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DraftKings made a big splash in the sports betting industry this week when they unveiled their new “Progressive Parlay” feature. The feature allows bettors to create a parlay of over/under props with between three and twelve legs.
While hitting all legs will lead to a massive payout like a standard parlay, bettors can still win if some are missed. Each missed leg will lead to a smaller potential payout, depending on the amount of legs.
Similar features from smaller operators like Underdog and PrizePicks inspired the latest addition to the DraftKings Sportsbook bet catalog. Hard Rock Bet also recently adopted a similar feature with their “flex parlays”. Progressive Parlays will give DraftKings a new feature that separates them from their major competitors.
“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 of the new parlay feature.
There is still no date for the new Progressive Parlay feature to go live.
DraftKings also announced that the new feature will be regulated under sports betting laws. That distinction is essential as state regulators have begun cracking down on similar pick ‘em promotions offered by smaller operators. States have considered those as a form of daily fantasy sports, where the rules differ from those regulating the sports betting industry.
DraftKing's ability to get its Progressive Parlay offering classified under sports betting opens the door for competitors to launch similar products. While they were not the first operator to provide a feature like this, they are by far the largest and will certainly inspire competitors like FanDuel and BetMGM to follow suit.
Just before unveiling the new Progressive Parlay feature, DraftKings announced a fantastic new welcome bonus. New players who sign up before January 8, 2024, will receive two fantastic promos. The first is $150 in bonus bets when they make an initial bet of at least $5. Those bonus bets can be used to make wagers on the site and will come in the form of six $25 tokens. Those tokens can be used to wager on games but will expire seven days after receipt.
On top of the bonus bets, new players can opt-in to DraftKings’ No Sweat Same Game Parlay promotion. The sportsbooks will give players one SGP/SGPx token per day that will allow them to receive up to $5 back in bonus bets if the parlay loses. Each token expires at the end of the day, meaning they will not carry over.
In addition to the new welcome bonus, DraftKings is still offering a 20% deposit match of up to $1,000 for new players. While this deposit match bonus is far smaller than that of competitors, it is an excellent addition to an already impressive bonus package for new bettors.
Signing for DraftKings is a quick and easy process for new players. Below is a step-by-step guide on how to create your new sportsbook account.
Click on our link to visit the DraftKings Sportsbook website or mobile app.
Click on the Log In button to create a new account
Create a username and password as prompted, being sure to opt-in to the DraftKings welcome bonus
Make an initial deposit of at least $10
Head to the online sportsbook and start betting
Getting started is as easy as that! If you run into any questions, you can find additional assistance by visiting the DraftKings help center.
Michael is an avid sports fan and a veteran bettor from Milwaukee. He learned the trade from his grandfather in Las Vegas as a kid and has turned that into a successful career. He cheers for all Wisconsin pro teams along with his Alma Mater Arizona State. He specializes in baseball betting, but has experience in football, basketball, and hockey as well. When he isn’t pouring over stats, he’s spending time with his two young children.More info on Michael Savio
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