Parlays can be both exciting and frustrating. The feeling of anticipation as you put your parlay together and see the huge potential payout is great, but the frustration comes when one leg ruins it all. However, fortunately, the best US sportsbooks like DraftKings and FanDuel have measures in place which means you can mitigate some of your losses, and one of these measures is parlay insurance.
Parlay insurance is a safeguard which gives you a partial refund if your parlay loses by just one leg. The amount you get back depends on which sportsbook you are using, but the most prominent sites will usually give you back around $25.
Here, we will look at the DraftKings parlay insurance promotion and how you can maximize it, so you are more confident when creating and placing parlay bets.
What is DraftKings Parlay Insurance?
Parlays, by their nature, are very risky, and are one of the riskiest bets you can place in sports betting. However, they are also extremely popular as they can pay out large sums of money, but if that one leg loses, those plans are scuppured.
To encourage players to place more parlays, sportsbooks began offering parlay insurance, providing a fall-back option. When using this bonus, if your parlay bet misses out because of one leg, the insurance will cover a portion of your losses with a partial refund.
For example, let’s say like the look of a five-leg parlay on DraftKings and hit the place bet button while accessing their insurance promo. If one of those five legs loses, you will get a refund worth up to $25.
Now, when thinking about how much you could have won if every leg hit, $25 might not feel like much. But is is a good mitigation in place so you don’t feel like everything is lost and you at least get something in return for your efforts. Parlays will always have huge odds and big potential payouts, so you don’t need to stake more than $25 to have the opportunity of banking some big money.
DraftKings Parlay Insurance Example
The easiest and quickest way to understand how DraftKings parlay insurance works is to look at a hypothetical example. There are lots of different options and promos with parlays on DraftKings, you can place a traditional parlay or a same game parlay. For this example, I used a traditional parlay for the NFL Wild Card weekend playoffs:
- La Chargers to win
- Baltimore Ravens to win
- Buffalo Bills to win
- Green Bay Packers to win
Wager – $10 to win $68.67
I decided to place a parlay on the NFL playoffs because as you can see from the image above, you get a bonus back if you lose, which is the insurance in this case. DraftKings regularly offers promotions such as this during the seasons of the big leagues such as the NBA and NHL, so make sure you keep an eye out for them.
In my bet above, if three teams win but the Packers lose, I can claim my bonus so all is not lost.
DraftKings Parlay Insurance Terms & Conditions
Here are some things to bear in mind before claiming the DraftKings parlay insurance promotion:
- You must opt-in to receive the promotion on Draftkings
- Create and place a parlay with five or more legs
- If one of the legs lose, you will get a refund in the form of a bonus bet
- The maximum value of the refund is $25
You could receive up to four refunds in bonus bets daily depending on how much you are betting. Always check out the promotions page on DraftKigns to see what insurance promos they are running.
What Sports are Eligible for DraftKings Parlay Insurance?
DraftKings are one of the big boys of the US sports betting space, they have a huge range of betting options and put a lot into their parlay offerings. However, not every sport available qualifies for parlay insurance. It is no shock that most of the parlay insurance bonuses are available for sports like football, basketball, basketball, ice hockey and soccer.
You may find some promos for a more niche sport for a big event like the Olympics, but these are rare.
How to use DraftKings Parlay Insurance
Sign up for a DraftKings account: Of course, you can’t benefit from the DraftKings parlay insurance offers without first creating an account. To do this, head over to the DraftKings site and click the join button. Then complete the registration process where you will be required to provide some details such as your name, D.O.B and social security number.
Opt-in for parlay insurance: Once you are registered and verified, make sure you have opted in to receive insurance promos. Then visit the promotions page and see what offers are available to you.
Create your parlay: Once you are happy with everything, it is time to create your parlay bet. Find the sport and games you are interested in, then make sure your parlay meets the minimum legs requirements of the offer, then sit back, enjoy and hope for a winner.
DraftKings Parlay Insurance Bonuses are Brilliant
DraftKings is one of the biggest sportsbooks in the US and comes with loads of options for your parlay bets. They constantly provide promotions throughout the year to coincide with the sporting calendar and parlay insurance is one of them. Make sure you are on the ball and always check the promotions page to see what you can take advantage of.
