PropSwap golden opportunity for Knights bettors to cash in early

Willy Wonka has nothing on vegas sports books in regards to selling Golden tickets.
Thirteen wagers were placed in 500-1 chances on the Golden Knights to win the Stanley Cup in the Westgate sports book during the preseason. William Hill sports book took 350 futures bets on the Knights.
Those long-shot wagers and would-be souvenirs suddenly have been transformed into virtual Golden tickets by arguably the best growth team in gaming history.
The Knights are eight victories from winning the Stanley Cup, but their backers could lock into a healthy gain today by selling their stocks stakes on PropSwap.com.
A startup secondary market for active sports wagers at vegas, PropSwap, has sold 20 Knights stakes and has five futures tickets for sale, including a $400 wager at 300-1 odds that pays $120,000. That ticket is available for $40,000.
«Much like StubHub will for Golden Knights tickets, we do for Golden Knights stakes,» said Ian Epstein, who founded PropSwap with Luke Pergande. «We’re a broker. You will find people with sports stakes that are looking to sell, and we head out and find buyers for this.»
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 cases, the vendor is willing to accept less than the sale price, considering the Knights are now the 3-1 second choice to acquire the NHL title.
«All these are available for bidding,» Epstein said. «We can negotiate.»
A ticket — a $50 wager to win $25,000 — was sold on PropSwap for $550 in November. 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 — is at the company’s database but is not for sale, either.
SHORT DESCRIPTION (Las Vegas Review-Journal)
«If you bet that a 500-1 ticket and marketed it today, you’d make 125 times your cash,» Pergande said. «When is the last time you’ve hit a 125-1 long haul?»
Other sales of Knights tickets included a $70 bet at 200-1 odds to win $14,000 that sold for $250 in November. The ticket has been sold for $1,400 in March.
A $100 ticket at 100-1 odds to win $10,000 recently sold for $1,750, and a $10 ticket in 150-1 odds to win $1,500 sold for $660 on Monday.
«My advice to Knights fans would be to offer your ticket, lock in a gain and enjoy 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 tickets lest they be considered less than a genuine fan.
«It doesn’t make you any less of a fan if you sell your bet,» he said. «You are 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 more than $3,000, and also the purchaser finally turned into a profit of $6,550.
The Knights continue to fuel a seller’s market, since they have yet to track in a playoff series. But Epstein cautions that they’ll be underdogs from the Western Conference Final and won’t 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 going up and up and it is not likely to stop. … We are 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 quotes 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 reporter Todd Dewey in tdewey@reviewjournal.com. Follow.

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