DraftKings tests a subscription service as it looks to offset high New York taxes

DraftKings tests a subscription service as it looks to offset high New York taxes


Sports betting company DraftKings’ logo is displayed on a smartphone screen.

Budrul Chukrut | Lightrocket | Getty Images

DraftKings is upping the ante.

The sportsbook is testing out a new subscription service called DraftKings Sportsbook+ designed to provide paying customers a boost in odds.

The $20 per month subscription service launched quietly on Dec. 28 for select customers in New York and will offer participants up to a 100% profit boost on winning parlays. For example, a two-leg parlay would receive a 10% boost, a six-leg parlay would receive a 50% boost, and an 11-leg parlay would get the full 100% boost. The maximum bet eligible is $25.

New York offers a strong testing ground for DraftKings as one of the top performing markets for online gaming.

The company could also be looking to help offset taxes in the Empire State. Sports wagering taxes in New York stand at 51%, tied with New Hampshire for the highest rate.

In August, DraftKings announced it was reversing course after announcing it would add a small tax to customers in states that have multiple operators and a tax rate of over 20%.

Others in the industry will be watching closely: DraftKings appears to be the first U.S. operator to launch a subscription service. Parlays, where bettors are wagering on more than one event at a time, are a profitable and growing area for sportsbooks.

In a statement, DraftKings said the subscription service was designed to offer customers an enhanced fan experience by “creating more excitement and value to our extensive parlay offering.”

The news was first reported by Sportico.

The company did not say how many users have signed up so far.

DraftKings is offering the first month free, and then the subscription will kick in.

While the subscription is currently only available in New York, DraftKings said it will consider whether to offer the service in other states.



Source

Pokémon, sports trading card boom boosts Target, Walmart ahead of holiday season
Business

Pokémon, sports trading card boom boosts Target, Walmart ahead of holiday season

Trading cards of the game “Magic” are located in a shop where a “Magic” tournament is taking place. Frank Rumpenhorst | picture alliance | Getty Images As screentime soars and technology races ahead, a low-tech pastime is back in a big way: collecting trading cards. The cardstock depicting everything from NFL standouts to Pokémon and […]

Read More
FAA lets Boeing increase 737 Max production almost two years after near-catastrophic accident
Business

FAA lets Boeing increase 737 Max production almost two years after near-catastrophic accident

Boeing 737 Max aircraft are assembled at the company’s plant in Renton, Washington, U.S. June 25, 2024. Jennifer Buchanan | Via Reuters Boeing has won regulator approval to ramp up production of its best-selling 737 Max jetliners to 42 a month, a milestone for the manufacturer nearly two years after the Federal Aviation Administration capped […]

Read More
‘The tide went out’: How a string of bad loans has bank investors hunting for hidden risks
Business

‘The tide went out’: How a string of bad loans has bank investors hunting for hidden risks

Signage outside Western Alliance Bank headquarters in Phoenix, Arizona, March 13, 2023. Caitlin O’Hara | Bloomberg | Getty Images Big banks including JPMorgan Chase and Goldman Sachs had just finished taking victory laps after a blockbuster quarter when concerns emerged from an obscure corner of Wall Street, sending a collective shiver through global finance. Regional […]

Read More