The ticketing industry exhibits a divergent pattern of return policy: some leading primary ticket agents are having their own resale platforms, e.g., AXS Ocial Resale, Eventim fanSALE, Ticketmaster fan-to-fan, etc.; while many other event organizers keep hands o the secondary market, e.g., "Tickets sold are non-refundable or non-exchangable." We propose an analytical framework to analyze the equilibrium strategies.