Draft King Sports Betting

Arrival of Top-Rated Digital Sportsbook in Old Dominion Marks Company’s Twelfth State Launch

BOSTON—Jan. 24, 2021—DraftKings Inc. (Nasdaq: DKNG) today announced the launch of DraftKings Sportsbook in Virginia, marking the 12th state in which the top rated mobile and online sportsbook is available. Customers in Virginia will now be able to place bets on a number of markets across professional and collegiate sports using the DraftKings made-in-America digital sportsbook app.

“Just in time for Super Bowl LV, we are thrilled to bring the DraftKings sports betting experience to Virginia with an abundance of betting options for fans,” said Jason Robins, co-founder and CEO, DraftKings. “With our customer-first approach, we hope to be the sportsbook of choice for Virginians who enjoy having skin in the game.”

We are regulated by the New Jersey Division of Gaming Enforcement as an Internet gaming operator in accordance with the Casino Control Act N.J.S.A. 5:12-1 and its implementing regulations.

  1. As a leader in the sports betting space, DraftKings Sportsbook offers a plethora of innovative and engaging content through traditional wagering opportunities on sports games and events as well as free-to-play Pools contests around pop-culture, eSports and trivia games with thousands of dollars in prizing up for grabs daily.
  2. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a.
  3. Sports Betting Enters the Picture DraftKings and FanDuel both want a piece of the pie when it comes to legalized sports betting, and the companies wasted little time in springing into action once that door opened. The former would launch the first legal online sportsbook in NJ in August of 2018. FanDuel would follow suit in September.

Ahead of Super Bowl LV, DraftKings is offering all customers a Double Your Money opportunity on any team to score a touchdown. Beyond Super Bowl LV, the cutting-edge mobile technology of DraftKings Sportsbook will provide sports bettors in the Commonwealth of Virginia the opportunity to bet on more than 250 unique leagues including popular professional sports: baseball, football, golf, hockey, boxing, soccer, tennis, motorsports and basketball. Collegiate sports are also available, with the exception of in-state college teams and college prop bets. DraftKings Sportsbook technology keeps consumer information safe and secure and provides built-in responsible gaming measures like time and deposit limits.

A consumer research study by DraftKings indicated that Virginia sports fans are most likely to bet on the NFL, followed by the NBA and college football. That same study found the Washington Football Team and the Dallas Cowboys are the two most favored NFL teams in Virginia, while the LA Lakers, Chicago Bulls, and Washington Wizards are the most popular NBA teams. Prior to Sunday’s NFL Conference Championship games, DraftKings is offering all customers an additional Double Your Money opportunity by betting on any of the four teams playing to score a touchdown.

DraftKings’ sportsbook and daily fantasy products are available via iOS and Android here.

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About DraftKings

DraftKings Inc. (Nasdaq: DKNG) is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for 50+ operators in 17 countries. DraftKings’ Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in Colorado, Illinois, Indiana, Iowa, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia and West Virginia. DraftKings’ daily fantasy sports product is available in 8 countries internationally with 15 distinct sports categories. DraftKings is the official daily fantasy partner of the NFL, MLB, NASCAR and the PGA TOUR as well as an authorized gaming operator of the NBA and MLB and an official betting operator of the PGA TOUR.

FORWARD-LOOKING STATEMENTS

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see DraftKings’ Securities and Exchange Commission filings. DraftKings does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Step-By-Step Instructions

Here’s a run down of how sports betting works, and what to be prepared for.

  1. Find the bet type and outcome you want to wager on.
  2. Decide what type of wager you want to make:
    1. Straight Bet – Betting on one outcome
    2. Parlay Bet – Betting on multiple outcomes
  3. Decide how much you want to bet and get some skin in the game.
  4. Find the nearest self-service kiosk or step up to the counter and tell the ticket writer the outcome, bet- type and amount you’re wagering. First time at the plate? Don’t worry — our friendly and experienced staff will guide you through and make sure you’re betting with confidence.
  5. Make sure your ticket is accurate before you walk away.
  6. Hang on to your ticket so you can claim any winning bets.
Sports

Money Line is simply the bet for who will win.

