DraftKings has something new for sports bettors in New York - a monthly subscription service that could help bettors increase their odds. The new service, aptly named DraftKings Sportsbook+, enables bettors located in the Big Apple to boost their tokens in as little as 30 minutes from the time they make their subscription, particularly for same game parlays and parlays.

DraftKings, one of the most successful operators in the sports betting industry, has launched a groundbreaking subscription service aimed at enhancing the betting experience for its users. Dubbed DraftKings Sportsbook+, the new $20-per-month service allows bettors in New York to access better parlay odds through unique features and profit-boosting incentives. This service marks a significant innovation in the sports betting landscape and highlights DraftKings' efforts to cater to its growing user base in high-tax jurisdictions such as New York.

Unlimited boost tokens for parlays

The newly introduced subscription offers subscribers unlimited 'Stepped Up' Boost Tokens, which they can apply to parlays as well as same-game parlays. Tokens become available within 30 minutes of subscribing and provide participants with the potential for a 100% profit boost on their winning parlays with 11 (or more) legs.

This innovative feature is designed to make long-shot wagers more attractive and lucrative for bettors, giving them more reason to engage with the platform's extensive parlay offerings. As noted by the company, the subscription aims to enhance the fan experience by delivering more excitement and value.

A first in the sports betting industry

DraftKings is the very first operator to introduce a subscription model for its betting services. While the service is currently available only in New York, it has the potential to set a precedent for other sports betting platforms. The company quietly rolled out DraftKings Sportsbook+ on the 28th of December, 2024, with no formal announcement of plans to expand to other states as of now.

The move comes as DraftKings seeks more innovative ways to navigate the challenges posed by New York's high sports betting tax rate. At 51%, the state imposes one of the highest tax rates on sports betting revenue in the United States. This has led operators like DraftKings to explore alternative revenue streams to offset these costs.

In a statement, DraftKings emphasized the fan-centric focus of the subscription service:

"The subscription service was designed to offer our customers an enhanced fan experience, creating more excitement and value to our extensive parlay offering."

This launch aligns with comments made by DraftKings Chief Executive Officer Jason Robins earlier this year, in which he showcased the need to find creative solutions to mitigate the impact of high taxes in jurisdictions like New York. Notably, the company had proposed a controversial tax on winning bets in high-tax states in August, only to abandon the idea after two weeks of backlash.

The growing appeal of parlays

Parlays, which combine multiple bets into a single wager, are becoming increasingly popular among bettors and are proving to be a lucrative area for sportsbooks. Aggressive advertising by industry leaders such as DraftKings, BetMGM, and FanDuel has played a significant role in driving this trend.

Data from Flutter Entertainment, the parent company of FanDuel, reveals that parlay betting is on a steep growth trajectory. For instance, in 2023's last quarter, more than 262 million same-game bets were placed globally across Flutter's brands, a staggering 75% increase compared to the same period of time in 2022. This surge demonstrates the immense profitability of parlay betting for sportsbooks, as well as its growing appeal to bettors.

While DraftKings has not announced plans to expand its subscription service to other states, the rollout of DraftKings Sportsbook+ in New York could signal a new era for the sports betting industry. If the service is successful, it may prompt other sportsbooks to explore similar subscription models, further reshaping how operators continue to engage with their customers.