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DraftKings Users Can Now Buy Better Odds Via Subscription
By Eben Novy-Williams
January 3, 2025 12:14pm
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DraftKings Sportsbook+ Plus Subscriber odds boost
Executives have spoken often about trying to increase parlay adoption, and nudge bettors toward parlays with more legs. DraftKings Sportsbook+ appears geared for both.
PHOTO BY ERICA DENHOFF/ICON SPORTSWIRE VIA GETTY IMAGES
DraftKings has launched a new subscription service that will give members increased odds on the types of bets that are most profitable for the company.
DraftKings Sportsbook+, which debuted earlier this week in New York, will cost members $20 a month. In return, they will receive what the company calls “stepped up” boosts for all parlays where the individual legs are -500 or narrower. For parlays with two legs, users will see profits increase by 10%, with the boost growing as the parlays get bigger. For parlays with 11 or more legs, the profit increases 100%, or double.
“The subscription service was designed to offer our customers an enhanced fan experience, creating more excitement and value to our extensive parlay offering,” DraftKings said in a statement. The statement said the offering will start with “select, eligible customers” only in New York, though it was not specific about who would qualify.
DraftKings Sportsbook+ is likely an enticing proposition for those who want to make longshot bets even more lucrative. It’s also a nudge toward the types of bets that deliver the highest margins for sportsbooks. They offer the allure of large payouts, but with the requirement that every single leg be correct for the bet to cash.
On both the company’s Q1 and Q2 earnings calls earlier this year, CEO and chairman Jason Robins discussed the explicit aims of increasing parlay adoption, and increasing the average number of parlay legs. The company’s “progressive parlay” product, which launched in December 2023 and allows bettors to win some money if some parlay picks miss, serves a similar function.
“Certainly, we feel like there’s a ton of room to increase our parlay mix and increase our average leg count still,” he said on the Q2 called in August. “So [the] team is very focused on that.”
Three months later, on the Q3 call, both Robins and CFO Alan Ellingson discussed success in those efforts, with margins on NFL parlays on pace to grow 5% (500 bps) over the prior season.
“Structural sportsbook hold percentages increased year-over-year as customers continued to enjoy our parlay offerings,” Ellingson said.
Odds boosts are also a valuable customer retention tool, a marketing expense that helps keep some bettors loyal to one platform or another. Those boosts are frequently given most heavily in the early stages of a new market—right after a new state launches, for example—but they live on continually in various forms to help prevent churn. DraftKings Sportsbook+ will offer users the ability to utilize an unlimited number of boosts, a rarity in U.S. sports betting.
DraftKings stock (Nasdaq: DKNG) is up about 15% in the last 12 months.
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Skip to main content
Click to expand the Mega Menu
Sportico
Home
Business
Sports Betting
DraftKings Users Can Now Buy Better Odds Via Subscription
By Eben Novy-Williams
January 3, 2025 12:14pm
+ additional share options added
DraftKings Sportsbook+ Plus Subscriber odds boost
Executives have spoken often about trying to increase parlay adoption, and nudge bettors toward parlays with more legs. DraftKings Sportsbook+ appears geared for both.
PHOTO BY ERICA DENHOFF/ICON SPORTSWIRE VIA GETTY IMAGES
DraftKings has launched a new subscription service that will give members increased odds on the types of bets that are most profitable for the company.
DraftKings Sportsbook+, which debuted earlier this week in New York, will cost members $20 a month. In return, they will receive what the company calls “stepped up” boosts for all parlays where the individual legs are -500 or narrower. For parlays with two legs, users will see profits increase by 10%, with the boost growing as the parlays get bigger. For parlays with 11 or more legs, the profit increases 100%, or double.
“The subscription service was designed to offer our customers an enhanced fan experience, creating more excitement and value to our extensive parlay offering,” DraftKings said in a statement. The statement said the offering will start with “select, eligible customers” only in New York, though it was not specific about who would qualify.
DraftKings Sportsbook+ is likely an enticing proposition for those who want to make longshot bets even more lucrative. It’s also a nudge toward the types of bets that deliver the highest margins for sportsbooks. They offer the allure of large payouts, but with the requirement that every single leg be correct for the bet to cash.
On both the company’s Q1 and Q2 earnings calls earlier this year, CEO and chairman Jason Robins discussed the explicit aims of increasing parlay adoption, and increasing the average number of parlay legs. The company’s “progressive parlay” product, which launched in December 2023 and allows bettors to win some money if some parlay picks miss, serves a similar function.
“Certainly, we feel like there’s a ton of room to increase our parlay mix and increase our average leg count still,” he said on the Q2 called in August. “So [the] team is very focused on that.”
Three months later, on the Q3 call, both Robins and CFO Alan Ellingson discussed success in those efforts, with margins on NFL parlays on pace to grow 5% (500 bps) over the prior season.
“Structural sportsbook hold percentages increased year-over-year as customers continued to enjoy our parlay offerings,” Ellingson said.
Odds boosts are also a valuable customer retention tool, a marketing expense that helps keep some bettors loyal to one platform or another. Those boosts are frequently given most heavily in the early stages of a new market—right after a new state launches, for example—but they live on continually in various forms to help prevent churn. DraftKings Sportsbook+ will offer users the ability to utilize an unlimited number of boosts, a rarity in U.S. sports betting.
DraftKings stock (Nasdaq: DKNG) is up about 15% in the last 12 months.
Related Story
Investors Eye MLS Next Pro in Wake of Minor League Baseball Overhaul
Read More About:
DraftKings
Jason Robins
sports betting
Popular Stories
DraftKings Users Can Now Buy Better Odds Via…
DraftKings Sportsbook+ Plus Subscriber odds boost
Sports Stocks Post Best Year Since 2020 as…
sports index higher
Unauthorized Sports Streaming Sites Closed After…
Chiefs and Raiders playing football
Sportico
Newsletter
Breaking News
The Kicker
The Morning Lead
Your Email
Sign Up
By providing your information, you agree to our Terms of Use and our Privacy Policy. We use vendors that may also process your information to help provide our services. // This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply.
More From Our Brands
Variety
National Society of Film Critics Award Winners: ‘Nickel Boys’ and ‘A Real Pain’ Among Top Honorees
Rolling Stone
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ArtNews
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BGR
TV you can’t skip: The 10 most binge-worthy streaming series this week
SPY
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