DraftKings has launched a $20 service for selected New York customers that gives them boosted odds on parlays. [Image: Shutterstock.com]

Boost for NY bettors

DraftKings has rolled out a new subscription service in New York giving eligible customers boosted odds on parlays.

designed to provide bettors with enhanced multi-leg odds

The Boston-based firm launched Sportsbook+ ahead of the NFL Wild Card Round. The service priced at $20 a month is designed to provide bettors with enhanced multi-leg odds while increasing the volume of higher-margin wagers coming into DraftKings. 

According to official reports, NY subscribers to Sportsbook+ receive boosts on parlays “where individual legs have odds of -500 or narrower.”

Big payouts in the cards

Starting from dual-leg parlays, Sportsbook+ bettors receive a 10% payout boost. If a bettor goes for parlays “with 11 or more legs,” the potential payout climbs to 100%.  

What gives the service additional appeal, is that subscribers can also access unlimited boosts. 

According to a DraftKings statement, the aim of Sportsbook+ is to offers bettors “an enhanced fan experience, creating more excitement and value to our extensive parlay offering.” 

The company didn’t go into detail about qualifying criteria for New York bettors but stated that, however, Sportsbook+ is available for only “select, eligible customers.”

Parlay strategy paying dividends

The launch of the new product is very much on-strategy for DraftKings. CEO Jason Robins in earnings calls back in Q1 and Q2 stated that his firm was “explicitly” focused on boosting bettor uptake of parlays, while also upping the average totals of parlay legs. 

“Certainly, we feel like there’s a ton of room to increase our parlay mix and increase our average leg count still,” Robins said in August.

Fast-forward to DraftKings’ Q3 call and Robins’ discussion with Chief Financial Officer Alan Ellingson on the success of their strategy, with margins on NFL parlays on track to post growth of 5% (500 bps) over the previous football season.  “Structural sportsbook hold percentages increased year-over-year as customers continued to enjoy our parlay offerings,” Ellingson stated.