PropSwap golden opportunity for Knights bettors to cash in early

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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. William Hill sports publication took 350 futures bets on the Knights in 100-1 or higher.
Those long-shot wagers and prospective souvenirs suddenly have been magically transformed into virtual Golden tickets by arguably the greatest growth team in gaming history.
The Knights still are eight successes from winning the Stanley Cup, but their backers can lock in a healthy gain now by selling their stocks stakes on PropSwap.com.
A startup secondary marketplace for busy sports wagers at Las Vegas, PropSwap, has sold 20 Knights stakes and contains five futures tickets available, including 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," explained Ian Epstein, who founded PropSwap with Luke Pergande. "We are a broker. There are individuals with sports bets that are looking to market, and we head out and find buyers for that."
PropSwap, that takes 10 percent of the selling price, also has a $300 ticket on the Knights in 100-1 likelihood that pays $30,000 available for $13,500.
In both cases, the seller is prepared to take 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 ticket — a $50 bet to win $25,000 — has been marketed for $550 in November PropSwap. The buyer put it back up for sale 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 at the corporation's database but isn't available, either.
SHORT DESCRIPTION (Las Vegas Review-Journal)
"If you gamble a 500-1 ticket and sold it today, you'd make 125 times your money," Pergande explained. "When's the last time you have hit a 125-1 long shot?"
Other sales of Knights tickets included a $70 bet at 200-1 chances to win $14,000 that sold for $250 in November. The identical 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 also a $10 ticket at 150-1 chances to win $1,500 sold for $660 on Monday.
"My guidance to Knights fans is to sell your ticket, then lock in a gain and enjoy the remainder of the Stanley Cup playoffs," Epstein said. "No one ever went broke taking a profit"
Pergande said many Knights backers have resisted selling their tickets lest they be considered significantly less than a true 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 just like cash."
In January, PropSwap sold for $3,450 per month bettor's $50 ticket in 200-1 odds to win $10,000 on the Knights winning the Pacific Division. The seller made more than $3,000, and the purchaser ultimately 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'll be underdogs from the Western Conference Final and will not possess home-ice advantage.
"These men who have Knights stakes have never had their backs against the wall," he said. "They think this roller coaster is going to keep moving up and up and it's never going to stop. … We are trying to put money in your pocket"
William Hill would lose more than $1 million if a 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 betting: Follow all our sport gambling coverage online at reviewjournal.com/betting and @RJ_Sports on Twitter.
Contact writer Todd Dewey at tdewey@reviewjournal.com. Follow.

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