The Los Angeles Dodgers are credited for driving the prices of resale tickets to the limited 2020 World Series.
After the Dodgers recovered from a 3-1 deficit in Major League Baseball's National League Championship Series against the Atlanta Braves, secondary resale prices for World Series tickets jumped to between $1,600 and $17,000 per seat, according to Gametime and SeatGeek. The Dodgers last won the World Series in 1988.
Gametime is a last-minute ticket resale app. It provides users with the best ticket prices based on historical stadium, transactions, according to Gametime CEO Brad Griffith told CNBC. Griffith said demand for tickets has increased 21% since the Dodgers' NLCS win.
Due to Covid-19, MLB is using the Texas Rangers' new ballpark, Globe Life Field, as a bubble-like site for the Dodgers-Tampa Bay Rays series. MLB hopes to preserve some of the expected revenue lost due to the pandemic. The state of Texas is allowing up to 50% capacity for professional sporting events.
Roughly 11,500 tickets were available for each game of the World Series. Tickets are sold in sets of four due to social distance guidelines in the stadium. But, after-market sites like SeatGeek have tickets available in pairs for Game One.
Griffith said the quantity of tickets available and neutral site didn't slow demand. He added buyers could be seeking a once-in-a-lifetime experience by attending a limited World Series.
"It will be a fascinating experience to have been a part of," Griffith said.
On Monday, the per-seat value for Tuesday's Game One reached over $5,000, up from $3,128 last week for Gametime, Griffith said. By the evening, tickets on Gametime's website showed a decrease in interest for Game One, with the most expensive tickets slightly over $4,000.
By comparison, inexpensive seats were approximately $500, up from around $224 per seat for the potential Braves-Rays series.
Griffith said tickets are reasonably in-line with historical prices compared to Gametime ticket prices for Game One of the World Series in 2018 ($413 per seat) and 2019 ($528 per seat).
The most expensive sets of seat tickets range to more than $20,000 if the series extends to seven games,. Game Two's highest priced tickets reached over $3,000 per seat on Monday evening. Gametime estimated its remaining prices:
Griffith said Games Two and Game Three, when no winner is determined, "tend to be the best opportunities to get value." He added the app is best suited for last-minute buyers who decide to attend within four hours of game time and that he's encouraged by increased demand for MLB and National Football League games.
Founded in May 2013, the San Francisco-based Gametime has raised roughly $40 million. Its investors include Philadelphia 76ers co-owner, David Blitzer.