Did it subtract wallet funds? Check your account history (top right, click on your username). See if it shows up there.
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It's a bug. Happened to me a few times. This thread has several workarounds, but the basic gist is you need to "update" your inventory. I can confirm that buying any other gift works.
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i sometimes have tf2 keys missing for minutes, hours, even a day. but eventually they show up.
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So, I bought a gift this morning and put it in my inventory. I received the receipt and went "Awesome, I'll just create a giveaway right now."
The giveaway's ended (sorry :P) but I've checked my inventory and it's not there? Is there a cooldown period or something that I don't know about?
Edit: I got it on steam btw. :D
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