Is Parlay Insurance Worth The Risk?

It’s the worst feeling in the world to miss out on a large payout because you only lost one leg of your parlay. Fortunately, parlay insurance from some sportsbooks might help you recuperate your losses.

Parlay insurance reimburses you partially if you lose a parlay by one leg. Usually, this insurance in sports betting pays up to $25 for a lost parlay. Still, this varies at every sports betting site.

Today, Anything Football will walk you through the principles of parlay insurance. We will also discuss the various offerings available from major sportsbooks. So, you can feel more comfortable placing parlays and taking advantage of these interesting sports betting bonus offers.

What Is Parlay Insurance In Betting?

If you are a regular bettor, then you know that

Parlays are among the most dangerous wager in sports betting. Sure, the stakes are high, but one bad pick may derail your entire parlay.

To attract more punters to make parlays, bookmakers began offering parlay insurance. The parlay insurance will cover some portion of your losses if you lose a parlay by just one leg.

Let’s assume you are using a multi-sport parlay insurance promotion to build a 5-leg parlay. You can request a refund of up to $25 if only one of the legs is lost.

This may not be that much. Still, it is an excellent way to be more comfortable when placing parlays. In addition, parlays have extremely long odds and massive potential rewards. So, you don’t need to wager more than $25 to win big.

Is it A Good Idea To Buy Parlay Insurance?

Although parlays are among the riskiest wagers in sports betting, parlay insurance helps to mitigate the risk.

Besides, the cost of parlay insurance varies depending on the sportsbook. Therefore, if you have the option to secure one leg of your parlay, you should do so.

On the other hand, do not feel obligated to start doing them right away if you are still not comfortable with parlays. Yes, insurance on parlay bets is beneficial. Still, it does not cover all the risks associated with parlays

The great thing about parlays is that you don’t have to bet a lot of money to win a lot of money. A $25 refund may not seem like much. Yet, in the world of parlays, that’s a significant wager.

If you enjoy making parlays, having insurance is a must. The safety net may entice you to place a wager that pays off handsomely.

Tips For Using Insurance In Parlays

Yes, options for parlays bets are available at the top sportsbook in Singapore. Despite that, we strongly advise avoiding placing too many parlay wagers just because you can.

Yes, parlay insurance is certainly beneficial, most especially if one leg of a parlay bet loses. Still, you must exercise caution when using it.

Besides, too many parlays can limit your chances of earning money in the long run. Not to mention the fact that punters do not have the guarantee that only one leg of a parlay will come up short.

Also, you should read the terms and conditions of any parlay insurance policy offered by your preferred bookmaker. To take advantage of an offer, some sites ask bettors to place a parlay with a specified number of legs.

Let’s say, you have a six-leg bet open versus a two-leg bet. In this case, it is considerably more difficult to have only one losing a leg on a parlay.

And, no matter what, you should be cautious about the number of legs you will include in your parlays. Sometimes, you may need a particular number of legs to be insured. As a result, you should make every effort to include just the best possible picks in parlays or straight bets to avoid long-term losses.

Tips and Optimal Strategy For Insuring Your Parlays

  1. Check with the bookmaker to see if parlay insurance refunds are given in the form of site credit or free bets. Site credits are always more valuable. Yet, bettors can boost the projected value of free bets by betting on underdogs.
  2. Due to parlay VIG’s accumulating nature, look for promos with lower minimum leg requirements. Besides, a promotion that requires three legs to qualify for insurance is considerably superior to one that requires five.
  3. Understand that correlation, such as Knicks -2 (first half)/Knicks -4.5 (game), will be baked into the odds, resulting in lesser rewards for Same Game Parlays.
  4. More importantly, do not wager more than the maximum amount that can be refunded. So if your parlay insurance is capped at $25, then, don’t bet more than that. Or else, you will lose money. If you have to wager more, look for a bookmaker that gives parlay insurance numerous times a day. Then, spread your money around.
  5. Furthermore, avoid promotions that demand you to wager a certain amount of money to win. Besides, we want strong favorites in our parlay ticket.

Most Common Types Of Parlay Insurance

What is the same game parlay insurance?
What is the same game parlay insurance?

There are several types of parlay insurance. This meets the needs of a variety of bettors who wish to save money on their wagers. Here are some of the most popular variations:

Cash-Back Parlay Insurance

If you win all but one leg of your parlay, you will receive your initial bet amount back. In most cases, the entire stake is added to your account balance. Also, cashback is the greatest option for you because you may do whatever you want with the money.

For example, you place a four-leg parlay on a sportsbook that offers parlay insurance and only lose one leg. In this case, you will receive a $25 cashback return. While this may not seem like much, it is a convenient way to place a parlay wager.

Always keep in mind that parlays have extremely high odds. As a result, there is a substantial amount of money to be made. Therefore, if you wager less than $25, you can win a lot of money.

Free Bet Insurance 

Instead of receiving the original bet money, you will be given a free bet equal to the amount you staked in this insurance variation.

While this option may assist you in winning money, it does not compare to cashback. Besides, free bets only pay off winning wagers and not your initial amount. However, they still provide late goal insurance.

For example, you utilize a $25 free bet on a -250 favorite, and the favorite wins. In this case, you only get $10 instead of $10 plus the $25 stake. Also, many bookmakers will not require you to select between the two types of parlay insurance.

In most cases, a bookmaker only offers one type of insurance. To find out what insurance a betting site provides, read the terms and conditions.

Same Game Parlay

If you’re wondering what a same-game parlay is, you’ve come to the right place. In most cases, a same-game parlay involves placing numerous wagers on the same game. To win this accumulator, you must win every leg of the parlay bet, just like everyone else. This raises the following question:

What is the same game parlay insurance?

It is insurance for the same game parlays. It’s worth noting that the odds for the same game parlay differ amongst sports betting sites in Singapore. Thus, you can only parlay particular bets, such as:

  • Spreads
  • Player props
  • Totals
  • Game props

To avoid not being paid for same-game parlay insurance, strictly adhere to the restrictions.

Pros of Buying Insurance For Parlays

  • Betting with little risk.
  • With so many options, you can pick one that best suits your abilities.
  • It is not a costly wager; a maximum of $25 is sufficient.
  • You can receive a refund in the form of cash or free bets.

Cons of Buying Insurance For Parlays

  • Extreme terms and conditions
  • Because it is a promotion, it is only available at a few sportsbooks and for a limited time.

Parlay Insurance FAQs:

What Does It Mean To Have One Game Parlay Insurance?

This coverage protects you from unforeseeable outcomes such as early-game injuries, lackluster performances, and buzzer-beaters. It provides you with specified terms and conditions for a set amount of time.

What Is Multi-Sport Parlay Insurance, And How Does It Work?

The multi-sport parlay is only available at specific bookmakers. To be more specific, with multi-sport parlay insurance, you must put four or more legs in any sport. Then, you can get up to $25 back if you hit all but one leg. However, each leg of the parlay must include bets of at least -200.

Is It A Good Idea To Buy Parlay Insurance?

If you enjoy playing these types of wagers, you might consider buying parlay insurance. Even with insurance, parlays are dangerous, but it’s a terrific tool for making you comfortable when you submit that bet slip.

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