That's definitely not how it works; not 15 minutes ago there was a deleted giveaway I had entered and I did not see my points go back up. And its definitely not the first time, either.
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I have to agree, noticed the same lately as well. Someone deleted a GTA V giveaway and I still had 38 points or something afterwards without even having spent any more.
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I see some confused comments here so let me try to clear stuff up (not that I'm an expert but from what I believe is true)
This is how it worked on the old SteamGifts site.
This is how it is SUPPOSED to work on the new site (this one).
It DOESN'T and has never worked on the new site (this one).
Admins announced several months ago that they would fix this, but nothing has happened since.
And stop trying to defend it with the 'points are free' argument, just because something is free doesn't justify if the site is not working as intended. Points in deleted giveaways mean that you paid points for nothing, which is pointless (pun not intended). Yes, you paid them, even if they are free or not doesn't matter.
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Title sums it up: If you enter a giveaway that is later deleted for whatever reason before completion, you don't get those points back. It's kinda a pain and it unnecessarily punishes participants for the error of the creator.
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