While there are no guarantees, Hill said a successful run such as the Ravens this season bodes well for the team's PSL holders. Although it's too soon to identify a trend, "it's likely we'll see an increase in some of the average values," he said.

Ravens fans can also make money by selling their positions on the wait list. Fans pay $50 to get on the wait list and a $25 annual fee — with all fees applied toward any eventual PSL purchase.

With the Ravens on a roll in recent years, most fans have been standing pat.

"Within the group of people I know, I'd say 20 to 30 percent have sold [their seat licenses] and the majority have held on to them," said Ravens fan Jim Daly, 65, a Catonsville retiree.

Daly qualifies as a serious fan. In 2009, he was photographed by The Sun posing in a purple truck with a Ravens logo on the side. He was wearing what appeared to be a Johnny Unitas No. 19 replica jersey and waving a Ravens flag.

In 1998, Daly shelled out a combined $2,800 for six PSLs. He sold the seat licenses several years ago, turning his investment into $13,000 — a 464 percent profit. He still attends some games but doesn't have his own seat licenses anymore.

"To wake up one day and say I can make a profit on this was unexpected," Daly said. "It seemed like highway robbery."

jeff.barker@baltsun.com

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