Parlay Insurance

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What Is Parlay Insurance
Parlay Insurance At Sportsbooks
Is Parlay Insurance Worth It

Have you ever missed out on a parlay due to one selection?

Well, losing in such a way is a common struggle that many bettors deal with, and it’s even worse when the loss is caused by the final leg of a parlay.

In such situations, walking out empty-handed almost feels like daylight robbery.

However, the good news is that there are a few things that you can do to combat this demoralizing loss. In some sportsbooks, you can use parlay insurance to recoup a percentage of your losses.

So what exactly is parlay insurance and how can you utilize it? In this article, we’re going to take you through all you need to know about parlay insurance and also show you several sportsbooks that offer parlay insurance.

What Exactly Is Parlay Insurance

Parlays are bets that consist of multiple selections. Because they deal with the outcome of more than one event, parlays are notorious for being high-risk high-reward ventures.

The common rule with parlays is that you must get all of your selections right if you want to win your wager. If even one selection is wrong, you end up getting nothing in return.

So it doesn’t matter if you have 50 selections and you get 49 of them right, the sportsbook will still penalize you for that single loss.

However, parlay insurance seeks to reduce some of that risk. With parlay insurance, you get a partial refund if one selection or leg messes up your parlay.

Though each sportsbook has its own rules concerning parlay insurance, typically, you should expect to get up to $25 if your parlay loses by one leg.

Also, most sportsbooks that offer parlay insurance usually state that your parlay needs to have a minimum of five legs for you to qualify for the refund.

Which Sportsbooks Offer Parlay Insurance

Parlay insurance may not be a common feature that is found on every sportsbook, but several top sportsbooks still offer it.

Here, we are going to discuss where you can get parlay insurance and what to expect from each sportsbook.

FanDuel Sportsbook

FanDuel gives bettors two types of parlay insurance: Multi-Sport Parlay Insurance and Same Game Parlay Insurance.

FanDuel Multi-Sport Parlay Insurance

With FanDuel’s multi-sport parlay insurance, you can place a parlay that features selections from a wide variety of sports, and you’ll get your money back if the following conditions are met:

  • The parlay needs to have a minimum of 5 legs.
  • Each selection needs to be priced at odds of -200 and above.
  • Round robins and teasers do not count.
  • All selections must be correct except one.

The maximum amount that you can get back through FanDuel’s multi-sport parlay insurance is $25.

You’ll get the refund within three days (72 hours), but you’ll be given seven days to use those funds, or else FanDuel will take back the repayment.

FanDuel Same Game Parlay Insurance

With FanDuel’s same game parlay insurance, bettors can get up to $25 back after placing a parlay featuring selections from the same game.

Unlike multi-sport parlay insurance, your parlay only needs four selections—sometimes three—for you to qualify for the refund, but all selections must come from the same game.

This parlay insurance works in the following way:

  • You’ll need to opt-in to the promotion.
  • Make sure your same game parlay features at least three or four selections—the exact number of selections depends on the promo.
  • All but one selection must be correct for you to get a refund.
  • The parlay must have odds of at least +200. Again, depending on the promo, this can be +400.
  • This wager can be made once per day.
  • Round robins, live bets, multi-sport parlays, pre-packaged parlays, and cashed-out wagers do not count.

You should get your funds within 72 hours. Just like before, you’ll have seven days to utilize those funds, otherwise, you risk forfeiting the refunded amount.

PointsBet Sportsbook

While many sportsbooks state that your parlay needs to have at least five legs, PointsBet is unique because you don’t need to have as many selections to qualify for parlay insurance.

And, just like FanDuel, you can also get the same game parlay insurance with PointsBet. In one of their most recent offers, bettors who placed a single-game parlay on an NFL game qualified for a refund. The terms of the promotion were as follows:

  • Bettors need to opt-in to the promotion.
  • Ensure that your parlay has at least three legs.
  • Only parlays featuring selections from the same NFL game are eligible.
  • All but one selections must be correct for you to get a refund.
  • You get a refund in the form of a free bet.
  • The maximum amount that you can get back is $25.
  • The minimum odds for a qualifying parlay needs to be at least +100.

PointsBet will give you your free bet within 24 hours, but you need to play the free bet first before cashing out the refund.

DraftKings Sportsbook

Like many other sportsbooks, DraftKings has parlay insurance promos every now and then.

If you come across one of their parlay insurance offers, you should definitely try the offer out since it’s always worth it.

Typically, you can expect the following from a DraftKings’ parlay insurance promo:

  • You’ll need to opt-in to the promotion.
  • Your parlay needs to have at least five legs.
  • If one of your selections loses, you get a refund that is typically given in the form of a free bet.
  • The maximum amount that you can get back is $25.

Is Parlay Insurance Actually Beneficial

Parlay insurance sounds like a good idea in theory, but one question that many bettors may have is whether Parlay insurance is actually beneficial.

Truth is, parlay insurance is a great betting aid, especially when you consider the fact that parlays are arguably the riskiest wagers that bettors can make.

Parlay insurance also helps to soften the blow by rewarding you with something for being so close, especially when you consider the fact that most sportsbooks that offer parlay insurance do so on parlays that lose by one selection.

Even though $25 may not sound like much, you can use that refund to create another parlay and possibly cash out something big.

Final Take On Parlay Insurance

If you like placing parlays, especially parlays that involve a lot of selections, then opting for parlay insurance is definitely a good option. In case your parlay falls short because of one selection, you don’t have to walk away empty-handed.

Parlay insurance is offered by several sportsbooks, including books like FanDuel, DraftKings, and PointsBet.

So the next time that you’re placing a parlay, you can reduce some of that risk at no extra cost by opting for parlay insurance.

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