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When DraftKings announced last week they would be offering a new $20 monthly subscription model in order to gain access to more generous parlay odds and boosts, many in the industry thought this could be a joke.
Well, it's still a joke, per se. The entire industry is laughing at DraftKings.
And, yes, this called for Gambling911.com to pull out its "WTF" graphic for the headline story pertaining to this.
We've come a long way since the days of English Sports Betting (ESB) in the 1990's. They were once among the largest offshore sports gambling companies, employing Gambling911.com's own intrepid reporter, Thomas Somach. ESB would actually charge a fee of over $100 to play there. Bonuses? LOL.
DraftKings seems intent on taking this industry backwards.
Parlays are typically thought of a "sucker bets". They target recreational gamblers into betting against large odds while being blinded by the lure of "fast money". In order to win the bet, each leg must be a win. One loss and the entire wager is considered a loss whereas two wins with three separately bet games/events would result in payouts at fair or often better than even odds (with underdogs).
Follow any experienced sports handicappers and it's indeed rare for said cappers to hit all three of their picks on a regular basis.
For now, the DraftKings subscription fee model is only available in the state of New York, probably because they're taxed in the neighborhood of 50 percent to operate there. Not our problem!
Sports bettor Joey Knish was among those who mocked the concept on Twitter.
"Imagine telling your wife when she asks what this monthly subscription cost is on the card it’s for better Draftkings parlay boost odds."
The product will only be offered to "select customers" in the Empire State.
“SELECT CUSTOMERS” aka losing players," one person wrote.
Another questioned the conflicting business model of DraftKings in light of their "quick on the trigger" limit reputation.
"Really strange that a company banking on customers not being price sensitive would offer a service focused on giving customers better prices."
Then there was this from Gambling Assassin, which pretty much sums it all up.
"DraftKings had nearly $5 billion in revenue last year, but apparently, that wasn’t enough. Now, for just $20 a month, you can unlock 'better' parlay odds. What a steal!"
DraftKings had nearly $5 billion in revenue last year, but apparently, that wasn’t enough. Now, for just $20 a month, you can unlock 'better' parlay odds. What a steal! https://t.co/C5CLC9edya
— Gambling Assassin (@GamblerAssassin) January 3, 2025
With congressional hearings last month calling for federal regulation on sports betting in the United States, some state regulators may have no other choice but to reign in DraftKings. You'd think DraftKings would have gotten the hint. The company already came under fire for proposing a surcharge fee this past fall.
The commonwealth of Massachusetts is now pondering measures to prevent sports betting firms like DraftKings from imposing unreasonable limits on customers who happen to go on hot streaks.
One person tweeted:
"Go ahead and fleece the hell out of morons (it’s the American Way!) but, in turn, please stop limiting a $100 unit bettor. They shouldn’t get to have it both ways."
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