PropSwap golden opportunity for Knights bettors to cash in early

Posted July 2, 2019

Willy Wonka has nothing on vegas sports books in regards to selling Golden tickets.
Thirteen wagers were placed on the Golden Knights to win the Stanley Cup at the Westgate sports book. 350 futures bets were taken by william Hill sports book on the Knights in 100-1 or higher.
Those long-shot wagers and prospective memorabilia abruptly have been transformed into virtual Golden tickets by arguably the greatest growth team in gaming history.
The Knights are eight successes from winning the Stanley Cup, but their backers can lock into a healthy gain today by selling their futures bets on PropSwap.com.
A startup secondary market for active sports wagers in vegas, PropSwap, has offered 20 Knights stakes and contains five futures tickets available, including a $400 wager at 300-1 chances that pays $120,000. That ticket is on sale for $40,000.
“Just like StubHub will for Golden Knights tickets, we do for Golden Knights stakes,” explained Ian Epstein, who based PropSwap with Luke Pergande. “We’re a broker. You will find individuals with sports bets that want to sell, and we head out and find buyers for that.”
PropSwap, that takes 10% of the selling price, also includes a $300 ticket to the Knights in 100-1 likelihood that pays $30,000 available for $13,500.
In both circumstances, the seller is willing to take less than the sale price, considering that the Knights are currently the 3-1 second choice to win the NHL title.
“All these are open for bidding,” Epstein said. “We can negotiate.”
A ticket — a bet has been marketed for $550 in 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 — is at the company’s database but is not available, either.
SHORT DESCRIPTION (Las Vegas Review-Journal)
“If you bet a 500-1 ticket and marketed it today, you would make 125 times your money,” Pergande explained. “When’s the last time you have hit a 125-1 long shot?”
Other earnings of Knights tickets comprised a $70 wager at 200-1 chances 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 currently 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, then lock in a profit and revel in the rest of the Stanley Cup playoffs,” Epstein said. “nobody ever went broke taking a profit.”
Pergande said many Knights backers have resisted selling their own tickets lest they be considered significantly less than a true fan.
“It doesn’t make you any less of a fan if you market your bet,” he explained. “You are still rooting for the Knights. You just like cash.”
In January, PropSwap sold for $3,450 per month 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 also the buyer ultimately turned a gain of $6,550.
The Knights continue to fuel that a seller’s market, since they have yet to track in a playoff series. But Epstein cautions that they will be underdogs in the Western Conference Final and will not possess home-ice advantage.
“These men who have Knights stakes have never had their backs against the walls,” he explained. “They believe this roller coaster will keep moving up and up and it is not likely to stop. … We’re trying to put cash in your pocket”
William Hill would lose more than $1 million if the Knights hoist the Cup, and Wynn Las Vegas sports book director Johnny Avello estimates the nation’s sports books would lose $5 million to $10 million.
More gambling: Follow all of our sports gambling coverage online at reviewjournal.com/betting and @RJ_Sports on Twitter.
Contact reporter Todd Dewey at tdewey@reviewjournal.com. Follow @tdewey33 on Twitter.