DraftKings announced a new bet builder feature that allows pay-outs even if not all legs are achieved, \u201cProgressive Parlays\u201d.\u00a0<\/p>\n
DraftKings has announced a new bet builder feature that allows pay-outs even if not all legs are achieved.\u00a0<\/strong><\/p>\n DraftKings unveiled \u201cProgressive Parlays\u201d at its Tuesday investor day, although gave no indication as to the product\u2019s launch date.\u00a0<\/p>\n The Progressive Parlays are set to share many characteristics with Same Game Parlays, a similar multi-stage betting product that has become increasingly popular with US sports bettors.\u00a0<\/p>\n Traditionally, these parlays have required all legs of the bet to win to be paid out. The crucial difference with Progressive Parlays is that only a partial victory can still result in a payout.\u00a0<\/p>\n Conversely, the increased number of potential legs means that players have the possibility of receiving a larger pay outs in the event that all picks go their way.\u00a0<\/p>\n DraftKings CEO Jason Robins said: \u201cWe\u2019re 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\u2019t hit every leg of their bet.<\/p>\n \u201cIf you love parlays, but you don\u2019t like the all or nothing nature of it and you\u2019d like to be able to have some other options, this allows you to win if you don\u2019t hit every single leg,\u201d he added.\u00a0<\/p>\n DraftKings said the new feature will allow players to create bets consisting of between three and 12 legs or selections.<\/p>\n DraftKings filed a trademark for Progressive Parlays two weeks ago. <\/p>\n The company described itself as the first major US sportsbook operator to offer the feature. However, some commentators have pointed out that it shares similarities with PrizePicks\u2019 \u2018flex plays\u2019 feature.<\/p>\n DraftKings alluded to this in its investor presentation, highlighting one of the feature\u2019s selling points is that this version counts as \u201cregulated as sports betting\u201d.<\/p>\n The operator has previously alluded to certain games being offered by DFS or pick\u2019em competitors, in particular PrizePicks and UnderDog, as being effectively unregulated or illegal sports betting.<\/p>\n The investor day comes during a period of smooth sailing for DraftKings, having posted several good news updates only recently. <\/p>\n These include a rising GGR market share in the US, a stock up 54% over the past six months and a full-year guidance raise in the face of higher than expected revenues.\u00a0<\/p>\n Famed investor Cathie Wood and her Ark Invest investment management firm has opted to continue its pattern of selling DraftKings stock as it continues to climb to record highs.\u00a0<\/p>\n The fund sold 274,849 shares of stock for a closing price of $35.53, amounting to $9.8m. This is in addition to the $30.5m worth of shares already sold this month.<\/p>\n Previously, Ark unloaded $14.1m of DraftKings stock in October and $48.4m in September. <\/p>\n The investment fund however continues to be among the largest shareholders of the US sports betting operator. <\/p>\n [stock_market_widget type=\u201dinline\u201d template=\u201dgeneric\u201d assets=\u201dDKNG\u201d markup=\u201d{name} ({symbol}) is trading at {price} ({change_pct})\u201d api=\u201dyf\u201d]<\/p>\n <\/span> DraftKings announced a new bet builder feature that allows pay-outs even if not all legs are achieved, \u201cProgressive Parlays\u201d.\u00a0 DraftKings has announced a new bet builder feature that allows pay-outs even if not all legs are achieved.\u00a0 DraftKings unveiled \u201cProgressive Parlays\u201d at its Tuesday investor day, although gave no indication as to the product\u2019s launch […]<\/p>\n","protected":false},"author":1,"featured_media":475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,2],"tags":[27,134,29,48],"class_list":["post-474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-betting","category-questbeam","tag-draftkings","tag-jason-robins","tag-us-sports-betting","tag-usa"],"_links":{"self":[{"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/posts\/474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/questbeam.site\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=474"}],"version-history":[{"count":0,"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/posts\/474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/media\/475"}],"wp:attachment":[{"href":"https:\/\/questbeam.site\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/questbeam.site\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/questbeam.site\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Best form of flattery\u00a0<\/strong><\/h2>\n
Major investors cash in<\/h2>\n
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