The government of the Australian state of New South Wales has today (Friday) introduced a new law prohibiting ticket resellers from charging more than the original cost of a ticket.
The price cap has been implemented by the NSW Fair Trading division of the government and applies only to events held within the state.
Resale of tickets for sporting and entertainment events is legal within New South Wales and the new law will seek to clamp down on bulk buying and reselling of tickets by bots. Transaction costs for resales will be capped at 10%, while ticket resellers will be forced to expressly state the face value of a ticket, as well as its precise location.
NSW Fair Trading said: “The new laws apply to all tickets to NSW events that are first sold or supplied by the authorised seller from 1 June 2018, and have a resale restriction.
“A resale restriction is a term or condition of a ticket that limits the circumstances in which the ticket may be resold, or prohibits resale of the ticket.”
Last year StubHub warned of a surge in on-street touting after the Ontario government in Canada introduced a resale price cap of 50 per cent above face value.
Image: picjumbo.com (Pexels)
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