How Does PrizePicks Work?

In this article, we’re going to discuss PrizePicks betting strategy. PrizePicks is a competitor to Underdog Fantasy and Thrive Fantasy. PrizePicks is technically a DFS platform. However, we’ll be breaking exactly why PrizePicks is a “parlay only” sportsbook with fixed odds.

How do PrizePicks payouts work?

On PrizePicks, any entry with two selections comes out to +200 odds. It does not matter what two picks you select. As seen in the picture below, you’re wagering $20 to win $60 ($40 in profit) with a two-pick entry.

As seen in the table below, PrizePicks offers +400 odds on any three-pick entry (e.g. $100 will win $400 in profit if all three picks win). A four-pick entry is +900 odds (e.g. $100 to win $900 in profit). Please note that this is for “Power Plays” only, not “Flex Plays.” Flex Play entries on PrizePicks should be treated completely separately.

OddsImplied Probability
2 Leg Entry2000.3333333333
3 Leg Entry4000.2
4 Leg Entry9000.1
PrizePicks “Implied Win Probability”

So we now know that two picks on PrizePicks is equivalent to a +200 odds parlay. What does that mean in terms of the “odds” offered on PrizePicks?

The best way to think about PrizePicks is in terms of parlay odds. As seen with a parlay calculator in the screenshot below, if a parlay is +200 odds, then -136.6 is the price of each leg assuming the odds on each bet in the parlay are the same.

So, essentially, PrizePicks is giving you -136.6 “implied odds” on a two pick entry (or two leg parlay). Thus, when you’re comparing the lines on PrizePicks to those on the sportsbooks, you should assume that you’re getting -136.6 odds if you’re playing a 2 pick entry.

For a 3 pick power play on PrizePicks, the implied juice is worse. You’re getting -141 implied odds. Thus, 3 pick power plays should be avoided on PrizePicks. Finally, as seen in the table below, 4 Pick Power plays on PrizePicks are -128 odds. As strange as it may be, the 4 pick power plays on PrizePicks are at the best “implied odds.”

Implied Probability of Each LegPrizePicks Implied OddsBreakeven Win %
2 Leg Entry Power Play-1370.5773502692
3 Leg Entry Power Play-1410.5848035476
4 Leg Entry Power Play-1280.5623413252
2, 3, and 4 Pick Power Play Implied Odds on PrizePicks

Underdog Fantasy is relatively similar to PrizePicks – payouts don’t vary depending on the pick. Just like PrizePicks, on Underdog Fantasy, any two picks = +200 odds. However, things starts to change with three-pick entries.

DFS Strategy: How to Make Money

On Underdog Fantasy, sports bettors get +500 odds for three-pick entries. Remember that PrizePicks only offers +400 odds for three-pick Power Plays. Thus, Underdog Fantasy offers better implied odds than PrizePicks, making this platform more advantageous to profitable sports bettors.

A table displaying Underdog Fantasy payouts is below! As seen, three-pick and five-pick entries on Underdog Fantasy have the exact same implied odds at -122.

Underdog FantasyImplied OddsOdds
2 Pick-137200
3 Pick-122500
4 Pick-128900
5 Pick-1221900
Implied Odds on Underdog Fantasy

Finally, we’re looking at Thrive Fantasy. Thrive Fantasy offers better payouts than both PrizePicks & Underdog Fantasy for every single type of entry – two-pick, three-pick, four-pick and five-pick. The implied odds on Thrive for two-pick entries is just -111, which is very reasonable compared to PrizePicks.

ThriveImplied OddsOdds
2 Pick-111260
3 Pick-119520
4 Pick-1221000
5 Pick-1211950
Thrive Fantasy Implied Odds

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