Given the risky nature of parlay bets, numerous bettors are hesitant to make them. What if you have insurance for these types of wagers? Would it be enough to put good money down on bets that tend to lose?
Below is a detailed discussion on parlay insurance to help you find the answers to both questions.
Parlay Insurance Explained
Parlay insurance is a promotional bonus offered by the UK or US sports betting sites. This promotion intends to encourage all kinds of bettors to make parlay wagers.
Parlay wagers are one of the highest-paying bets in nearly any online sportsbook because it is set up. To create a parlay, select two or more moneyline, spreads, totals, props, or future wagers. All of these bets will be the legs of your parlay, especially their market price.
Massive payouts are the defining factor of any parlay wagers. A small two-team parlay has a payout of 2.64 to 1, while a five-team parlay can pay 22 to 1. Behind the incredible payout is the requirement to win a parlay for every leg.
Risk is another driving factor of parlays that makes people wary about making this bet. The risks behind parlays are why these wagers are money-makers for bookies. Even if a parlay consists of favorites, all it takes is for one of them to lose, and the entire parlay is voided. This risk is where sports parlay insurances give first-time bettors the thrill of making these incredibly risky wagers while providing them a safe landing if it fails. The insurance promotion aims to make bettors comfortable enough with the risk that they will continue making parlays in the future.
Sportsbook Brands Parlay Insurance
Below are examples of parlay insurance among specific sports betting brands.
DraftKings is a solid fantasy sports brand that offers parlay insurance during special sports seasons. Their parlay insurance is aimed at bettors looking for high-risk high-payout bets. To qualify for this promotion, your parlay must have at least five legs and odds of -300 or higher. While you can include favorites to this wager, moneyline bets of -400 are not allowed.
Other forms of parlays do not qualify for insurance, including teaser rounds robins. In addition, you cannot add Odds Boosted wagers. Boosted odds are promotional wagers that have increased prices.
One significant aspect of DraftKings parlays insurance is how you can use the insurance numerous times during the promotion period. If your parlay loses for any reason, you can receive a free bet credit of up to $25 that you can use on other wagers. This credit will appear on your account within the next business day. However, you are limited to using this promo only four times daily.
Points Bet about going for a massive payday within one day while having a safety net with their Same Game Parlay Insurance. As the name suggests, same-game parlays consist of legs within a single match. This type of wager limits the moneyline, spread, and totals you can include as your legs since a game only has one of these bets.
This Points Bet promotion is available for major sports leagues such as NBA, NFL, MLB, and NCAAB. Since this is a same-game parlay promotion, you can add as little as three legs to your bet slip. There are no limits to the odds of each leg you can add to your parlay. However, the total price of your wager must be +100 at least.
Should you lose your same game parlay, you will receive a free bet refund of up to $25. This free bet credit will appear on your Points Bet account the next day.
Multi-Sport Parlay Insurance
Regarding limitations, FanDuel is much more lenient since you only need at least four legs on your parlay to qualify for the insurance. However, the odds of each leg must not be lower than -200. There is still a substantial risk regarding FanDuel's insurance due to the market price requirement. In addition, round-robin bets do not qualify for insurance. To enjoy the insurance, you cannot use free bets or other bonus credits on your parlays.
Losing your parlay wager entitles you to a $25 free bet bonus that will be credited to your account the next day. It is also possible for you to make four parlays and have them backed by insurance within one day.
Same Game Parlay Insurance
On top of multi-sports parlay, Fan Duel bettors are also entitled to same-game parlay insurance. Same-game parlays let you take legs within one game. Because of how limited your choices in moneyline, spread, and totals are, parlays with at least three legs qualify for a refund. There is also no limit to the wager's odds you can add to your bet slip, but the total price of the parlay needs to be at least +200.
Note that odds-boosted markets will disqualify a same-game parlay even if it is from the exact match. Live odds are also not allowed for same-game parlay insurance. In addition, parlays made with free bets and other promotional credits do not qualify for insurance.
Upon losing any legs of your same-game parlay, you qualify for a $25 bonus credit within 72 hours. There are no limits to how many times you can create same-game parlays with insurance within the promotional period.
Truth About Parlay Insurance
A financial cushion is the primary benefit of parlay insurance, allowing anyone with reservations to take the plunge by making this risky bet. Note that this cushion is for wagers less likely to win due to the conditions to obtain insurance, such as having five legs. The idea behind the promotion is to make bettors comfortable in
Another factor to note is how the insurance is paid in free bets, not withdrawable cash. To get your money back, you need to wager this free bet and have it win. Bookies will have various conditions to go through before you can withdraw that in-house credit.
The best way to think about parlay insurance is a second chance to win your wagers. You can use this on low-risk wagers that will increase your chances of getting your money back, such as moneyline favorites or spreads. On the other hand, you can use this on two-team parlays with a significant payout with a small risk.
Cash Back & Free Bet Explained
Upon losing your parlay, your insurance is in the form of a free bet or cash back. Let us break down these two forms to help you understand what you will receive when participating in the bet insurance promotion.
Cash back and free bets are fundamentally the same in terms of bonus credits you receive.
These bonuses are used to make wagers on qualified games and markets. You cannot use these credits to qualify for various bonuses, such as using them again to create parlays backed by insurance.
What makes cash back and free bets different is the mechanic on how much credit you will receive. Cash backs are usually associated with matching bonuses. You will often see parlay insurance promotions with 50% cash back on losing wagers. This wording means you only receive half your stake should you lose your parlay. On the other hand, free bets tend to be a 100% match bonus where you receive the same bonus credit as your original stake.
What are parlay insurances?
Parlay insurances are a form of promotion provided by various US or UK sports betting brands where you receive free bet credits when you lose your wager.
How are multi-sport parlay and same-game parlay different?
Multi-sport parlays are the traditional version of the wager, where you form the bet by selecting wagers from different matches. Usually, you are limited by the number of wagers you can include within one match. These limits are removed by a same-game parlay promotion where you can build your wager from the bets within one game.
Can I get insurance on any parlays?
Different sports betting sites have rules on which parlays qualify for insurance promotion. For example, DraftKings require a parlay to have at least five legs, and each leg must have prices of -200 or higher. In nearly every sports betting site, parlays such as teasers and round robins do not qualify for insurance. You cannot get insurance on parlays made from free bets or other promotional credits.
How do I use my free bet when I lose my parlay?
The free bet credits you receive through the parlay insurance can be used on qualified sports games such as ones from the NBA, MLB, NFL, NHL, and NCAAB. You cannot withdraw the free bet or cash-back credit from your insurance directly. Instead, the winnings of wagers made from free bets can be withdrawn or used freely on various sports markets.
Are parlays worth taking with the insurance?
For those "betting to risk" or who want high-risk, high-reward ventures, parlay insurance is the best promotion. The insurance promotion is intended to make people comfortable with high-risk wagers and encourage them to keep making them in the future.
On the other hand, parlay insurances are not intended for people "betting to win" or those serious about making money with this type of wager. This type of bettor will likely avoid the promotion due to the restrictions on what kind of parlay they can create.
Parlay insurance can encourage bettors to try a risky wager with massive payoffs. It is important to note that the credit you receive from the insurance is only a chance for you to win the next wager since it cannot be withdrawn immediately.