What do you get when you cross Hard Rock Bet’s “flex parlay” feature, Underdog and PrizePicks-style over/under markets, and PrizePicks’ own flex play feature?
You get DraftKings “Progressive Parlays,” which is coming soon to the sports betting app and was introduced during the company’s Investor Day presentation Tuesday.
In this new offering, mobile sportsbook bettors can pick over/under props and mash them together. Bettors can choose as few as three picks and as many as 12. Naturally, more picks equal a higher payout, but bettors will be able to get some picks wrong and still cash out.
In an example on one of the slides, a bettor who picks 10 over/under props and gets them all correct would stand to win at 150/1 odds. Get nine of them right, the payout drops to 15/1. Eight correct would yield a payout at 300 odds. Seven out of 10 would pay at -200 odds.
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“We’re excited about our Progressive Parlay offering and its potential to generate higher parlay mix and leg count, and thus higher hold percentage, as well as being a great win with customers who will be able to win money on their parlays even if they don’t win every leg of their bet,” DraftKings CEO Jason Robins said on the Investor Day call.
Bettors are paying a hefty premium for the chance to win even if missing a few legs, as a typical 10-leg NBA player prop parlay on DraftKings — with all legs at -110 — would pay out at more than 642/1. Of course, if a bettor loses one leg in a traditional parlay, they lose everything.
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The similarities between this product and the Underdog and PrizePicks products was clearly not lost on DraftKings, as the Investor Day slide detailing Progressive Parlays notes these wagers are “regulated as sports betting.”
In recent weeks, numerous states have taken a much harder stance on the daily fantasy pick’em products offered by Underdog and PrizePicks, claiming that the companies are offering something more akin to sports betting than DFS.
Arizona, Wyoming, and Florida regulators sent cease and desist letters to the companies. Michigan and New York lawmakers changed language to ban the contests. Mississippi sent a letter detailing its position on the games, and Maine hit Underdog with a $400,000 fine and told the company to stop offering the games.
Just this week, Underdog launched a new product, Pick’em Champions, in Tennessee, Wyoming, Alabama, and Mississippi. It is a peer-to-peer version of the product, with players competing against each other in a tournament, much like a traditional daily fantasy guaranteed prize pool tournament.
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