Point Spreads are bets where each outcome has a + or a – handicap applied to it. This handicap is often called the ‘line.’ On a line of 3.5, one team will have 3.5 points added to its score and the other will have 3.5 points subtracted from its score. The winner of the Point Spread is the team that ‘covers’ the Spread based on the line and the final score.

Over/Unders are bets with a value provided for one of many statistical categories, including the final score, individual team score or any player stats. Outcomes are listed as either ‘Over’ or ‘Under’ the provided total for the stat.

Futures are bets available for events in the future, where multiple events may take place to determine the outcome. Futures are offered well in advance of any season or tournament and the odds are continually adjusted as the events unfold.

Teaser(s) is a parlay placed on multiple Point Spreads or Totals where the line is bought or ‘teased’ down in exchange for a lower payout.

Straight bets are wagers on just one team or individual.

Parlay(s) is a bet placed on multiple outcomes all to occur. For a Parlay bet to win, all outcomes within the Parlay must be selected correctly. The odds for each pick are multiplied by one another to determine the odds for the Parlay. For example, New England at -190 odds, parlayed with New York at +145 odds, would result in +275 odds.

Betting Odds
 If you’re new to betting, it’s important to understand how odds work. Odds tell you how likely an event or outcome is to happen. It might seem complicated, but we’ve broken down the basics to get you started.

Money Line/American Odds have either a plus or minus symbol right before the odds number. This number helps you figure out how much you stand to win or how much you need to bet based on which team you are betting on.

For the Favorite the odds number shows you how much you would have to risk to win $100. For example, if the Tampa Bay Buccaneers are -110 to win, you’ll need to bet $110 to win $100. Say the Buccaneers win, you’ll get your original $110 back plus $100 in winnings for a total of $210.

For the Underdog the odds number shown is how much you would win for every $100 you wager. For example, if the New York Giants are listed with odds of +320, betting $100 will get you $320 profit. Bet the Giants and they win, and you’ll get your original $100 plus $320 in winnings for a payout of $420.

The minus (-) symbol = Favorite The plus (+) symbol = Underdog

PK also known as “Pick or Pick’Em” is a betting offer in which there is no favorite or underdog. This can occur on Point Spread bets where the line is set at 0 points (so the winner of the game wins the Point Spread). This is usually displayed with both teams at -110.

Action: Term for the number of bets placed on a game or sporting event. It can also refer to how bets are settled. For example, ‘all action’ means every bet will be settled, regardless of outcome.

American Odds: American Odds reveal the amount you must wager or can win on any selection based on $100 increments. The wagered amount is added to the payout after the initial calculation.

  • If the odds offered on a particular selection are -110, you would need to be $110 to profit $100.
  • If the odds are +110, you would profit $110 if you wagered $100.

ATS: ATS stands for “Against the Spread” — a term used for the result of an event when it takes into account the Point Spread.

Backdoor Cover: Covering the Point Spread with late ‘meaningless’ points being scored.

Bad Beat: A tough loss on a bet that appeared to be won before a turnaround in a game or contest.

Bet Slip: The Bet Slip is the ‘cart’ of a Sportsbook. It’s an area containing selected picks and where you enter your wager amount(s) before confirming your bet(s).

Bet Receipt: A bet receipt is the confirmed ‘ticket’ of a placed bet. Each bet receipt will provide confirmation of selections, odds, results and a unique identifier to help distinguish one bet from another.

Book: Book is short for ‘Sportsbook.’ A Sportsbook is an establishment that accepts wagers on sporting events.

Buying Points: When a bettor takes a different price (odds) in order to get a different line (spread or total) on a game.

Cash Out: The Cash Out feature gives you the opportunity to cash out a bet before the outcome is decided — allowing you to secure part of your winnings or cut your losses.

Chalk: The favored (favorite) team or athlete.

