MW This college grad almost turned $13 into $270,000 with a bet on the NHL finals. Why DraftKings and other sportsbooks love parlays.

By Weston Blasi

24-year-old Drew Hirschman will still walk away with something

Tuesday's Stanley Cup Finals win for the Florida Panthers meant a six-figure loss for one young sports bettor.

Drew Hirschman, a 24-year-old New York sports bettor who recently graduated from Binghamton University, was on the verge of turning $13 into $270,761.40 on a multisport parlay bet before ultimately losing it. His bet needed the Edmonton Oilers to beat the Panthers for the Stanley Cup.

The wager was made in June 2024, and for Hirschman to win, he would've needed the Los Angles Dodgers to win the World Series, the New York Liberty to win the WNBA title, the Philadelphia Eagles to win the Super Bowl, the Oklahoma City Thunder to win the NBA title, and the Oilers to lift the Stanley Cup. He won all other parts of his bet, except for the Oilers and Thunder (though Oklahoma City is a heavy favorite to win the ongoing NBA Finals, holding a 3-2 lead over the Indiana Pacers).

Parlays involve combining multiple bets into a single wager. For the parlay to win, every individual bet within it must be successful. That makes the odds of it happening less likely, but means that parlays offer bettors much higher payouts.

Hirschman's bet, which was placed on DraftKings Sportsbook $(DKNG)$, had moneyline odds of +2082680, which carries an implied probability of a number so small that it's much closer to 0% than 1%.

Throughout the NHL and NBA playoffs, Hirschman shared his thoughts on how he was feeling about his bet on a game-by-game, and sometimes even a quarter-by-quarter, basis.

Heading into Tuesday night's Oilers-Panthers game, Hirschman's bet that would've turned $13 into $270,761 was obviously one of great value, because so many parts of the bet had already been clinched. But it wasn't as simple as Hirschman watching each game and hoping for the best; there's always the possibility that a bettor like him could hedge.

In betting parlance, a hedge is basically wagering against your own bet, in order to ensure some form of payout. So despite needing the Oilers to win for his long-shot parlay to cash, he could have wagered against himself and bet on the Panthers. That way, regardless of the outcome, he would guarantee some profit.

A bettor could also cash out. At times, Hirschman was offered anywhere from $30,000 to $107,000 from DraftKings to "cash out" his bet instantly - essentially ending his bid for $270,000, while mitigating risk by guaranteeing some payout. Cashouts on in-progress bets are calculated by DraftKings's internal algorithm, which likely combined the odds that bets were placed at, as well as the current odds, to find a general middle ground.

"Every single game, this cashout changes by the average American salary. It's crazy to say out loud. It sounds ridiculous, but it's true. Sticking with the plan - you guys know what we do, we're riding," Hirschman posted on social media a few days ago.

Sports-betting operators like DraftKings and FanDuel $(FLUT)$ frequently show bet tickets and stories like Hirschman's. That's because those long-shot bets give hope to people who envision themselves as capable of turning the cost of a fast-food order into $270,000 with a few clicks on an app.

But sentiment like this may be misguided.

"We've seen increasing popularity around parlays from a mass-market player base, as they add a more lottery-style element to sports betting and can yield very large payouts," said Barry Jonas, gaming analyst at Truist Securities. "At the same time, [betting] operators like them, as they drive higher hold rates - meaning the sportsbooks keep a higher percentage of wagers on what's typically more 'long-shot'-type bets."

And parlay bets are a favorite among sportsbooks due to their profitability.

"Long-shot parlays tend to be highly profitable for sportsbooks," a spokesperson for the National Council on Problem Gambling, a nonprofit organization focused on gambling issues, told MarketWatch. "Because the odds of winning are extremely low, the operators take in far more in wagers than they pay out in winnings. Promoting these bets, especially when framed around near-misses or life-changing payouts, generates excitement, shares and clicks, all of which help drive customer engagement and acquisition. This marketing is designed to sell a product and emphasize the thrill of a possible big win, while giving little to no attention to the low odds of success or the associated risks of the bet."

See: How young traders are getting rich betting on things like Rotten Tomatoes scores and the pope

But as the buzzer sounded and he officially lost his bet on DraftKings, Hirschman admitted that he actually hedged his bet, with the help of his dad, and will still make between $75,000 to $90,000 from that hedge, depending on the results of the NBA Finals.

"It's been an amazing ride," he said. "I had a f-ing amazing time. I came out a winner. Did I get the big payout? No, but I'm happy, got what I needed. I'm set," Hirschman concluded in a social-media post.

Read on: Gen Z workers want to make $100,000 in their first job out of college. Four tips from experts on how to get there.

-Weston Blasi

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June 18, 2025 18:39 ET (22:39 GMT)

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