The ticket prices for the upcoming FIFA World Cup have skyrocketed on the resale platforms, a few months ahead of the competition's commencement in July.
World Cup ticket prices surge on FIFA re-sale site
German players reach out to touch the trophy after the World Cup final soccer match between Germany and Argentina, in Rio de Janeiro, Brasil, July 13, 2014.
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The highest ticket is for the opening match between Mexico against South Africa, costing $5,324, compared to its original price of $895.
A three-seat category for the final on July 19 at East Rutherford, New Jersey, costs $143,750, 41 times more than its original value of $3,450.
The cheapest available ticket for the final on the resale site was listed at $9,775.
The resale market is unregulated in the United States and Canada. In Mexico, reselling a ticket above face value is prohibited, but only when the ticket is purchased in Mexico using the local currency.
There is a such an over-demand for the event being staged in the United States, Canada and Mexico this year that FIFA president Gianni Infantino said the governing body would need to hold a draw to allocate tickets to fans and acknowledged that prices would likely be even higher on resale platforms.
“In 100, almost 100, years of World Cup history, FIFA sold around 50 million tickets in total," Infantino said at the World Economic Forum in Davos, Switzerland this week. "Now for this World Cup in four weeks (on sale), we have the request for 1,000 years of World Cups at once. This is unique. It’s incredible.”
It could also lead to a lot of disappointed fans being driven to resale sites where tickets are being listed for multiples of their face value.
On FIFA's own resale marketplace, a ticket for the final was being listed for as much as $230,000 this week. FIFA does not resell tickets or set prices on the platform, but can cash in for a second time by taking a 30% cut from any sale.
There was outcry last month when FIFA announced its latest general release of tickets priced from $140 to $8,680.
FIFA defends its pricing model, saying it “reflects the existing market practice for major entertainment and sporting events within our hosts on a daily basis, soccer included.”