DraftKings week 1 Millionaire Maker contest was only $3 an entry and had $5 Million in payouts with 1st place taking $1 million. DraftKings fell way short of filling the contest when only a little over 1.4 million entries where entered. That’s a big number but DraftKings was hoping for somewhere in the neighborhood of 1.9 million entries to enter in order to fill the contest and make a nice profit themselves. Instead DraftKings had to throw in some of their money to fulfill the $5 million in payouts.
In Week 2 hoping that they wouldn’t have to throw their own money in to pay out the contest they decided to make some changes. DraftKings raised the entry fee to $20 for their Week 2 Millionaire contest and lowered the amount of entries available to 289,017. They still didn’t fill the contest as they had 277,286 entries submitted. After doing the math you find out that they where 11,732 entries from filling the contest. The prize pool was still $5 million but this time they made enough money to pay out the contest. If you do a little more math you find out that there was a total of $5,545,720 worth of entries leaving DraftKings with a little over $500,000 in profit from the contest. That number could be lower as we don’t know how many entries to the contest DraftKings gave away free because of promotions that they run.
Now its week 3 and DraftKings once again has made changes to their Millionaire Maker contest in hopes of filling it. The entry fee is still $20 an entry but now the maximum on total entries has been lowered to 256,904 from 289,017. They also lowered the total prize pool payout from $5 million to a still impressive $4.44 million. This might finally be the week that DraftKings fills the contest. If that happens you can look forward to them keeping with the contest and making a new Millionaire every week of the season.