Over two years after officials in Nevada ordered PropSwap to shut down, the state’s Gaming Control Board rejected plans for a sports-bet resale exchange.
The lawsuit against PropSwap in the state district court has resulted in its surrender, and the Nevada Supreme Court is now handling the appeal. The company’s suggested rules were based on a settlement agreement between the board and the company. However, PropSwap came up against a closure.
According to the suggestion, PropSwap, which operates in more than 20 states, was intending to start selling sports betting tickets to wagerers who required a surety of money.
In 2015, the company consulted with the board to discuss its recommendations for an online platform that would allow ticket holders to sell their sports wagering tickets. Without any formal go-ahead, the company began to carry on its activities, as per the Senior Deputy Attorney General, John Michela. PropSwap duly received a notice from the board regarding the matter.
PropSwap downed the shutters on its business, and after appealing to the district court, followed by the Supreme Court taking over the matter, it finally rests with the court’s settlement scheme, where the verdict was pronounced.
In response, PropSwap decided to go against the ruling and filed for legal proceedings, as well as certification pertaining to its initiative. There is a possibility that the case will reach a certain stage by the end of next year.
In the opinion of the board, the company’s initiative was unlawful since PropSwap is not in possession of a gaming certification, allowing it to proceed with the betting scenario. The board decided to address the issue by establishing a new vertical for solution providers, which would introduce a secondary market. Marc Rubinstein, the company’s counsel, is in agreement with the concept of sports tickets associated with certified sportsbooks. Kirk Hendrick, the Chairman of the Board, has his own reservations regarding the matter.
