Is reselling tickets illegal in Australia?
You are breaking the law if you sell your ticket for a higher price than 10 per cent above the original cost and you could be penalised. The buyer of your ticket is also at risk as their ticket could be cancelled by the venue.
What does it mean when tickets are sold on the secondary market?
The secondary ticket market is where tickets can be sold after the original purchase from the “primary source” (venue, box office, team, artist, Ticketmaster, etc.). A resale marketplace such as TickPick brings the buyer and seller together so that tickets can be bought and sold.
How do the primary and secondary ticket markets differ?
The primary market is where securities are created, while the secondary market is where those securities are traded by investors. The secondary market is basically the stock market and refers to the New York Stock Exchange, the Nasdaq, and other exchanges worldwide.
Is ticket reselling illegal?
In New South Wales it is against the law to resell tickets above the original value plus 10 per cent. The NSW laws also include a protection for consumers preventing tickets that have been resold at or below face value plus 10 per cent being cancelled by event organisers.
What is the difference between scalping and reselling?
Resellers flip a higher number of more common items like consoles and popular titles that they’ve acquired at a good price. On the flipside, scalpers target highly desired retail products and pounce on them to resell for huge profits to desperate fans.
Why is scalping tickets illegal?
Those who want to make the practice illegal argue that the system favors the wealthy and prompts scalpers to buy large quantities of tickets strictly for resale. If the reseller buys up the tickets, fans may not have the opportunity to purchase tickets at their original cost.
What is a benefit of buying from a secondary ticket market?
Resale ticket markets — also known as secondary ticket markets — allow season ticket holders to recoup costs by selling unneeded tickets, as well as creating an alternative supply of tickets that reduce the need for fans to commit to a season’s pass.
What is a benefit of buying from a primary ticket market?
Primary tickets are sold in a limited number of outlets dictated by the rights holder or the venue where the event is being held. Primary tickets are always valid at the door and backed by the full faith and assurance of the rights holder and venue.
What are the benefits of buying a ticket on the secondary market?
What are examples of secondary markets?
Examples of popular secondary markets are the National Stock Exchange (NSE), the New York Stock Exchange (NYSE), the NASDAQ, and the London Stock Exchange (LSE).