Scalpers just got to the end of the rainbow and DOH! There's no pot of gold.
Tickets for the Floyd Mayweather vs. Manny Pacquiao mega-fight, which takes place this Saturday night (May 2, 2015) inside the MGM Grand Garden Arena in Las Vegas, Nevada, sold out in 60 seconds.
A good portion of those seats were gobbled up by re-sellers.
While available tickets were going for as high as $11,000 last Friday, prices have since plummeted, thanks to a "crash" of the secondary market. In fact, there are currently more than 1,000 tickets for sale online, as well as hundreds of spots available on the ground.
ESPN has the report:
Perhaps the most troubling sign for those selling tickets is that 10 tickets sold for less than the investment in the ticket, after fees. One broker Friday was offering to sell a block of 13 seats, with a $5,000 ticket value, for $5,100 each.
Many insiders believe the market crashed because of the early hype around the prices for the seats. One broker, who requested anonymity, said he believes even high rollers were scared off.
Another reason for the falling ticket prices is that the true hotel market only revealed itself within the last 24 hours. Rooms at the MGM Grand that were only available for $1,600 have fallen to $499 for fight night. Other hotels, which didn't offer a room last week for less than $800 for the night of May 2, are now selling rooms for below $300.
That's what happens when you wait until the last minute.
It's hard to imagine a fight of this magnitude not selling out and re-sellers may find themselves breaking even as they get closer to show time (see the full card here). And if the scalpers can't make a killing on this fight, I think I know someone who can.
Barring a knockout, don't be surprised to see a rematch.
MMAmania.com will deliver LIVE round-by-round coverage of "Mayweather vs. Pacquiao" on fight night, starting with the pay-per-view (PPV) broadcast at 9 p.m. ET RIGHT HERE.