DraftKings Reveals Progressive Parlay: New Bet Option Explained

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00:00 (upbeat music)

00:03 - Sam, I saw this and you posted about it as well

00:08 is that we've got this,

00:10 everyone's running for these progressive parlays,

00:12 flex parlays.

00:14 It sounds like a round robin to me,

00:16 but DraftKings is unveiling their own version of it.

00:21 Tell us exactly what it is

00:22 and what makes it different with DraftKings.

00:25 - Yeah, Joe, not necessarily new,

00:28 but it's gonna be new to millions of DraftKings customers

00:31 that are loyal to the book and love to bet on it

00:34 and always want more parlay options.

00:35 It's called this progressive parlay,

00:38 which CEO Jason Robbins talked about this week

00:41 during their investor call.

00:42 And it essentially allows you to win money on a parlay,

00:46 even if every leg doesn't hit.

00:48 That'd be about three to 12 over under selections.

00:51 And there's obviously sort of a price to pay there

00:53 or a payout difference.

00:54 So say I was watching the Knicks game last night

00:57 and Randall went over his points,

00:59 Brunson went over his points,

01:00 Robinson went over his boards,

01:01 but I had all these other bets,

01:03 but Trae Young didn't hit his points total.

01:05 So you would go from being able to win no money

01:09 to being able to win a little bit of money.

01:11 And like you said, it's very similar to a round robin,

01:14 which people are casual bettors

01:16 might not be as familiar with.

01:18 But the sort of price you pay,

01:20 let's say I hit every leg of that parlay,

01:22 but it was a progressive parlay.

01:24 If it was a $10 bet, I would win probably about $1,500,

01:28 which is still nice.

01:29 But if it was a regular parlay, I would win about $6,400.

01:33 So that's kind of the catch here.

01:35 You don't get as big a payout.

01:37 It's about a four times difference in the payout.

01:40 And DraftKings definitely not the first company

01:42 to offer something like this.

01:44 Hard Rock, which you are very familiar with in Florida now,

01:47 and even more now that they're back online,

01:49 they introduced this thing called the Flex Parlay

01:52 earlier this summer when they rebranded their app,

01:55 which is pretty much the same thing

01:57 from how I understand it.

02:00 But Robins took a shot at kind of the competition saying,

02:02 "I don't think any other sports books offer this.

02:04 Certainly no major sports books."

02:07 DraftKings obviously is one of the top ones.

02:10 Hard Rock does not nearly have

02:12 as much state presence or handle share.

02:14 And then they also took a shot

02:16 at daily fantasy sports companies like Prosthix,

02:19 which offers the Flex Play,

02:22 which is essentially just the same thing,

02:23 but in a Pick'Em, a world of Pick'Em.

02:26 And they put out that this is gonna be regulated

02:28 as sports betting.

02:30 They've had kind of disagreements

02:31 about whether or not Prosthix product

02:34 is sports betting or not.

02:35 But new product, not necessarily new to the industry,

02:38 but I imagine it'll increase a lot

02:40 of the Parlay betting at DraftKings

02:42 and get people to bet more legs,

02:44 which is really what has fueled the company's growth.

02:47 As of late, they've seen in states where they've existed

02:50 for about two to three years,

02:53 revenues up 50% this past year,

02:55 just because people are betting more Parlays on average.

02:58 So they're obviously doubling down

02:59 on what's worked for them so far.

03:01 (upbeat music)

03:04 [MUSIC]

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