Futures Ticketing Company OptionIt Inks Deals With Ravens, SVSE

By Eric Fisher, Staff Writer, SportsBusiness Journal

OptionIt, a Chicago-based ticket futures company, has signed official partnerships with the Ravens and Sharks parent Silicon Valley Sports & Entertainment. The start-up outfit operates somewhat similarly to other existing ticket futures operations such as First Dibz and Yoonew in that it sells futures that grant access to buy tickets to upcoming events at face value, with those futures also recirculated on an exchange it operates. But OptionIt, which holds patents on some of its technology, is seeking to distinguish itself from its competitors by focusing more on scheduled, regular-season games rather than contingent, high-profile events such as a playoff games, as well as focusing its business model on holding official, contracted relationships with teams. OptionIt’s inventory will vary from game to game, but will number around 200 seats for each Ravens and SVSE event, and the company will operate an undisclosed revenue-sharing agreement with the Ravens and SVSE. The SVSE pact additionally calls for options around other events at HP Pavilion, including the ATP Tour SAP Open tennis tournament. “We see ourselves as very complimentary to the existing ticketing ecosystem,” said OptionIt CEO Mark Mastalir. “We guarantee what we’re selling, and we don’t sell a future to a ticket we don’t yet have in hand or under contract. The teams are made whole with us. Ticketmaster is made whole. Pricing with the option included will generally fall between the primary market and secondary market. In a way, we’re sort of a temporary PSL.”

LIVING IN THE FUTURE: The company is in negotiations with several other undisclosed teams on similar pacts, Mastalir said. OptionIt is additionally seeking to expand its profile into the travel industry. "This does a few things for us," said SVSE Exec VP/Business Operations Malcolm Bordelon. “We open a new revenue stream in our ticketing without raising prices. We are able to offer another level of fan service and another option, and we’re able to explore a new thing like this without a high risk factor. We’re definitely interested to see what kind of results this creates."