DraftKings Unleashes New Subscription Service, Powers NY Bettors with Increased Odds

American sports betting juggernaut DraftKings has released a new service that would provide players with increased odds for parlay wagers. The bigger the parlay, the bigger the payout.

DraftKings Sportsbook+ Hits The Big Apple

The so-called DraftKings Sportsbook+ service launched in the state of New York earlier this week, allowing the company to bolster the customer engagement in one of America’s largest markets. At first, the new subscription service will be exclusively available to bettors in New York, Sportico reported.

DraftKings Sportsbook+ will cost members $20 a month but will provide customers with enhanced odds for all parlays where the individual legs are -500 or narrower. Parlays with two legs will see the profit increase by 10%, while ones with eleven or more legs will see the profit increase by 100% or double.

In addition to that, DraftKings Sportsbook+ will allow users to use an unlimited amount of boosts.

Fans Love a Good Parlay Bet

Parlay bets are a very popular product among players, ensuring that punters will be interested in the DraftKings Sportsbook+ service. Such wagers tend to be riskier because they require all legs to be correct but also offer much bigger payouts, increasing the thrill and allowing sports pundits to showcase their knowledge.

At the same time, parlays are very lucrative for betting companies, making the new subscription service a win-win for both the operator and its players.

The New Service Will Be Available Only to NY Players, for Now

DraftKings released a statement on the new subscription service, emphasizing its desire to provide its fans with an enhanced parlay betting experience that will create more excitement and value. The company noted that the subscription will at first be available to select, eligible customers in New York only.

In any case, the new service aligns with the company’s previously announced strategy to double down on parlays and create new experiences for players.

Parlay Bets Did Well in Q4

In other news, a January 2 note from JP Morgan analyst Joseph Greff noted that the betting operator has encountered some difficulties in Q4. According to the expert, the company saw a big drop in revenue because betting favorites and multi-game parlays did exceptionally well.

As a result, Greff lowered his revenue prognosis for DraftKings’ Q4 from $1.5 billion to $1.4 billion. In addition to that, he cut his cash flow forecast for the company from $100 million to $68 million.

Despite the setbacks, DraftKings remained one of the leaders in American betting, allowing Greff to remain positive about potential future growth. The analyst forecast some $6.4 billion in revenue for the company in 2025, which would mark an increase of 35% YOY.

Other analysts reflected his positive expectations, reiterating a Buy rating for the company stock.