergande said, “the plan is for all visitors that come to Las Vegas to make bets with PropSwap in mind, knowing it doesn’t need to win in order to make a profit, it just needs to improve.”
Like any good letter to investors, this one contained a coyly worded caution in its close, too. If the expansion goes as planned, PropSwap says it may feel justified in increasing its valuation.
Point Spread Basics
If there is a plus next to the team you selected - add those points to the final score for your team.
If there is a minus next to the team you selected - subtract those points from the final score for your team.
ASK for a QUICK PICK
Not sure what selections to play? Just ask your Retailer for a full or partial quick pick. Quick pick is available for all selections or for teams only. The Lottery will generate a ticket with random selections.
FOR ALL PARLAY CARD CHANGES/UPDATES, PLEASE VISIT A SPORTS RETAILER OR CASINO SPORTSBOOK.
Wagers
- Totals (Over/Under) Wager (Pro Only)
The Total is the combined amount of points scored by both teams during the game, including overtime.A player may wager Over or Under the total. In an Over wager, the player wagers that the total combined points scored by the two teams will be more than the total. In an Under wager, the player bets that the total points scored by the two teams will be less than the total. There will be no totals during the preseason. The Half-Point, Teaser and Super Teaser Parlay Cards will carry all totals. The $100,000 Parlay Card will have select totals on occasion. There is not a Totals-Only Card. - Early Bird Card (Pro Only)
To play Early Bird Cards, refer to the designated separate sheet for teams and point spreads. A new sheet is available each Monday and Tuesday. Download the most current sheet. - Half-Point Parlay Card
The Half-Point Parlay Card is the most popular type of card in Las Vegas and will offer payoffs ranging from 6.5 for 1 on a 3-selection parlay to 2,500 for 1 on a 12-selection parlay. All point spreads use half points, eliminating the possibility of a tie. - Teaser Card
On a Teaser Card, the point spreads differ from those on the Half-Point Card. The favored teams have to cover fewer points in order to be winning selections. The underdog teams receive more points. The payoffs on the Teaser Card are lower than they are on the Half-Point Card because of the advantage the player gets on the point spread. On a Teaser Card, players may parlay from 3 to 20 selections (since the point spreads have been adjusted, wagering is available on both sides of a game) and receive payoffs ranging from 12 for 5 to 1,000 for 1. All point spreads use half points, eliminating the possibility of a tie. - Super Teaser Card
On the Super Teaser card, the point spreads are adjusted even more than with the Teaser card. The favored teams must cover even fewer points in order to be winning selections. The underdog teams receive more points, The payoffs on the Super Teaser card are lower than they are on the Teaser cards because of the additional advantage the player gets on the point spread. On a Super Teaser card, players may parlay from 4 to 20 selections and receive payoffs ranging from 11 for 5 to 80 for 1. All point spreads use half points, eliminating the possibility of a tie. Players may bet on both sides. - Reverse Teaser Card (Pro Only)
On the Reverse Teaser card, the point spreads are adjusted so the favored teams must cover a larger point spread and underdog teams must cover a point spread that is smaller, and, in some cases, even minus points. In some cases, both teams in a game may be minus points and you may not bet both teams in that game. Because of these point-spread adjustments, the payoffs are much higher than those found on the other Teaser cards. On a Reverse Teaser card, players may parlay from 3 to 8 selections and receive payoffs ranging from 20 for 1 to 5,000 for 1. All point spreads use half points, eliminating the possibility of a tie. - $100,000 Parlay Card (Pro Only)
Players wager $5 and select 15 games against the point spread. If a player correctly picks 15 out of 15 games, he wins $100,000. If there is more than 1 winning ticket, the $100,000 prize is divided equally among the winning tickets. The $100,000 Parlay Card will have a few select Totals (Over/Under) Wagers upon occasion. Football Futures:
No card required. This wager is offered for the entire current season. To place a bet, the player simply selects a team. The odds fluctuate during the season, but are locked in at the time the wager is placed. Note: The Delaware Lottery reserves the right to refuse any wager/multiple cards or delete or limit any selection(s) prior to acceptance of any wager.
Additional wagers:
Off-the-Board Parlays
In Off-the-Board Parlays, the point spreads may fluctuate from the opening line. Players can parlay from three to eight teams and receive payoffs ranging from 11 to 2 to 160 to 1. There is a $5 minimum bet on Off-the-Board Parlays.Off-the-Board Teasers
The players can select 6, 6 1/2, 7, 10 and 14-point Teasers. A Teaser allows the player to add extra points to an underdog’s point spread or subtract points on a favored team.Halftime Wagers
A halftime wager, for betting purposes, resets the score of a game at 0-0 at halftime of a game. For example, if the Green Bay Packers lead the San Francisco 49ers at halftime by a score of 14-10 and you wager on the Packers -3 1⁄2 points in the second half, the Packers must win the game by eight points or more to cover the spread. Halftime wagers also include any overtime periods that are played.
- Off-the-Board Odds
Delaware Lottery Sportsbook and Sports Lottery Retailer Wagering Rules apply to parlay cards unless otherwise stipulated on the cards. The Delaware Lottery reserves the right to add, delete, or change its Wagering Rules and/or payoff odds at any time.