Willy Wonka has nothing on Las Vegas sports books when it comes to selling Golden tickets.
Thirteen wagers were put on the Golden Knights in 500-1 odds to win the Stanley Cup in the Westgate sports publication. 350 futures were taken by william Hill sports publication on the Knights at 100-1 or higher.
Those long-shot wagers and prospective memorabilia abruptly have been transformed into virtual Golden tickets by arguably the best expansion team in gaming history.
The Knights are eight successes from winning the Stanley Cup, but their backers could lock in a healthy profit now by selling their futures bets on PropSwap.com.
A startup secondary marketplace for active sports wagers in Las Vegas, PropSwap, has sold 20 Knights bets and has five futures tickets for sale, such as a $400 wager at 300-1 chances that pays $120,000. That ticket is on sale for $40,000.
“Much like StubHub will for Golden Knights tickets, we do for Golden Knights stakes,” explained Ian Epstein, who founded PropSwap with Luke Pergande. “We are a broker. There are individuals with sports stakes that are looking to market, and we head out and find buyers for that.”
PropSwap, that takes 10 percent of the sale price, also includes a $300 ticket on the Knights in 100-1 odds that pays $30,000 on sale for $13,500.
In both circumstances, the seller is prepared to accept less than the purchase price, considering the Knights are now the 3-1 second choice to acquire the NHL title.
“These are open for bidding,” Epstein said. “We can negotiate.”
A 500-1 ticket — a $50 bet to win $25,000 — was marketed for $550 at November PropSwap. The purchaser put it up for sale for as much as $4,400 but has since taken it off the market. Another 500-1 bet — $20 to win $10,000 — also is in the company’s database but isn’t available, either.
SHORT DESCRIPTION (Las Vegas Review-Journal)
“If you bet a 500-1 ticket and marketed it now, you would make 125 times your money,” Pergande explained. “When is the last time you have hit a 125-1 long shot?”
Other sales of Knights tickets comprised a $70 bet at 200-1 odds to win $14,000 that sold for $250 in November. The ticket was sold for $1,400 in March.
A $100 ticket in 100-1 chances to win $10,000 recently sold for $1,750, and a $10 ticket in 150-1 chances to win $1,500 sold for $660 on Monday.
“My advice to Knights fans is to offer your ticket, lock in a gain and enjoy the rest of the Stanley Cup playoffs,” Epstein said. “No one ever went broke taking a profit”
Pergande said many Knights backers have resisted selling their own tickets pretending they’re considered less than a genuine fan.
“It doesn’t make you any less of a fan if you market your bet,” he explained. “You’re still rooting for the Knights. You just like money.”
In January, PropSwap sold for $3,450 per month bettor’s $50 ticket at 200-1 odds to win $10,000 on the Knights winning the Pacific Division. The seller made more than $3,000, and also the buyer ultimately turned a gain of $6,550.
The Knights continue to fuel that a seller’s market, since they’ve yet to trail in a playoff series. But Epstein cautions that they will be underdogs in the Western Conference Final and will not have home-ice advantage.
“These guys who have Knights bets have never had their backs against the walls,” he explained. “They think this roller coaster will keep going up and up and it’s never going to stop. … We are trying to put money in your pocket”
William Hill would lose more than $1 million if a Knights hoist the Cup, and Wynn Las Vegas sports book manager Johnny Avello quotes the state’s sports books would lose $5 million to $10 million.
More gambling: Follow all our sports betting coverage online at reviewjournal.com/betting and @RJ_Sports on Twitter.
Contact reporter Todd Dewey in email@example.com. Follow.
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