There are two types of bettors: those who play singles and those partial to multiples. If you’re in the latter category, you should learn more about parlay insurance.
Missing out on a nice, big profit because just one leg of your parlay let you down is not a nice feeling. The good news is that numerous sportsbooks offer parlay insurance promotions as a way to recoup some funds even if one leg of the parlay loses.
As a long-time fan of the parlay system, I find it one of the most rewarding forms of betting but also one with considerable risk. That is until I discovered parlay insurance, which is a sort of safety net for otherwise risky parlay bets.
Read on and see how а parlay insurance works and how you can benefit from using one.
What is a Parlay Bet?
A parlay is a type of sports bet that combines at least two or more separate bet into one overall larger wager. The best that make up a parlay as referred to as legs. The difficulty with parlays is that for you to win, every leg must hit. A parlay will take your initial bet and winnings from your first leg and then carry it over to your second leg. This is why people get invested in placing multiple leg parlays, as the potential winnings are really enticing.
The bigger the risk, the bigger the payout. The lucrative nature of these bets has seen the parlay really rise in popularity over recent years.
Parlay Insurance Explained
Parlay insurance offers you a refund of your stake if one of your legs loses. In sports betting, insurance is a type of promotion that gives you some cover if your bet doesn’t go as expected. The main purpose is to at least give you the chance to break even and get a cash refund or a free bet if your bet loses. Having a safety net in place is never a bad thing when making any type of online real money wager.
An accumulator (acca) bet is another name for a parlay. It is a combined bet with two or more legs. A leg is one of 2, 3, 4, or more individual bets that form the parlay i.e. acca ticket. To win the parlays, all legs must win. You can quickly work out the return on your bet using our free parlay calculator.
I can almost get on board with losing 2 or more legs. But parlays have an uncanny ‘habit’ of losing by just one leg, which is a particularly painful blow. The parlay insurance, as the name indicates, insures i.e. protects your parlays from the unlucky mishap of losing the entire ticket due to just one leg.
So, if you create a 7-leg parlay, and all but one (and just one) win, the sportsbook will return your stake or refund a specified amount of money.
How Parlay Insurance Works in Practice
Parlay insurance is basically a sports promotion. This is an important distinction because, unlike some betting features and tools, promotions are bound by strict and intricate rules, which I will go over in a bit.
To use parlay insurance, you must manually opt in for the promo after signing up. Then, make a minimum deposit of up to $20 or $30 and open the virtual book. Before you start making your selections, read the parlay insurance terms to see which events apply (specific bet or sport and minimum odds).
Start selecting the events you want to add to your ticket. You should see the selections in your bet slip, usually positioned on the right-hand side of the screen (on desktop). You should also see a button labelled ‘parlay insurance.’
Toggle the button to activate the insurance, enter the size of your bet(s), and follow the rest of the on-screen instructions to confirm the bet.
Depending on the bookie, the sum of the returned stake can vary. On average, sportsbooks will refund anywhere between $10 and $30.
3rd Quarter Insurance
Third quarter insurance gives you a buffer in case your team completely collapses late on. FanDuel has typically run 3rd quarter insurance on NBA games for moneyline bets. The FanDuel promo involved players receiving a refund of up to $50 in site credit if your team was winning by the end of the 3rd quarter but snatched defeat from the jaws of victory. Learn more about FanDuel parlay insurance on our separate guide.
Overtime Insurance
Sports betting sites run overtime insurance for the most popular sports , most commonly used for NBA and NHL matches. The insurance doesn’t cost you a dime and all you have to do is opt in. Overtime seems to always crop up in Stanley Cup playoff games to make sure you have a look if you like betting on the ice hockey as they add great value to your moneyline bets.
Parlay Insurance General Terms of Use
To be eligible for parlay insurance, you must be a registered member of an online bookmaker offering parlay insurance. Read the promo’s terms closely! You must be aware of whether it’s a same-game parlay (SGP) or a multi-sport parlay. Breaking this, or any other term, will void the parlay insurance. A few other important terms of parlays insurance bets include:
- Minimum legs – The book will determine the minimum number of legs. Based on what I’ve seen, the average minimum leg requirement is 4 legs.
- Minimum odds – Each leg you select must have minimum odds or longer as specified in the terms. For instance, the parlay insurance terms may require you to bet on markets with minimum odds of 1/2 or 1/3.
- Eligible sports – Some books will insure a multi-sport accumulator ticket. Others, however, may only offer the insurance for sport-specific tickets, such as a football-only parlay.
