A recent survey of sports bettors showed sportsbook subscription services have the potential to catch on in the industry.
Two months after DraftKings launched an innovative parlay boost service to monthly subscribers in New York only, 22% of bettors surveyed are “very likely” to consider joining a similar plan, according to the data and research group YouGov.
The study found 43% are “somewhat likely” to pay for a subscription. Ages 18-34 saw an even larger response with 44% voting for that category. Of the 301 bettors surveyed, 18% were “not at all likely” to subscribe while 10% were “not very likely” to join.
The idea could certainly catch on as YouGov reported 56% of sports bettors place parlay wagers at least once a week. Only 5% of the survey’s respondents stay away from the multi-leg bets.
The big draws
The opportunity to gain access to exclusive promotions and offers was the most appealing category for sports bettors, garnering 46% of votes when asked which features would make them likely to subscribe to a sports betting service. This feature hit with 44% of the 18-34 group and 47% with ages 35 and higher.
Getting lower fees or reduced commissions appealed to 45% of participants. This appealed to the 35 and up demographic as 49% voted for this feature.
Receiving early access to new betting markets and options received 38% among all features. Unlimited parlay odds boosts, which DraftKings promotes with its plus service, picked up 38%.
Personalized betting recommendations and insights received 35% while 14% said no features would attract their money.
Money talks
The amount survey participants are willing to spend is something sportsbooks will greatly be interested in studying. According to the survey, under $20 is as much as over half of participants are willing to pay.
The under $10 option picked up 25% of votes while $10 to $19.99 received a high of 26%, including 31% of the younger demographic.
However, 21% would go as high as $20 to $29.99, but a major dropoff hit after that as only 5% said they’d be willing to spend $30 or more per month. Another 19% have no desire to shell out any money for a betting subscription service, while 4% chose not to respond.
Parlay appeal
DraftKings+ currently costs $20 per month, so subscribers can get unlimited boost tokens on parlays and same-game parlays. The maximum wager is $25, and the 100% boost is good on up to 11 legs of a parlay.
DraftKings created the service to see how it would appeal to a major portion of its sports betting handle. The company said last year hold percentages on parlays continue to climb.
Bettors are attracted to the opportunity to risk low amounts for high payouts. Many sportsbooks feature these types of wagers at the top of their apps and push them regularly to customers.
