[pshreck]

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I would assume the people are friends and wish to follow gentlemenly prop betting protocol.

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It is pretty clear from this board and everywhere that there is no clearly defined prop betting protocol. The reason people find so many angles is because they are playing with shaky rules.

Under the idea of an agreement or contract, backing out once the agreement is made, with no penalty, doesn't make much sense. So I would assume that under prop bet protocol, you can't get out of it unless the second party allows you to.