September 21, 02012
Note: This article originally appeared on Forbes.com, and is reprinted here with the permission of the author.
What do you get when you merge (1) the intense fan avidity levels associated with one of the toughest home crowds in the NFL, (2) the new found excitement associated with an exciting young quarterback, (3) and hosting one of the NFL’s best franchises from the last 2 seasons on Monday Night Football?
You get expensive ticket prices on the secondary market.
SEAHAWKS, RAVENS, BRONCOS LARGEST MARKUPS FOR WEEK 3
According to data from StubHub regarding the average prices of tickets sold through their site up as of Friday morning, the largest markup as a percentage of the average face ticket value is Monday night’s Green Bay Packers v Seattle Seahawks game. In fact, this game is by far the highest markup for Week 3. The average price of tickets sold through StubHub to date are 258% higher than the average face value of $67.26 to attend a game at CenturyLink Field.
A review of the entire week’s games below shows that rivalries and the power of Peyton significantly impact pigskin markups as well. The Patriots-Ravens game is a rematch of last year’s tightly contested AFC Championship game, and the anticipation for the renewal of this rivalry between Super Bowl hopefuls explains the 174% markup over the Ravens average face value.
Separately, at nearly a 169% markup, Denver’s game versus the 2-0 Houston Texans shows that Broncos fans are still intoxicated with their new leader, and thus, are willing to pay a premium to see Peyton against one of the AFC’s toughest defenses.
COLTS, COWBOYS, CHARGERS LOWEST MARKUPS FOR WEEK 3
Meanwhile, Peyton’s old place in Indianapolis is the only team where secondary prices are below face value in Week 3. Peyton’s excellence over the years in Indy drove the average ticket prices up. With Mr. Manning out of the picture, coupled with what appears to be a dreadful Jacksonville foe, it’s a good weekend for football consumers in Indy to find great value while watching their new leader, Andrew Luck, blossom.
Though the Cowboys have their home opener, its against Tampa Bay which doesn’t push the needle like a divisional foe would…especially when scarcity of tickets is less acute at Cowboy Stadium given all the standing room only tickets generally available.
The Chargers markup is just below 20% over average face, which is interesting given that they are playing a unique opponent (i.e. non-conference game, undefeated team coming off high-profile Monday night win). Whether this low markup reflects fan apathy or a depressed regional economy requires further examination.
To read the full article on Forbes.com, click here: http://www.forbes.com/sites/prishe/2012/09/21/nfls-week-3-secondary-ticket-price-trends-seahawks-prices-flying-high-for-monday-night-versus-packers/
Patrick Rishe is the Director of Sportsimpacts and an Economics Professor at the George Herbert Walker School of Business at Webster University in St Louis, MO. He's conducted research at Super Bowls, Final Fours, All-Star Games, Ryder Cups, and numerous Division I NCAA Championship events. www.sportsimpacts.net www.webster.edu/business/depts/