Early Monday morning, PropSwap unveiled a fresh new look powered by a four-year partnership with BetX. The old logo is gone, and so is the old website.
The innovative resale marketplace for live betting slips, first launched in 2015, has garnered its fair share of attention over the last 18 months or so. This new venture with BetX underscores its effort to carve out a unique business on the coattails of US sports betting expansion.
Read more on how PropSwap works here.
PropSwap + BetX
BetX is the work of Krish Dasgupta, a mathematics graduate of Purdue and a former executive for ESPN and SportsHub. His new company one of many young ones in the “sports gaming technology” space, and he approached PropSwap earlier this year with an enhanced vision for their product.
Working with the founders, BetX went about rebuilding the old PropSwap platform on top of modern, flexible architecture. The upgraded site rolled out this morning after months of tinkering, sporting a fresh look and a host of new features.
The team was careful not to make too many comparisons, but it functions a lot like eBay.
How it works
Sellers can now set an expiration for listings, for example, removing the need to manually pull them from the marketplace. Buyers should have an easier time finding those tickets too, thanks to the refined navigation and “watch” functionality. The new architecture also allows PropSwap to deliver a “featured bets” widget to external websites.
The upgrades aren’t just for the end user, either. PropSwap’s recent growth strained its ability to fingerprint each ticket, so BetX retooled the system to automate most of the transactional tasks.
The site has more than 10,000 registered users and 325 tickets in its marketplace at the time of writing.
What the creators say about PropSwap
Dasgupta and PropSwap co-founder Ian Epstein spoke exclusively with LSR in advance of the relaunch, offering insight into the transformation. For the latter, the new-look product has been a long time in the making.
“When we first started this business, people kind of looked at us crazy,” Epstein recalled. “They said, ‘Why would I ever sell my bet? I made it because I thought it was going to win.’ Over the years, we’ve finally started to convert people to the idea of taking the guaranteed money and looking at your sports bets as investments rather than gambles. We’ve made some huge strides in that mission, but we’re still in the first inning.”
The first inning is right. The fall of PASPA has expanded PropSwap’s potential market from one little corner of the West — Nevada — to more than a dozen US states and counting.
“The legalization of sport betting has been huge for us,” Epstein affirmed. And with the support of BetX, the platform allows greater interaction with customers and analysis of their preferences than ever before.
“We are full, 100% partners,” Dasgupta explained of the relationship to LSR. “We’re on the same mission, and we have the same goals … I really believe that we can turn PropSwap into, not only a secondary ticket market but also into a technology company that understands how to move forward.”
Is PropSwap legal?
Yes, PropSwap claims to operate legally in select jurisdictions. Here’s how the company’s website explains the legality of ticket resale in its FAQ:
“Once your bet is made at a legally operating sportsbook, it’s your property, and you may do as you please with it, including sell it!”
The secondary sports betting market is, however, a relatively new concept that requires an easing of some regulatory minds. The founders therefore meet with officials in each US state that legalizes sports betting to secure approval to operate.
The company also works with a third-party payment processor to facilitate seamless transactions, an issue that has plagued some segments of the gaming industry.
As of today, PropSwap is available to buyers in 12 states (legalized sports betting in bold):
- New Jersey
- New York
- West Virginia
The four states on that list without legal sports betting are all candidates to pass a bill in the near future.