6 Tips for Maximizing Profits Reselling Tickets In 2023

When it comes to reselling tickets, it certainly can be a lucrative industry. It provides an opportunity for entrepreneurs and music or sports enthusiasts alike to capitalize on their ability to acquire high-demand tickets. If done correctly, the margins can be considerable and you can turn it into a substantial business. With that in mind, in this piece, we delve into some tips and strategies to maximize your profits in the ticket reselling industry.

Understand the Marketplace

Like with buying and selling anything, understanding the market in ticket reselling is pivotal in determining which events hold potential for profit. It’s not just about buying tickets for the biggest names or the most hyped events. It is more niche than this and various factors come into play.

One key tip is to pay attention to tour schedules and album releases for top artists if you plan on dealing in music tickets. Moreover, recognize regional appeal. A music act that sells out in one city might not perform equally well in another. This geographical consideration also extends to sports, with local teams often creating more demand, although sometimes the exact opposite could be true.

The importance of timing is also crucial in this market, perhaps more so than some others. Often, the best profits are made by those who buy early or sell last minute. Understanding when to hold and when to sell is crucial in maximizing your return.

Utilize Tools and Bots

While controversial, the use of tech tools and bots is widespread in the ticket reselling industry. Tickets for the biggest and most profitable events sell out in seconds, and sometimes, the only way to secure these is by using said tools. It’s important to note that it is illegal to use bots to buy tickets in some jurisdictions, a point we will get onto later.

Bots can automate the purchase process, allowing you to nab tickets the moment they go on sale. They can also often bypass CAPTCHAs, autofill payment information, and execute purchase commands faster than any human can.

Learn How To Leverage Online Ticket Reselling Platforms

These days, the Internet is the go-to place when it comes to ticket selling. Various platforms exist that can help you reach a broad customer base. Websites like StubHub, TicketMaster, and Viagogo are among the most popular.

Each platform has its pros and cons, and understanding these can help optimize your sales, depending on the type of ticket you have. A platform like SeatGeek for example, offers ticket buyers and sellers in-depth tools and as a result of this, you can often charge a premium for the most in-demand events. However, it is better suited for sports tickets than concert tickets. We already have a blog rounding down some of the top ticket reselling sites which you should read here if you’d like to know more about each site.

Understand the Legal Landscape

As briefly alluded to earlier in the article, there are often tight laws surrounding ticket reselling, unlike other industries. On top of this, ticket reselling is regulated differently across regions. In some places, it’s completely legal, while in others, it’s either regulated or outright prohibited.

For instance, some states in the U.S. have laws limiting the amount a ticket can be resold for, often referred to as anti-scalping laws. Meanwhile, in the UK ticket reselling is allowed but it is illegal to resell football tickets specifically. Before delving into this business, familiarize yourself with the rules governing ticket reselling in your area to avoid legal complications.

Try Build a Reputation

Trust is a significant factor in the ticket reselling market, perhaps more so than in other markets. Buyers need to trust that they are purchasing a valid ticket. By delivering on your promises and providing excellent customer service, you can build a solid reputation that will lead to more sales.

A good way to help with this is by making sure your buyers leave reviews or ratings after their purchase. Positive feedback should hopefully increase your appeal to future potential buyers. With a high seller rating, customers are more likely to trust you and may even be willing to pay a premium for that peace of mind.

Diversify Your Portfolio

Diversifying any investment portfolio is important and the same goes for tickets. By focusing on different types of events – concerts, sports, theatre – and varying the geographic regions and genres within those, you can mitigate potential losses. For example, if a particular concert does not sell out as expected, profits from a sporting event can balance your overall return.

Additionally, the nature of live events implies that unforeseen circumstances are always a possibility. Concerts get cancelled, sports events get postponed, and global happenings like the COVID-19 pandemic can lead to large-scale event cancellations. However, diversification can at least try to negate some of these challenges.

Conclusion

Ticket reselling can be a lucrative venture when done right. We hope that the tips included in this article can help you out whether you are just starting out or have experience in reselling tickets. If you would like to be informed of the most profitable ticket releases then why not sign up to Juiced? Our new app informs you of the latest and greatest releases as well as sneakers, collectables, NFTs and more. On top of that, we have tools to ensure you never miss a release such as an auto checkout tool. Sign up for free by clicking here.