DraftKings has introduced a parlay option that is reminiscent of fantasy sports pick’em contests.

DraftKings has unveiled its newest sports betting offering to the public, which may seem recognizable to individuals familiar with single-player fantasy pick ’em games.

CEO Jason Robins announced the launch of Progressive Parlays at DraftKings Sportsbook Arizona during the investor day online presentation on Tuesday morning. This new parlay option allows bettors to create parlays with three to 12 legs, offering a unique twist on traditional parlays by allowing players to win even if they don’t get every pick correct.

Robins portrayed it as a win-win situation for both bettors and the Boston-based sports betting operator, highlighting its potential to boost the economy through a more equitable distribution of winnings among bettors.

He expressed excitement about the new Progressive Parlay feature in the casino, explaining that it could boost parlay variety and length, resulting in a higher hold percentage. Furthermore, it provides customers with the chance to win money on their parlays, even if they don’t win every leg of their bet.

DraftKings did not give an exact date for when Progressive Parlays would be introduced, but mentioned that it would be happening in the near future. The timing of this news was significant, as it came at the same time as PENN Entertainment’s decision to rebrand its Barstool Sportsbook to ESPN BET Arizona, aiming to increase competition with DraftKings and FanDuel in the online sports betting industry.

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A product resembling certain fantasy competitions.

Customers using Arizona betting apps can utilize DraftKings’ Progressive Parlays feature to make predictions on whether athletes will surpass or fail to meet specific statistical targets, such as points for a basketball player or passing yards for a football quarterback. The app will provide ongoing updates on potential payouts as customers make their selections, although the odds have not yet been disclosed.

Increasing the number of legs in a parlay enhances the chances of winning. As demonstrated in the video, a seven-leg Progressive Parlay has the potential to pay out even if only five legs are successful.

Fantasy sports platforms like PrizePicks and Underdog provide individual pick ’em competitions, similar to what is being targeted by crackdowns in states like Arizona. The Arizona Department of Gaming, which oversees sports betting, fantasy sports, horse racing, and boxing, has informed the 10 approved operators that pick ’em contests are not allowed in the state.

Some of the operators currently active in Arizona include PrizePicks, Underdog, and DraftKings. Critics claim that the fantasy pick ’em contests offered by these companies are akin to sports betting parlays. DraftKings and FanDuel, originating from the daily fantasy sports industry, have been vocal in criticizing their competitors. DraftKings has suggested that its Progressive Parlays could be subject to regulation as sports betting.

Hard Rock also provides a versatile parlay option.

In the presentation, Robins stated that he was not familiar with any other sports betting operator that offers a product like Progressive Parlays. However, it is worth mentioning that earlier this year, another U.S. sports betting operator introduced a parlay product that ensures payouts even if some selections are incorrect.

In July, Hard Rock Bet Arizona launched Flex Parlays, which enables bettors to choose up to 10 legs for their parlay. Bettors have the flexibility to include moneylines and spreads in their parlay, as well as the option to select a smaller payout with a higher chance of winning by picking three or more legs in a five-leg parlay. This new feature was showcased in a video on the Hard Rock Digital website.