DraftKings plans to roll out a new product offering in the near future, one that may delight Michigan sports bettors. The DraftKings progressive parlay will allow bettors to build bets and win even if they fail to succeed on each of the legs of that wager.
On Tuesday, DraftKings published a video touting the new progressive parlay product during its investors call on Tuesday. The company has applied for a copyright on the term “progressive parlay,” but has not announced when the feature will be added to the Michigan sports betting landscape.
In a traditional parlay wager, the player must win each of the bets (or legs) of that parlay. If they lose just one leg, they lose the bet. But a progressive parlay from DraftKings Sportsbook Michigan will operate differently.
What is a progressive parlay?
A progressive parlay, as defined by DraftKings, is:
- A multi-wager bet, either on one game or for multiple sporting events taking place.
- There must be between three and 12 wagers (or legs) in the parlay.
- Legs may consist of team-level wagers (total points for example) and/or props, such as touchdowns or goals scored or strikeouts, etc. The individual wagers depend on which game and player props are eligible for your selected sporting events.
To win a progressive parlay, the consumer must match a certain number of the legs of that parlay. How many depends on how large the parlay is. For example, in the DraftKings video explaining the product, a six-leg parlay would pay out even if the customer was successful on just five of the legs. The more legs, the more ways to win: a 10-leg parlay could pay out if you hit eight legs, and so on.
Odds decrease as the parlay loses some of its legs. For example, a five-leg parlay may offer +1800 odds, but if the consumer only wins four of the legs, those odds are recalculated at a lower figure, such as +950, for example. Those odds will depend on the type of bet, and which bet (or leg) fails.
The added benefit to the consumer is obvious: more ways to win, and a second chance to cash in on a multi-leg bet even if you lose a bet in the parlay. Now, Lions and Red Wings fans who lose a player prop bet that’s folded into a parlay won’t necessarily have to abandon that betting ticket: you could still win if you win enough of the legs of that wager with DraftKings in Michigan.
Which sportsbooks will have progressive parlays?
So far, only DraftKings has announced plans to offer progressive parlays to sports bettors in Michigan and other states. The sports betting operator, which is locked in a competitive battle with rival FanDuel for the top position in sports betting market share, is likely to roll out the product feature soon.
According to CEO Jason Robins, DraftKings will add a “progressive parlay builder” tool into its sportsbook, similar to the “same-game parlay” tool currently available.
How will regulators deal with progressive parlays?
As far as we can tell, no sportsbooks are offering a progressive parlay in the United States. That means it’s a new type of bet that could invite scrutiny from regulators.
In Michigan, the oversight of gaming is the responsibility of the Michigan Gaming Control Board. How that body will react to progressive parlays remains to be seen. DraftKings will obviously need approval from regulators before launching the feature.
Regulators should be amenable to the progressive parlay. After all, it provides more ways for consumers to maintain their investment and win. However, some jurisdictions may carefully examine the impact it might have on increasing irresponsible betting for the small portion of consumers who do not manage their betting strategy wisely.
However, for those who have criticized parlay bets because they are too difficult to win, a progressive parlay evens the playing field somewhat.
In a way, the progressive parlay adds a flavor of the lottery to parlay bets. Yes, a parlay is still created by the customer. And, it’s far from random, the players and teams determine the outcome. But it does toss in a sense of tiered winning levels that you also find in “matching” a certain number of balls in a state lottery and earning different amounts of prizes.
Still, a progressive parlay requires an understanding of the sporting event. And, a sophisticated and novice bettor can understand how it functions.
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