DraftKings Adds Same-Game Parlays, Chasing FanDuel In Illinois Sports Betting Revenue Race
DraftKings Sportsbook has added same-game parlays to its menu of sports betting options. This wager that has been a major component of chief competitor FanDuel’s marketing strategy over the last few years.
A similar activity parlay bet is what?
A same-game parlay is when you can combine multiple bets from the same game or team into one parlay to maximize winnings. For example, you might be able to bet on Justin Fields throwing for more than 300 yards and a Bears win.
Since Fields’ passing numbers theoretically influence whether or not the Bears win, it’s often an attractive betting option. Plus, if you’re a Bears fan, bets like that are fun! Still, parlay bets drive revenue for sportsbooks.
FanDuel is a perfect illustration. Let & rsquo, let’s examine why it makes sense for DraftKings to provide same-game parlays.
FanDuel is the Illinois activities betting market leader in terms of profits.
FanDuel in Illinoisis in charge when it comes to making money. In June, it made a$ 200.3 million profit, making it the second consecutive quarter to surpass the lofty$ 20 million table.
DraftKings profited a healthy $14 million in Illinois in June. However, it led all online Illinois sportsbooks in handle yet didn’t lead in revenue. That’s consistent with the trends we’ve seen in the Land of Lincoln ever since sports betting became legal.
In May, the distinction was even more pronounced. In comparison to DraftKings & rsquo, which earned$ 7.2 million in revenue, FanDuel made$ 22. 2 million that month.
When asked about its tendency to outperform other IL sportsbooks in hold rate, FanDuel director of publicity Kevin Hennessytold Play Illinois:
We are thrilled with our progress in Illinois, & ldquo. Following a strong performance of our NBA offerings and our market-leading equal match bet product, we are now the undisputed profit leader. As we head into the summer, Illinois users can anticipate more market-leading offers like benefit equal match win. & rdquo,
Additionally, bets are important profit generators for sportsbooks, as we all know.
In the meantime, Parlays contributed$ 101.1 million to the state & rsquo’s handle. However, they brought in a staggering$ 22.8 million.
While DraftKings is the most popular sportsbook in Illinois by total handle, Illinoisans generally head to FanDuel to place their parlay bets.
FanDuel & rsquo’s parlay handle was$ 50.9 million in June. No other sportsbook has ever made$ 30 million, and previous months’ trends have also been consistent with this.
We don’t have the information to determine how much a same-game win affects hold rate in relation to an unrestricted comparison. However, even if it were slightly more advantageous to the player( which is an assumption, not a fact ), the operator & rsquo would still make the winning argument.
If anyone can recall the time after Snapchat when Instagram Stories appeared? had created the idea, you & rsquo, are not alone.
Illinois is ranked No. 3 US sports betting control in June
IL registered $476.5 million in June sports betting handle. That was down more than $30 million from May, and Nevada leapfrogged the Prairie State in the process.
It & rsquo, it’s important to note that the COVID – 19 situation in the US looked better in June than it does now, and there were probably more trips to Las Vegas than in previous months. Regardless, it appears that Illinois & rsquo’s in-person registration policy is beginning to appear in the revenue figures.
Governor of Illinois Although JB Pritzker stopped accepting online enrollment in April, the earnings report for that month was strong. May and June haven’t been as strong, and we are now weeks into the state’s inability to mildly put new users.
It wouldn’t be shocking to see Illinois reclaim the No. 1 spot appear football season. 4 position behind Pennsylvania. In either case, Illinois has a thriving sports betting market, and it will be interesting to see how same-game parlays impact DraftKings & rsquo’s projected future revenue figures.