Willy Wonka has nothing on Las Vegas sports books when it comes to selling Golden tickets.
Thirteen wagers were put on the Golden Knights to win the Stanley Cup in the Westgate sports book. William Hill sports publication took 350 futures on the Knights.
Those long-shot wagers and prospective souvenirs suddenly have been magically transformed into virtual Golden tickets by arguably the best growth team in gaming history.
The Knights still are eight victories from winning the Stanley Cup, but their backers can lock in a healthy profit today by selling their futures bets on PropSwap.com.
A startup secondary market for busy sports wagers at Las Vegas, PropSwap, has offered 20 Knights stakes and contains five futures tickets for sale, such as a $400 bet at 300-1 chances that pays $120,000. That ticket is available for $40,000.
“Just like StubHub does for Golden Knights tickets, we do for Golden Knights stakes,” said Ian Epstein, who founded PropSwap with Luke Pergande. “We are a broker. You will find individuals with sports stakes that are looking to sell, and we head out and find buyers for this.”
PropSwap, that takes 10% of the selling price, also has a $300 ticket to the Knights at 100-1 likelihood that pays $30,000 available for $13,500.
In both cases, the vendor is willing to accept less than the purchase price, considering the Knights are currently the 3-1 second choice to acquire the NHL title.
“All these are open for bidding,” Epstein said. “We can negotiate.”
A 500-1 ticket — a wager to win $25,000 — has been sold for $550 in November on PropSwap. The buyer 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 — also is in the corporation’s database but is not for sale, either.
SHORT DESCRIPTION (Las Vegas Review-Journal)
“If you gamble that a 500-1 ticket and sold it today, you’d make 125 times your cash,” Pergande explained. “When’s the last time you have hit a 125-1 long haul?”
Other sales of Knights tickets included a $70 wager at 200-1 chances to win $14,000 that sold for $250 in November. The ticket was sold again for $1,400 in March.
A $100 ticket in 100-1 chances 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 advice to Knights fans is to sell your ticket, then lock in a profit and revel in the rest of the Stanley Cup playoffs,” Epstein said. “No one ever went broke taking a profit”
Pergande stated many Knights backers have resisted selling their own tickets pretending they’re considered significantly less than a genuine fan.
“It will not make you any less of a fan if you market your wager,” he explained. “You’re still rooting for the Knights. You simply like cash.”
In January, PropSwap sold for $3,450 a bettor’s $50 ticket in 200-1 chances to win $10,000 on the Knights winning the Pacific Division. The seller created 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 cautions that they’ll be underdogs in the Western Conference Final and won’t possess home-ice advantage.
“These guys who have Knights bets 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’s never going to stop. … We are trying to put cash in your pocket”
William Hill would shed more than $1 million if the Knights hoist the Cup, and Wynn Las Vegas sports book manager Johnny Avello quotes the nation’s sports books would lose $5 million to $10 million.
More gambling: Follow all our sport betting coverage online at reviewjournal.com/betting and @RJ_Sports on Twitter.
Contact writer Todd Dewey at email@example.com. Follow @tdewey33 on Twitter.
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