Hoosiers can now use DraftKings to create same-game parlay bets.
The sportsbook just rolled out the feature in markets around the country, including Indiana. These types of wagers could become a difference maker for the company going forward.
What is a same-game parlay?
Same-game parlays are as simple as they sound, although they’re a little different from regular parlay betting in Indiana.
With a regular parlay, gamblers can stitch together multiple bets on different events.
For example, you could bet on an MLB game and a Colts game at the same time.
Since your wagers are parlayed together, both of them need to hit in order for you to win your bet.
That’s a bit riskier for gamblers, but in exchange for that risk, sportsbooks will give you better odds. You’ll make more money parlaying two bets together than you would betting them each separately.
Same-game parlays take that to the next level.
Instead of fusing together separate bets from different sporting events, same-game parlays let you wager on multiple outcomes from the same game.
An example of this would be betting on the Colts to win a game, while also betting on T.Y. Hilton to rack up over 100 receiving yards during that same game.
These are the types of bets that DraftKings IN is hoping to attract.
FanDuel and BetMGM in the same boat
DraftKings just added same-game parlays, but it isn’t the first sports betting app to do so.
FanDuel and BetMGM both beat DraftKings to the punch.
Same-game parlays have been a big part of FanDuel’s marketing strategy since the sportsbook made its Indiana debut back in 2019.
BetMGM followed suit by adding the feature last year.
DraftKings has joined the party, and the company will be looking to use its popularity in Indiana to become the go-to sportsbook for same-game parlay wagers.
DraftKings is more popular
When it comes to pure popularity, DraftKings is at the top of the sportsbook ladder in Indiana. Month after month, gamblers bet more money with DraftKings than any other betting app in the state.
Hoosiers bet over $75 million with DraftKings during June alone.
That’s a massive betting handle, but FanDuel is still making more money.
Much like how DraftKings is always the most-popular sportsbook, FanDuel is always the more profitable one of the duo.
During June, FanDuel took in $64 million worth of wagers. In other words, gamblers bet $11 million less with FanDuel compared to DraftKings.
Despite that, FanDuel’s $9 million worth of gross receipts outshined the $6.1 million haul from DraftKings.
Every month it’s the same story in Indiana. DraftKings leads in market share, but FanDuel leads in revenue.
It might be time for the horse to catch the carrot.
This extra parlay money from same-game parlays could help the sportsbook improve its revenue numbers.
That strategy already worked for BetMGM, and DraftKings is hoping history repeats itself.
Sportsbooks love parlays
BetMGM has become a dominant player in Indiana’s market since it added same-game parlays.
Back in September 2020, the month before adding the feature, BetMGM pulled in $13.1 million worth of wagers.
That translated to nearly $1.3 million of gross receipts, which was about $1 million higher than the next-best sportsbook at the time.
BetMGM has exploded that lead ever since. That $1 million difference has more than doubled to almost $2.4 million as of June 2021.
Granted, BetMGM’s rise to prominence in Indiana is due to more than just same-game parlays. The company’s ad campaigns and wide selection of betting options have done a lot for the sportsbook’s popularity.
Despite that, the parlay numbers have undoubtedly played a huge role.
Hoosiers wagered over $727 million on parlays during just the first half of 2021. That number will likely eclipse the $1 billion mark before year’s end.
Those massive betting numbers make parlays a huge revenue driver for sportsbooks around the US.
Since you have to hit multiple bets in order to win your parlay, that extra risk plays a role of its own in parlay profitability.
The same things that make parlays profitable are the same things that make them fun for gamblers.
It’s harder to hit multiple wagers at one time, but you feel like a genius when it all works out.
If sportsbooks make a killing on parlays, then why do Hoosiers bet on them so often? In short, it’s because they’re a ton of fun.
Parlays are a great way to mix up the typical online sports betting experience.
It’s worth checking out same-game parlays at companies like DraftKings, but just don’t go in expecting to make a fortune of off them. After all, those tasty odds on your four-leg parlay are your return for taking on the extra risk in the first place.
As they say, the house always wins. That holds a little more weight when it comes to parlay betting, but with a responsible approach to your gambling, these bets can still make for a worthwhile addition to your regular wagers.