Correct Score: A bet placed on the exact score of a match or event at full or part time.

Draft Kings Sports Betting Indiana

Cover: Winning by enough to beat the Point Spread. When this occurs, the team ‘covers the spread.’

Decimal Odds: Odds of an outcome expressed as a decimal number. Total odds are determined by multiplying the odds of each selection by the wager amount, to calculate the potential return to player.

  • Example: Using decimal odds for a 2-selection parlay with odds of 1.50 for one selection, and 3.00 for another selection, with a wager of $10; the return would be $45 ($35 profit with the $10 included in the return).

Dead Heat: When two or more participants finish with the same results, the bet is settled under ‘Dead Heat Reduction Rules’ for that event.

Dead Head Reduction Rules: A ‘Dead Heat Reduction’ is calculated by dividing the wager amount proportionally between the number of winners in the event. For example, in a two-way tie (Dead Heat), your return would be half of what was originally projected in the Bet Slip at the time of placement.

Dog: Dog is the team expected to lose, also known as the Underdog.

Double Chance: ‘Double Chance’ is where it is possible to bet simultaneously on two outcomes of a match or event when 3 outcomes are possible. The three options are: Home/Draw, Home/Away, and Draw/Away.

Double Result (Half Time/Full Time): ‘Half time/Full time’ odds allow you to bet on the half time results and the final outcome of an event. For example, if at half time the score is 45-45 and the match ends 103-101, the winning outcome is Tie / Away Team (the team scoring 103). The bet is void if the regular time of the match is played in a different time format than those listed in the bet (i.e. other than two halves). For Baseball, half time is defined as the first 5 innings of a game. Similarly, Period Betting for hockey is available (i.e. 1st Period Result and 60 Minute Result).

Even Money: Even Money is a bet that returns as much profit as the initial wager was. For example, a bet of $100 with a $200 return ($100 profit). These are listed as odds of +100 (American) or 2.00 (Decimal).

Favorite: The favored team or athlete in a specific game or contest. The favorite is expected to win.

Free Bet: A Free Bet is a ‘token’ that is able to be used in place of real money for wagering on the DraftKings Sportsbook platform.

Forecast: A Forecast wager is a bet on two or more selections to finish in a particular order. An example Forecast wager on the U.S. Open Golf tournament would be selecting Rory McIlroy to win, Tiger Woods to finish second and Dustin Johnson to finish third.

Futures: Futures are bets available for events in the future, where multiple events may take place to determine the outcome. Futures are offered well in advance of any season or tournament and the odds are continually adjusted as the events unfold.

Grand Salami: ‘Grand Salami’ is where it is possible to bet on the total number of listed occurrences, such as total run or total goals, happening in a collection of events on a specified day. All relative events must be completed for bets to stand except for those outcomes which have been decided prior to the abandonment and could not possibly be changed regardless of future events. These will be settled according to the decided outcome.

Hedging / Laying the Points: Betting on the opposite side of a current wager in order to minimize losses or guarantee a small profit.

Lines: Another word used to describe the Point Spread, Total or Money Line.

Listed Pitchers: When ‘Listed Pitchers’ accompanies a baseball bet, they must start for the bet to be action. Bets will be void/canceled should one or both of those pitchers not start.

Live Betting: Betting while the action is unfolding.

Lock: The favored team or athlete is considered a guarantee to win.

Draft Kings Sports Betting

Long Shot: The underdog team or athlete is considered very unlikely to win.

Meaningless Point: Point scored that doesn’t affect the outcome of the game. Only affects the spread.

King Sports Construction

Money Line: The Money Line is simply the bet for who will win.

No Action: A wager that is canceled/void with money refunded to users.

Odds: The number that expresses the probability of an event to occur, also referred to as the outcomes ‘Price.’ This value is used to calculate the potential return on a wager.

Off the Board (OTB): A game that is scheduled but without odds due to various circumstances.

