Missing out on a huge payout because one leg of parlay let you down can be very disheartening. The good news is some sportsbooks, such as FanDuel, have contingencies in place that you can use to recoup some of those losses, such as parlay insurance.
Parlay insurance gives you a partial refund if your parlay loses by one leg. The amount of money you get back differs between sportsbooks, but most betting sites typically return anything up to $25 for a lost parlay bet.
This guide will focus on the FanDuel parlay insurance offering and how you can use it, to enable you to feel more comfortable when placing parlays and how to maximize your bonuses and promos.
What is FanDuel Parlay Insurance?
Parlays are one of the most risky bets you can place in sports betting, but also one of the most popular. They can pay out huge sums of money, but just one leg can ruin everything.
To reduce this risk somewhat, sportsbooks began offering parlay insurance to encourage more bettors to make parlays. With this bonus, if your parlay wager loses by only one leg, the insurance will cover a portion of your losses with a refund.
For example, let’s you decide to submit a five-leg parlay on FanDuel and you utilize their multi-sport parlay insurance promo. If one of those legs loses, then you will get a refund worth a maximum of $25.
In the grand scheme of things, it’s not a large amount of money, but it is a good way of making you feel more comfortable making parlay bets. By their nature, parlays come with large odds and massive potential payouts, so there is no need to bet more than $25 to have a chance at winning some big money.
FanDuel Parlay Insurance Example
The quickest way to grasp how FanDuel parlay insurance works is to look at a hypothetical example. Here, I use a same game parlay on an NFL game between the Kansas City Chiefs and the Pittsburgh Steelers with the following picks:
- Chiefs -2.5 (Spread)
- Total points in 1st Quarter over 7.5
- Travis Kelce first TD scorer
Wager – $10 to win $218.11
I decided to go with this SGP as parlay insurance was offered for this game, giving me a full refund as bonus bets if one of the legs doesn’t come in. It is similar to the parlay insurance promos you will discover the FanDuel sportsbook offers regularly.
In the above example, let’s say the first two legs hit, but Patrick Mahomes scored the first touchdown and not Travis Kelce. Because only one leg lost, I can claim the parlay insurance and will get some bonus bets to use on the site at a later date.
What Sports are eligible for FanDuel Parlay Insurance?
FanDuel is one of the top sportsbooks for parlays, they were really the pioneers of the same game parlay and they have a wide range of options. However, not every sport is eligible for parlay insurance. Unsurprisingly, the majority of the parlay insurance promos are available for all the major sports such as football, basketball, baseball and soccer, although there are some promos you can use on any parlay bet occasionally.
Same game parlay insurance is different, as there are fewer sports to bet on, but most of the insurance promotions are targeted at SGP’s as FanDuel is really trying to encourage its customers towards the game game parlay.
FanDuel Same Game Parlay Insurance
FanDuel is the No.1 betting site for same game parlays, but there are only a limited amount of sports available when you create a parlay for one match, including:
- Football
- Basketball
- Hockey
- Soccer
- Baseball
Obviously, SGP FanDuel insurance is only available for these sports, but with them being extremely popular in the US, the operator regularly advertises SGP insurance promotions so you have numerous opportunities to take advantage of them. SGP parlay insurance works in exactly the same way as traditional parlay insurance.
How to use FanDuel Parlay Insurance
Sign up for a FanDuel account: It might seem obvious, but you can’t take advantage of any parlay insurance offers without first creating an account on the betting site. To do this, you just need to head to the FanDuel website, then click the register button. From there, you go through the registration process and must provide some information including name, email, D.O.B, address and social security number. FanDuel are one of the best sites for parlays in the US so you will have loads of options once you start browsing on your account.
Once signed up, you will need to make a deposit. Luckily for you, there are a number of banking options at FanDuel so adding funds to your account is easy. You can do a bank transfer, use PayPal, Apple Pay and many more options to make a deposit.
Get parlay insurance: Once your account has been confirmed and verified, go to the promotions page and have a look through what parlay offers are available. Find a parlay insurance offer, have a read through the terms and conditions and make sure you are comfortable with what sports are eligible.
Place your parlay wager: Once you have checked through everything and you are happy, place your parlay wager. Find the game you want to bet on, make sure the number of legs meets the minimum requirements of the insurance offer, then sit back and see if it wins.
FanDuel Insurance Promos are well worth it
FanDuel sportsbook claims to be the No.1 sports betting site in the US for a reason. Their frequent and generous parlay insurance promotions are part of that reason. Users can expect to find weekly parlay promotions, especially during the regular NFL, NBA and NHL seasons. Also, look out for promos that coincide with big events like the Super Bowl or Stanley Cup.
