Willy Wonka has nothing on vegas sports books in regards to selling Golden tickets.
Thirteen wagers were placed at 500-1 chances on the Golden Knights to win the Stanley Cup at the Westgate sports book during the preseason. William Hill sports publication took 350 futures on the Knights at 100-1 or higher.
Those long-shot wagers and prospective memorabilia abruptly have been magically transformed into virtual Golden tickets by arguably the greatest growth team in gaming history.
The Knights still are eight successes from winning the Stanley Cup, but their backers can lock in a healthy profit now by selling their futures bets on PropSwap.com.
A startup secondary marketplace for busy sports wagers at vegas, PropSwap, has offered 20 Knights stakes and contains 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 bets,” explained Ian Epstein, who founded PropSwap with Luke Pergande. “We are a broker. There are individuals with sports stakes that are looking to sell, and we go out and locate buyers for that.”
PropSwap, which takes 10 percent of the sale price, also has a $300 ticket to the Knights at 100-1 likelihood that pays $30,000 on sale for $13,500.
In both circumstances, the seller is prepared to accept less than the purchase price, considering that 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 ticket — a bet to win $25,000 — has been sold for $550 at November PropSwap. The purchaser put it up available for as much as $4,400 but has since taken it off the market. Another 500-1 wager — $20 to win $10,000 — 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 sold it now, you’d make 125 times your cash,” Pergande explained. “When is the last time you have struck a 125-1 long shot?”
Other sales of Knights tickets included a $70 wager at 200-1 odds to win $14,000 that sold for $250 in November. The ticket was sold again for $1,400 in March.
A $100 ticket at 100-1 odds to win $10,000 currently sold for $1,750, and also a $10 ticket in 150-1 odds to win $1,500 sold for $660 on Monday.
“My guidance to Knights fans would be to sell your ticket, lock in a gain and enjoy the remainder 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 true fan.
“It will not make you any less of a fan if you sell your bet,” he explained. “You’re still rooting for the Knights. You simply like money.”
In January, PropSwap sold for $3,450 per month bettor’s $50 ticket at 200-1 odds to win $10,000 about the Knights winning the Pacific Division. The seller made over $3,000, and the purchaser ultimately turned into a gain of $6,550.
The Knights continue to fuel a seller’s market, as they’ve yet to track in a playoff series. But Epstein warns that they will be underdogs in the Western Conference Final and will not have home-ice advantage.
“These men who have Knights stakes have never had their backs against the wall,” he said. “They believe this roller coaster is going to keep moving up and up and it is never going to stop. … We’re trying to put money in your pocket”
William Hill would shed more than $1 million if a Knights hoist the Cup, and Wynn Las Vegas sports book manager Johnny Avello estimates the nation’s sports books would lose $5 million to $10 million.
More gambling: Follow all our sports gambling coverage online at reviewjournal.com/betting and @RJ_Sports on Twitter.
Contact writer Todd Dewey in firstname.lastname@example.org. Follow.
Read more: attworldnews.com