The surge in sports betting among Americans is largely attributed to the rising popularity of multi-leg parlay bets, which account for a significant portion of sportsbook revenues. As of 2024's first ten months, these wagers made up 27% of total cash bets in states like Illinois, New Jersey, and Colorado but generated a striking 56% of revenue post-payouts. This trend has prompted companies like Flutter Entertainment to revise their revenue forecasts upwards dramatically. Despite their allure, experts warn that parlays are often not a viable strategy for serious gamblers due to their low odds.
Many less-serious gamblers enjoy making multi-leg parlays with the promise of a big payout, but experts advise that these bets are less likely to win.
Multileg bets are so lucrative that FanDuel parent company Flutter Entertainment recently increased its expectation for total online gambling revenues in the U.S. to $63 billion by 2030.
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