Draftkings MLB betting question

I'm new to draftkings and am having some questions about a betting style... maybe one of you could help me understand.

Here's the scenario: a few months ago the Cincinnati Reds swept the Houston Astros (in Texas which was fun) and I decided to place a $100 bet on the Reds to win the 2023 NLDS. The odds at that time were 70:1. A few days ago the odds on this bet are now 17:1, although my original bet payout has stayed the same, 70:1. (I normally bet with casinos and at horsetracks.) Draftkings tells me that they will pay me $241 to cancel the bet now. That's a 140% profit. (I'm not going to cancel, btw.) My question is this: if I had bet $5000 would Draftkings offer me roughly $14,000 to cancel the bet? That seems too good to be true. What kind of betting is this called? Do punters engage this style of betting as a strategy? I would think that Draftkings would have a limit as to how much they would payout in this scenario.... like $500 or something?

Sounds like your asking about Hedging a bet.

I'm a old school player and mostly play sides and that's it, parlay for fun here and there...I played a 4 team parlay on a site last night experimenting on the site for football maybe...I went to the site later after games had started to see who I played and saw something that said cash out.....I had no idea what it was and clicked on it, well my balance shot up...I said crap what was that???  I checked the scores on my 4 team parlay and had won 2, 2 were still being played but was winning at the time.....I never meant to cancel my parlay and wouldn't have but in the end I made 5 times my bet I think it was...I still never wanted this to happen so did my research.....You can cash out a bet you've made and that's the end of the bet, I guess:) I made money on my parlay and thank goodness I went 3-1 and not 4-0 :) 

I'll research this to see if I can take advantage but the bigger lesson is this for you....Vegas does nothing to help you win more and why I stick to sides :)  I'm sure more here know way more about this but when I saw your post I said that's what happened to me last night but remember and important.....Vegas doesn't give you a 100 ways to bet a game for your benifit!!!   I'm one always willing to help if I can but many more can explain your ? Better I'm sure...I guess they felt I would hit my parlay but shows they're not as smart as they think in my opinion because I made 6 times my bet on a parlay I never would have hit :)

Have a great day :)   Knock!

@knockonwood

 I just figured, 6 times my original bet :) not bad for a parlay :) I'll not fall for it though as Vegas is never on your side but I'll take the lucky click :)   Knock!

bol pal

not a fan of draft kings

they limit your wager amounts