Same-game parlays have been newly introduced to DraftKings Sportsbook’s array of sports betting choices, following in the footsteps of its main rival, FanDuel, who has heavily promoted this type of wager in recent years.
A similar activity parlay bet is what?
When you create a same-game parlay, you are combining various bets from the same game or team into a single parlay in order to increase potential winnings. For instance, you could wager on Justin Fields surpassing 300 passing yards and the Bears emerging victorious.
Fields’ passing statistics could potentially impact the outcome of Bears games, making it a popular betting choice for fans. Additionally, for Bears supporters, placing bets on this type of wager can add excitement to the game. Despite this, sportsbooks generate a significant amount of revenue from parlay bets.
FanDuel is a prime example. Let’s explore the reasons why it would be beneficial for DraftKings to offer same-game parlays.
FanDuel is the Illinois activities betting market leader in terms of profits.
FanDuel in Illinois is dominating in terms of revenue generation. In June, the company reported a profit of $200.3 million, marking the second consecutive quarter where it exceeded the impressive $20 million mark.
In June, DraftKings raked in a solid $14 million profit in Illinois, coming out on top in terms of online sportsbook handle but not revenue. This pattern aligns with the ongoing trend in Illinois since the legalization of sports betting.
In May, the difference was even more evident. DraftKings earned $7.2 million in revenue, while FanDuel made $22.2 million that month.
When questioned about its superior performance in hold rate compared to other IL sportsbooks, FanDuel’s director of publicity Kevin Hennessy informed Play Illinois:
We are excited about our success in Illinois. With our NBA offerings and top-notch equal match bet product, we are now the clear leader in profits. In the upcoming summer, Illinois users can look forward to more leading offers like the equal match win benefit.
Furthermore, it is common knowledge that bets are significant sources of revenue for sportsbooks.
In June, basketball betting was the most popular wager, according to the Illinois Gaming Board report. It brought in $126.9 million in handle and $8.6 million in revenue.
During that time, Parlays generated $101.1 million in the state’s handle, but only brought in an impressive $22.8 million.
Although DraftKings is the leading sportsbook in Illinois based on total handle, FanDuel is the preferred choice for Illinois residents when it comes to placing parlay bets.
In June, FanDuel’s parlay handle reached $50.9 million, surpassing any other sportsbook’s previous record of $30 million. This trend has remained consistent in previous months as well.
We do not have enough information to determine the exact impact of a same-game win on hold rate compared to an unrestricted comparison. However, even if it slightly favored the player (which is only an assumption, not a proven fact), the operator would still have a strong argument for winning.
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Illinois is ranked No. 3 US sports betting control in June
In June, Illinois reported a sports betting handle of $476.5 million, a decrease of over $30 million from the previous month. As a result, Nevada surpassed Illinois in sports betting activity during this period.
It is important to mention that the COVID-19 situation in the US appeared to be improving in June compared to the current situation, with likely more trips to Las Vegas during that time. However, it seems that Illinois’ in-person registration policy is starting to reflect in the revenue numbers.
The Governor of Illinois, JB Pritzker, saw a strong earnings report in April despite stopping online enrollment. However, May and June have not been as successful, and the state is now facing challenges in onboarding new users.
It wouldn’t be surprising if Illinois regained the top spot in football season, currently ranked 4th behind Pennsylvania. Regardless, Illinois has a strong sports betting market, and it will be intriguing to see how same-game parlays will affect DraftKings’ projected future revenue.
