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This means that if you sold tickets for more than $600, your ticket platform would send you a Form 1099-K and report that income to the IRS, even if you didn’t make a profit on your sales.
Ticket resale is common in both sporting and musical events. Ticket resale is a form of arbitrage that arises when the number demanded at the sale price exceeds the number supplied (that is, when event organizers charge less than the equilibrium prices for the tickets).
After StubHub opened a beta site in the UK in December 2011, it launched the full site in the UK in March 2012, also announcing plans to open stores in London and near major venues for last-minute ticket sales. At the time, StubHub said that 35% of tickets sold on its site came from professional brokers, and the rest came from part-time sellers ...
A ticket bot is a software program that automates the process of searching for and buying tickets to events on ticket vendor platforms, such as Ticketmaster. Using bots, a broker can automate the process of searching for and buying tickets so that it happens in a flash, and conduct hundreds or even thousands of transactions at the same time.
Scammers also use social media platforms and online marketplaces like StubHub to list tickets that seem too good to be true (e.g. front row seats for a fraction of what they actually cost).
The attorney general for Washington, D.C., sued StubHub on Wednesday, accusing the ticket resale platform of advertising deceptively low prices and then ramping up prices with extra fees.
The company forms part of the secondary ticketing market, an active sector in the US since 2000. When the first platform for ticket reselling, Stubhub, was founded in San Francisco by Eric Baker and Jeff Fluhr, its success was so noteworthy that it was bought by e-commerce giant, eBay, for 310 million dollars 7 years later.
The highest ticket demand was for the Aces, who host three of the top 10-selling games. A total of six Aces season tickets, starting at $906 for 20 home games, remained.