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DraftKings Progressive Parlays Explained
DraftKings Sportsbook continues to update its sports betting offerings to give players more options and better chances to win their wagers. The platform announced Its new Progressive Parlay feature during the company’s most recent Investor Day Presentation, where bettors can choose a parlay from three to 12 legs and have more than one way to win. The new product was rolled out for customers in CT, IA, IL, OR and TN on December 14 and will be available in additional states very soon.
This new betting market is just one of the recent innovations at DraftKings Sportsbook. It also recently launched its Pick 6 peer-to-peer DFS product, which is based on picking if individual players go over or under their predetermined stats for each game.
What are Progressive Parlays
A progressive parlay is a wager on multiple sports betting markets that typically involves three to 12 legs. If all legs of the parlay win, the bettor will earn a hefty payout because of the low odds of them winning. Unlike a traditional parlay, the bettor can still win if at least one of the legs loses, depending on how many are involved in the wager. The online sportsbook will provide a table showing how many legs can be lost for each progressive parlay bet.
DraftKings Progressive Parlays Unveiled
To lay a progressive parlay bet at DraftKings Sportsbook, bettors must add their picks. The Bet Builder feature will inform players how many selections they need to make a progressive parlay.
Players can view the changing odds with each choice added and see how many legs they must win to get a payout. Progressive parlays will still win if a pick within the parlay loses, at much lower odds than winning all legs.
The potential winnings when betting a progressive parlay depend on the number of picks selected. The more legs included means a higher potential profit and a higher number of losing legs permitted to win the bet. Bettors must choose between three and 12 legs to place a progressive parlay bet at DraftKings Sportsbook.
A maximum of three picks from a single event is permitted, and users can’t combine progressive parlays with any other offers except the ‘Bet and Get’ promotion.
Progressive parlays are only available for NBA and NFL wagering. Any selection that settles as a push is considered a loss. This differs from traditional parlays, where the legs are adjusted to void the losing pick while reducing the parlay by one leg.
How Payouts Work on DraftKings Progressive Parlays
Payouts on progressive parlays depend on the number of selections made, with a maximum number of legs that can be lost that also hinges on the number of picks made. Parlays from 3-4 legs allow a maximum of one losing bet, 5-8 legs permit up to two losses, 9-10 legs allow up to three losing selections and progressive parlays of 11 and 12 legs allow players to lose up to four legs and still receive a payout.
The odds for DraftKings progressive parlays range from +125 odds for hitting all picks on a 3-leg parlay up to +40000 odds if winning a 12-leg wager with no losses. Losing one selection of a 3-leg progressive parlay pays -400 odds while losing up to four picks on a 12-leg progressive parlay pays -200 odds. Players can view the complete breakdown of the payout odds on progressive parlays by visiting the help page on the DraftKings Sportsbook site.