PropSwap golden opportunity for Knights bettors to cash in early
Willy Wonka has nothing on Las Vegas sports books in regards 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 bets on the Knights at 100-1 or greater.
Those long-shot wagers and would-be memorabilia abruptly have been magically transformed into virtual Golden tickets by arguably the greatest expansion team in gaming history.
The Knights still are eight successes from winning the Stanley Cup, but their backers can lock into a healthy profit now by selling their stocks stakes on PropSwap.com.
A startup secondary market for busy sports wagers in Las Vegas, PropSwap, has offered 20 Knights bets and contains five futures tickets available, such as a $400 bet at 300-1 odds that pays $120,000. That ticket is on sale for $40,000.
“Much like StubHub does for Golden Knights tickets, we do for Golden Knights stakes,” explained Ian Epstein, who founded PropSwap with Luke Pergande. “We’re a broker. You will find people with sports stakes that want to sell, and we go out and locate buyers for this.”
PropSwap, that takes 10% of the selling price, also has a $300 ticket to the Knights in 100-1 odds that pays $30,000 available for $13,500.
In both circumstances, the vendor is prepared to accept less than the sale price, considering that the Knights are currently the 3-1 second choice to win the NHL title.
“All these are available for bidding,” Epstein said. “We can negotiate.”
A 500-1 ticket — a $50 wager to win $25,000 — has been marketed on PropSwap for $550 at November. The purchaser put it back up available for as much as $4,400 but has since taken it off the market. Another 500-1 bet — $20 to win $10,000 — is at the company’s database but isn’t for sale, either.
SHORT DESCRIPTION (Las Vegas Review-Journal)
“If you bet a 500-1 ticket and sold it today, you would make 125 times your cash,” Pergande explained. “When’s the last time you’ve hit a 125-1 long haul?”
Other sales of Knights tickets comprised a $70 bet at 200-1 chances to win $14,000 that sold for $250 in November. The ticket has been sold for $1,400 in March.
A $100 ticket in 100-1 odds 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 guidance to Knights fans is to offer your ticket, lock in a profit and revel in the remainder 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 lest they be considered significantly less than a genuine fan.
“It doesn’t make you any less of a fan if you sell your bet,” he said. “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 odds to win $10,000 on the Knights winning the Pacific Division. The seller created more than $3,000, and also the purchaser finally turned a profit of $6,550.
The Knights continue to fuel that a seller’s market, as 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 men who have Knights bets have never had their backs against the wall,” he said. “They think this roller coaster will keep moving up and up and it’s never going to stop. … We’re 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.
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Contact reporter Todd Dewey at firstname.lastname@example.org. Follow.