- Ticket brokers stand to make a fortune should the World Series go a full seven games.
- To hedge against potential lost earnings, many brokers are heading to Las Vegas to bet heavily on the Astros so that they win either way.
In the hours leading up to Game 6 of the World Series between the Houston Astros and Los Angeles Dodgers, Las Vegas sportsbooks are getting some big bets from an unlikely source: ticket brokers.
According to a report from ESPN’s Darren Rovell and David Purdum, several sportsbooks have taken six-figure bets from ticket brokers on the Astros in the leadup to Tuesday night’s game, as brokers look to hedge against the possibility of lost profits they’d incur should the series end before a dramatic Game 7.
As the ESPN story notes, brokers own roughly 15,000 tickets for each World Series game at Dodgers Stadium, and should the series go a full seven games, they stand to turn a huge profit selling tickets for an average price of $US2,000 each. But if the Astros end the series before a Game 7 takes place, the profits from those ticket sales are erased just as quickly as the Dodgers hope for a World Series title.
As a contingency plans, ticket brokers are heading to Vegas and betting big on the Astros to win in Game 6. If their bets win, they secure a bit of profit that would have otherwise been nonexistent, and if the bet loses, they will make back what they bet and more selling tickets to Game 7.
Businesswise, it’s a perfect hedge.
“I’ve never seen so many brokers place bets here,” said John Avello, director of the race and sports book for the Wynn told ESPN. “And I know they’re brokers, because they are upfront with me and tell me their intention to hedge based on what they have in tickets.”
The first pitch of Game 6 is scheduled for Tuesday at 8:20 p.m. ET, with Justin Verlander on the mound for the Astros and Rich Hill expected to start for the Dodgers. The Astros currently stand as +120 moneyline underdogs, meaning a $US100 bet would win $US120, and a $US100,000 bet would win $US120,000.
But for the ticket brokers betting the Astros and simultaneously awaiting a potential Game 7, it’s a win either way.
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