- Eligible/ineligible bets – The parlay insurance terms can limit your betting options. For instance, it may only apply to same-game parlays (SGP) or SGPs won’t apply. Odds boosts, in-play bets and bets where you use the cash-out feature may also be prohibited.
- Refunded sum terms – The refunded sum will be granted either as a cash refund or as a bonus bet. A cash refund allows you to do with your funds as you please; a free bet refund is usable only for betting.
Parlay Insurance vs First Bet Insurance vs Progressive Parlay
First bet insurance and progressive parlays are similar to parlays insurance. However, there are differences between the three that set them apart as unique features.
First Bet Insurance
A ‘first bet insurance’ promo is also known as a second chance bet. The promo is self-explanatory. You place a single bet on a given sportsbook and if you lose, the bookmaker will refund the exact amount of your stake as a ‘second chance’ bet. Note that the second-chance betting credits may be subject to specified betting terms. This is similar to a one game parlay insurance offer.
Progressive parlay
Progressive parlays usually require a minimum of 3 selections. Similar to parlays insurance, a progressive parlay allows you to lose one or more legs and still get some return. However, unlike parlay insurance, progressive parlays will pay out based on the cumulative odds of the winning selections, deducting the odds from the lost leg(s). The sportsbooks will determine the number of legs that can be lost and still receive a payout. The more legs your parlay has, the more legs you can lose and still win.
Same Game Parlay Insurance
One of the newer forms of the parlay bet is the same game parlay. Same game parlays (SGPs) allow players to combine multiple outcomes from a single game into one overall wager. Like all parlays, it is a high-risk, high-reward bet but if you are betting on a game involving teams you have great knowledge of, it may be more attractive than betting on several different games.
Like the multi sport parlay insurance, game game parlay insurance covers you for up to $25 in case one leg of your parlay wager loses. Three leg parlays can be accepted for same game parlay insurance promotions, but all of the games must be from the same sport. For example, a three-leg moneyline parlay on NFL games would be a great choice.
Tips for Using a Parlay Insurance Promo
If you’re keen on parlays betting, parlay insurance will offer extra cover. The rest is the same as placing a standard parlays. However, we have a few insights and tips for you to consider to add extra value to your parlay insurance.
- Tip 1: Don’t bet the minimum number of legs at all costs. Depending on the terms of use, if you bet on a minimum of 4 legs, and one leg is a push or is voided, it won’t count toward meeting the minimum leg requirement. That means the parlay insurance will likely be cancelled. On the other hand, a voided leg or one settled as a push in a 6-leg parlay means you have 5 remaining selections. If the minimum leg requirement is 4, the insurance will stand.
- Tip 2: Read the parlay insurance terms. I cannot stress enough the importance of promotional terms. Even one misstep in your parlay insurance can void your entire bet. Compliance with minimum odds, eligible sports, maximum bet amount, restricted bets and other qualification and eligibility terms is key.
- Tip 3: Don’t go over the maximum insurance refund. If the book offers parlays insurance up to $25, it means it will refund no more than $25. Depending on the sportsbook’s policy, if you bet $40, you will either get refunded just the $25 (with a $15 loss), or the insurance will be voided for violating its terms.
Is Parlay Insurance Worth it?
Sportsbooks offer parlay insurance as a way to reduce the risk on parlay bets. The value of the parlay insurance usually differs between betting sites, but if you have the option to have a fall back in case one of your legs doesn’t come in, they you should definitely take it. Although parlays can appear enticing when you look at how much you could win from a small outlay, don’t just start placing parlays for the sake of it. Although parlay insurance is an excellent option, it doesn’t cover all the risk.
The most appealing thing about parlays is you don’t have to bet a large amount to earn a big payout. Although a $25 refund might not seem like a lot, that is still big in parlay betting. You are not losing anything by having insurance for your parlays and it certainly makes sense to accept the offer from the sportsbook when it is there.
Where to Find Parlay Insurance Bonuses
Parlay Insurance is not exactly an exclusive betting tool. Most licenced sportsbooks in the US offer insurance promos along with bonus bet offers regularly with fair terms. Here are a few of the best parlay betting sites you should consider if you want to insure your parlay:
FanDuel, for instance, currently runs the Same Game Parlay promo for football markets. If you create a parlay with 5 or more football legs with minimum odds of 1/2 per leg, and all legs win, you get between 2.5% and 50% cash bonus on settled bets. If one leg loses, FanDuel will provide a $10 maximum cash refund. Make sure you opt in for promotions if you want to access the FanDuel parlay insurance promotion.