Over/Unders: Over/Unders are bets with a value provided for one of many statistical categories, including the final score, individual team score or any player stats. Outcomes are listed as either ‘Over’ or ‘Under’ the provided value for the stat.

Parlay Bets: A Parlay bet is a bet placed on multiple outcomes all to occur. For a Parlay bet to win, all outcomes within the Parlay must be selected correctly. The odds for each pick are multiplied by one another to determine the odds for the Parlay. For example, New England at -190 odds, parlayed with New York at +145 odds, would result in +275 odds.

Pick’Em: A Pick’Em is a betting offer in which there is no favorite or underdog. This can occur on Point Spread bets where the line is set at 0 points (so the winner of the game wins the Point Spread).

Point Spread: Point Spread bets are where each outcome has a + or a – handicap applied to it. This handicap is often called the ‘line.’ On a line of 3.5, one team will have 3.5 points added to its score and the other will have 3.5 points subtracted from its score. The winner of the Point Spread is the team that ‘covers’ the Spread based on the line and the final score.

Potential Win: Potential Win is the amount that would be returned to you on a placed wager, prior to settlement or results being known. The Potential Win is based on the odds of the selections, the bet type and the wagered amount.

Profit Boost: A Profit Boost is a ‘token’ that can be used to boost the odds of a specified selection, based on promotional qualifications and conditions.

Prop Bets: Prop Bets come in many forms and can be related to specific outcomes in a game (Game Props) or player performance (Player Props).

Puck Line: A Point Spread for hockey listed with a line of 1.5 goals either side and the associated odds between the favorite and the underdog.

Push: When an odd results in neither outcome being correct and bets are returned/refunded.

Related Contingencies: Related Contingencies are picks or selections that cannot be combined due to a correlation between them. Where there are related contingencies, DraftKings takes efforts to offer those selections as a combined offer at appropriate odds based on their correlation (i.e. Money Line/Total Points Double odds).

Return: Return is the amount that is returned to you on a placed wager following settlement and results being known. The return is based on the odds of the selections, the bet type and the wagered amount.

Reverse Forecast: Two bets on two selections to finish first and second in any order.

Run Line: A Point Spread for baseball listed with a line of 1.5 runs either side and the associated odds between the favorite and the underdog.

Selection (Pick): An outcome selected for betting, with associated odds. A selection can be added to the Bet Slip for wagering purposes.

Draft King Sports Betting

Singles Bets: A bet placed on one specific outcome to occur. You can place multiple ‘Singles’ bets at a time. Each bet placed is contingent only on the individual outcome bet on. Also known as a ‘Straight’ bet.

Spread: Short form for Point Spread.

Steam: When there is an influx in wagers on a Point Spread or Total which results in the line being adjusted.

Taking the Points: Betting on the underdog to cover a Point Spread by receiving Points against the spread.

Teaser: A parlay placed on multiple Point Spreads or Totals where the line is bought or ‘teased’ down in exchange for a lower payout.

Tri-Bet/Win-Draw-Win: A bet requiring the prediction of one of three possible outcomes of a sports event. For sports where a tie is possible at the end of regulation, that is the ‘draw’ selection. For sports where there is no possibility of a real-life tie, a ‘line’ is set where any result either way within a particular win margin is deemed a ‘tie.’

Underdog: The team or outcome expected to lose. Known as the ‘Dog’ for short.

Draft Kings Sports Betting States

Void: When an odd results in neither outcome being correct and bets are returned/refunded.

Wager: The money amount of your bet placed. The wager along with the odds selected, make up the placed bet. Also known as the stake.

King Sports Golf

Win/Place: A ‘Win/Place’ or ‘Each Way’ bet (also known as EW) refers to a bet where the chosen selection must either Win or else Place within the payout terms. The bet is divided in two parts (the ‘Win’ part and the ‘Place’ part) of an equal stake or wager. Settlement of such bets will take into account the applicable rules governing the ‘Win’ and ‘Place’ bets, namely the sport-specific rules as well as any applicable Dead Heat Reductions.