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I'm travelling to New York in July and was looking at going to a Broadway musical. Tickets are more expensive than I thought for the major Broadway shows. I understand there are same-day ticket booths that often do cheap tickets. Where do I go and what do I need to know (are tickets available for most shows? Or not many? What sort of discount? What time do I need to get there, etc) ?

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This is where you want to go. TKTS booth located in the middle of Times Square will give a discount up to 50% on the shows currently playing on Broadway. Although I have to warn you that more popular shows and popular times are likely not to be available. What time do you need to get there will depend on the time of the show you want to see and the day of the week. Fridays and the Weekend tend to be the most popular.

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Additionally, Wednesdays will tend to have more options than other weekdays, as this is the only weekday on which Broadway shows consistently schedule a Matinee (typically 2 PM), which doubles ticket availability. (The downside, is that you're much more likely to be attending a show in the company of a school trip or summer camp full of 9 year olds, who may or may not be able to keep quiet.) –  LessPop_MoreFizz Jun 22 '13 at 4:46
    
There is a second booth in downtown Brooklyn that might have shorter lines than the one in Times Square. See the web site for location and hours. –  Nate Eldredge Jun 23 '13 at 2:10
    
@NateEldredge There are actually 3. Times Square, South Street Seaport, and Brooklyn. –  Karlson Jun 23 '13 at 2:47
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@Karlson: According to the web site, the South Street Seaport location is closed indefinitely due to damage from Hurricane Sandy. –  Nate Eldredge Jun 23 '13 at 3:10
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In addition to the TKTS booth that karlson has talked about some of the theatres have standby tickets available for that night. I was in NY a couple of months ago and got a "Rush Ticket" to see the spiderman musical from the theatre box office for $39.

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