While most parlays are longshots at best, you could still feel confident of defying the odds when hitting the first eight legs of a $100, 9-team parlay — a bet with an expected payout of around $15,000.
You appear on your way to collecting a massive, five-figure win when the Denver Broncos score on a two-point conversion to go up by one over the Chicago Bears with 31 seconds left. Then, improbably, the Bears quickly drive down the field in six plays, leading to a game-winning 53-yard field goal by Eddy Pineiro with no time left.
The scenario, which transpired in last September’s 16-14 win by the Bears, could crush sports bettors of all skill levels. But now Elite Sportsbook is offering a unique feature that may help dull the pain. Unlike traditional parlays, Elite’s Progressive Parlays reward bettors with a payout, albeit a lower one, if a parlay with at least four teams suffers a loss.
“It’s not a game changer for them, because they’re still in the game,” Elite Casino Resorts COO Karlyn Ollendick told CoBets. “You’re in there placing a few dollars on a bet and you hit eight, nine teams — that’s a pretty good payout. We’ve seen some genuine excitement from folks, and that’s our goal to continue to provide innovative bets.”
Elite Casino Resorts entered the Colorado sportsbook market earlier this month through a partnership with Red Dolly Casino in Black Hawk. While Elite plans to launch its Colorado mobile sportsbook over the next several weeks, the company already has several kiosks inside the Red Dolly up and running. Red Dolly is the oldest casino in the city.
Here is more information on ELITE Sportsbook's exclusive Progressive Parlay option as mentioned today on @AltitudeSR @JoshuaDover by our very own Jake W from ELITE Sportsbook. https://t.co/kbRY7oZFf6#Parlay #Colorado pic.twitter.com/2PtD0ALNVc
— ELITE Sportsbook Colorado (@elitesportsbkco) August 13, 2020
Elite’s Progressive Parlays feature applies for spread bets in football and basketball. The offering is not available for totals, and Elite does not offer it for moneyline wagers. Although a Major League Baseball slate can feature more than a dozen games on a given afternoon, the feature is not available for MLB contests either.
A bettor’s margin of error will vary based upon the number of teams he or she selects for a given parlay. A bettor who plays a four- to six-team parlay can lose on one leg and still receive a payout. For bettors who wager on parlays featuring seven to nine events, Elite Sportsbook will provide payouts on parlays with two losses. A 12-team parlay with two losses still pays +1000 at Elite, down considerably from a perfect parlay with odds of +90000. Finally, several parlays still return a payout even if a bettor records three losses (see below).
|Progressive Parlay Size||All Win||1 Loss||2 Losses||3 Losses|
|4 Teams||+500||+100||No Payout||No Payout|
|5 Teams||+1100||+200||No Payout||No Payout|
|6 Teams||+2000||+350||No Payout||No Payout|
|7 Teams||+4000||+400||-150||No Payout|
|8 Teams||+7500||+1000||+200||No Payout|
|9 Teams||+15000||+2000||+250||No Payout|
While the sportsbook has had several five-figure payouts with the Progressive Parlays feature in Iowa, Ollendick is unsure if the company has doled out any in Colorado. Elite operates sportsbooks at three Iowa properties — Grand Falls Casino & Golf Resort in Larchwood, Riverside Casino & Golf Resort in Riverside, and Rhythm City Casino Resort in Davenport.
Advantages of partnering with Bet.Works
Elite Sportsbook’s trading platform is powered by Bet.Works in Iowa, the same technology provider the company partners with in Colorado. Based on the highly competitive nature of the Colorado market, Ollendick believes it is incumbent on the company to offer certain bet types that are not available elsewhere. In the Hawkeye State, Elite Sportsbook has offered exclusive bets on Iowa sports teams, a model it expects to bring to Colorado.
“Bet.Works is very excited about our continued expansion into Colorado,” Bet.Works founder and CEO David Wang told CoBets via email. “Our purpose on Day 1 was to create the most exciting sports entertainment products available in the market and our team continues to produce unique offerings that separate us from the pack.”
Bet.Works’ trading team is led by Jay Rood, a former vice president of race & sports at MGM Resorts International. Rood, who serves as chief risk officer at Bet.Works, indicated that the provider may offer a menu of cross-props during a busy fall calendar. In May, the Colorado Division of Gaming approved a request in the state’s catalog of events that allows sportsbooks to offer a prop on yards from a football game versus the length of a golf drive.
The Broncos are scheduled to face the Raiders on Nov. 15 during the final round of the 2020 Masters.
“The sports calendar being a bit backward will give us some opportunities to do some nice cross sports props,” Rood told CoBets via email. “Players will need to keep checking for new wagering menu offering updates.”
When Red Dolly went live earlier this month, the casino became the eighth in Colorado to launch a retail sportsbook. After reviewing the state’s sports betting regulations and evaluating other markets, Ollendick noted that it quickly became apparent that Colorado was the logical choice for the company’s sports betting expansion.
“The opportunity to move to Colorado ended up being the right fit for us,” Ollendick said.