PropSwap golden opportunity for Knights bettors to cash in early

Willy Wonka has nothing on vegas sports books when it comes 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 publication during the preseason. 350 futures were taken by william Hill sports publication 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 growth team in gaming history.
The Knights still are eight victories from winning the Stanley Cup, but their backers could lock into a healthy profit now by selling their futures bets on PropSwap.com.
A startup secondary marketplace for active sports wagers in 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 bets,” said Ian Epstein, who based PropSwap with Luke Pergande. “We’re a broker. There are individuals with sports bets that want to market, and we head out and locate buyers for that.”
PropSwap, which takes 10 percent of the selling 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 vendor is prepared to accept less than the purchase price, considering the Knights are now 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 sold PropSwap for $550 in 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 wager — $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 that a 500-1 ticket and marketed it today, you would make 125 times your cash,” Pergande said. “When’s the last time you have hit a 125-1 long shot?”
Other earnings 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 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 at 150-1 odds 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. “No one ever went broke taking a profit”
Pergande said many Knights backers have resisted selling their own tickets pretending they’re considered significantly less than a genuine fan.
“It doesn’t make you any less of a fan if you sell your wager,” he explained. “You are still rooting for the Knights. You just like money.”
In January, PropSwap sold for $3,450 a 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 also the buyer ultimately turned into a profit of $6,550.
The Knights continue to fuel a seller’s market, as they’ve yet to trail in a playoff series. But Epstein cautions that they’ll be underdogs from the Western Conference Final and won’t have home-ice advantage.
“These men who have Knights stakes have never had their backs against the wall,” he explained. “They believe this roller coaster is going to keep moving up and up and it’s not likely to stop. … We’re trying to put money in your pocket.”
William Hill would lose 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 of our sport betting coverage online at reviewjournal.com/betting and @RJ_Sports on Twitter.
Contact writer Todd Dewey in tdewey@reviewjournal.com. Follow.

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