Bettors should understand parlay insurance.
Key Points
– Most of the most well-known sportsbooks offer parlay insurance.
– Parlays are still risky bets whether covered by insurance or not.
What Is Parlay Insurance
What sucks for bettors is missing out on a sizable payout because one leg of your parlay was lost. Fortunately, some sportsbooks offer parlay insurance to assist in covering those losses.
If you lose a parlay by one leg, parlay insurance offers a partial refund on your bet. Every sportsbook has its own rules, but parlay protection typically pays up to $25 for a failed parlay.
To help you feel more confident placing parlays and taking advantage of the best sportsbook bonuses, promo codes & offers, this post goes over the fundamentals of insuring parlays and highlights the variety of offers from the top sportsbooks.
How It Works
Some of the riskiest bets in sports betting are parlays. Although the payouts are sizable, one bad pick can ruin your entire parlay. That, of course, is the trade off.
In an effort to encourage more gamblers to place parlays, sportsbooks began to offer parlay insurance. The insurance will partially reimburse you for your losses if you lose a parlay by just one leg.
Let’s say you place a multi-sport parlay at your sportsbook. There is an insurance promotion if you place a 5-leg parlay. You receive a refund of up to $25 if you lose just one of the legs.
Although it might not seem like much, it’s a great way to feel more at ease placing a parlay wager. Parlays provide extremely long odds with enormous potential payouts, so you don’t need to wager more than $25 to stand a chance of making a significant profit.
For example, you place a five-team NFL parlay and bet on five point spread favorites all at -110 odds. The five-team parlay will payout at +2300. That means a $100 bet, in this case, will pay out $2400 ($2300 in winnings plus the $100 wager). When putting together the parlay, you might want to use these tips for betting NFL parlays.
If one of the underdogs wins and screws up the parlay bet, you get $25 back.
MUST READ: WHEN TO ADJUST YOUR BETTING UNIT SIZE
Many Sportsbooks Provide Parlay Protection
A lot of well-known sportsbooks provide some kind of insurance on a parlay bet. Each sportsbook has its own rules regarding the amount of a payout as well as the number of legs needed in the parlay.
Usually, parlay insurance is not offered on smaller – i.e. two-leg and three-leg – parlays. Typically, you will have to put together at least a four-leg parlay in order to get any form of insurance. Most of the more prominent sportsbooks don’t start paying any parlay protection until your bet reaches five legs.
Here’s an example of one such sportsbook. Bettors must create a parlay of at least five legs. Each wager in the parlay must have odds of at least -200. If one of the legs loses, the sportsbook will pay the bettor $25 in parlay insurance.
If more than one leg loses, the bettor loses his entire stake. This particular sportsbook allows up to four of these parlay bets with insurance per day. Exotic parlays like teasers, round robins, and same-game parlays are prohibited.
If you don’t place a lot of parlays and are considering a five-leg bet, you might want to find a sportsbook like this one where you can get something back if you lose one leg of the bet. You might be more likely to take the risk knowing you are getting something back if one of the legs loses.
Does Parlay Insurance Make Sense?
It surely reduces volatility, even though parlays are among the riskiest bets in sports betting. If you have a solid parlay but are sketchy on one of the legs, finding insurance might make sense. It will definitely make the bet worth the risk.
If you’re not comfortable making parlays, don’t feel pressured to do so right away. Although good, parlay insurance doesn’t completely eliminate the risk involved in placing a bet. However, it may help in making strong betting choices when one might not be inclined to do so.
The benefit of parlays is that you don’t need to make a sizable bet in order to get a sizable payout. Although a $25 refund might not seem like much, in the context of parlays, that is actually a sizable wager.
If you enjoy playing parlays, getting insurance won’t be a regret. In fact, the security net might tempt you to place a wager that yields a sizable profit. Without the insurance, you might not make the bet.
FAQs Regarding Parlay Protection
What is insurance on a parlay bet?
One leg of your parlay is covered by parlay insurance. You receive a refund, usually of up to $25, if you lose the parlay by just one leg. For example, you have a four-leg parlay bet. Three legs win, but one loses. You don’t win the parlay, but you do get the $25 insurance.
Who provides parlay protection?
Parlay protection can be found at many of the most prominent sportsbooks in the industry. To find out if your preferred sportsbook is running this kind of promotion, check with their customer service team.
Does parlay insurance make sense?
Yes, if you enjoy placing these types of bets, you should look for parlay protection. Even with insurance, parlays are still risky. However, having the guarantee of a payment offers bettors peace of mind when you turn in that bet slip.
