After teasing a new product on its latest earnings call, DraftKings officially announced the forthcoming launch of Progressive Parlay.
The new product mimics the experience of some fantasy pick’em products, such as PrizePicks’s Flex Play pick’em game.
“Progressive Parlay is the newest product from DraftKings Sportsbook coming soon. With DraftKings Progressive Parlay, you can win even if every leg of your parlay leg doesn’t hit like a traditional parlay. Progressive Parlay creates the excitement of a chance at big payouts but with even more ways to win,” a video shown during the presentation explained.
“Making your bets is simple. You can choose anywhere from three to 12 legs for your progressive parlay. As you make selections, the bet builder will dynamically inform you how many more pics you need to make a progressive parlay how your odds will change with each pic and how many legs of the parlay must hit for your bet to start paying out. For example, in this bet the customer builds a seven leg parlay. If five or six of the legs hit the customer is still a winner. The more picks you make the more ways there are to win and the bigger your potential payout.”
When Robins discussed Progressive Parlays more broadly on the Q3 earnings call, he said he believed the new product would both appeal to customers and give them something they want and help drive overall hold for the company. He elaborated on that stance Tuesday, where he suggested this was a brand-new product for the market.
“As far as we’re aware, no sportsbook operators, certainly no major sportsbook operators in the US, offer Progressive Parlay. And there’s really no product that has as robust an offering out there like it. Really what this allows customers to do is you know if you love parlays, but you don’t like the all or nothing nature of it, and you’d like to be able to have some other options to win if you don’t hit every single leg, this will this will be the right product for you.”
The product will be housed within DraftKings Sportsbook and will not be part of the DraftKings fantasy sports offering.
He also suggested that the average leg count of parlays will rise with customers being given the option of whiffing on a leg or two and still winning money.
DraftKings said the product would be coming soon but did not offer a specific launch date.