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Parlay Insurance Meaning and Importance: The Ultimate Guide 2024

Parlay insurance is a proposition bet offered by bookmakers to those who place an accumulator bet. In this betting guide, we explain how the stakes are refunded if a single selection loses. You still need to make all the other predictions to be eligible for reimbursement.

Depending on the sportsbook, the amount you get back can be identical to the original bet or it can differ. Risk-averse punters love this type of bet as it provides them with the chance to bet at high odds with a safety net in place.

Summary of the article

Top 10 bookmakers with parlay insurance 21 November 2024 – 

Rank
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Bonus
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1

Stake Sports

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Rating 9.99 out of 10
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Goldenbet Sports

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What is a parlay in sports betting?

Parlays are sports betting systems made of several selections, commonly referred to as “legs”. In some regions, they go by the name of accumulators and are eligible for similar sportsbook insurance. Under normal circumstances, all the bets in a parlay must win to be paid, otherwise the stakes are lost.

How do parlay payouts work?

Typically, in an accumulator bet, for example a six fold bet, the winnings from one bet are rolled into the next leg of the wager. For instance, if you state $25 and the first leg wins $50, your accumulator bet becomes a $75 bet on the next leg. You can use the parlay calculator on the website to know potential wins. Undoubtedly, parlays are riskier than single bets, but the payout is bigger.

Is parlay worth it?

From the betting parlay meaning above, it is clear that it accumulates different bets. These bets are good because they allow you to win tons of money due to bigger odds. However, they are risky in that if one leg fails, you lose the entire wager. If you have to partake in parlays, be realistic.

How does a parlay insurance work?

Parlay betting refers to accumulators, as both terms are about betting slips with more selections. Casual and veteran players use them to multiply smaller bets and maximize the return on investment. To further increase their appeal, online bookmakers offer insurance on parlay bets. It works by refunding the entire bet or a part of the stakes if a single selection loses.

Insurance on a parlay is a way of cushioning you against losses. If you have 4+ legs in a parlay, your insurance is up to $25. This applies to different types of sports betting, including the best sports betting exchanges.

 Before using this insurance, here are some questions to ask yourself:

  • How does parlay insurance work?
  • What does parlay insurance mean?
  • How to place a bet with parlay insurance?

What does parlay insurance mean?

This is a combination of two terms that players stumble upon when they learn how to place a bet at the bookies. “Parlay” is a combination of multiple bets where the odds of each selection are multiplied. “Insurance” is the safety net offered by bookmakers if certain conditions are met. For this type of sports betting insurance, you need to win all the bets in the parlay, except for one.

How does parlay insurance promotion work?

Parlay bets, commonly referred to as accumulators are used in many betting strategies. Players add two or more selections on the betting slip, which are called “legs”. To win the bet, bettors must correctly predict the outcome of every single leg. The parlay bet insurance is activated if all but one selection is correct and one loses. Some bookmakers advertise them as sportsbook promotions or bet refund offers.

How to place a bet with parlay insurance?

You need to have an account at bookmakers offering accumulator insurance. Next, you need to check out what accumulators qualify for insurance betting and which is the minimum number of selections. Finally, you should establish if the parlay loss refund will consist of cashback or a free bet. Cashback is better because you get to keep the money without any wagering requirements.

⚖️ Terms and conditions for a parlay insurance

Parlay insurance is a form of risk-free betting that is subject to strict terms and conditions. The minimum number of selections is usually required for insurance betting to be activated. Some bookmakers will refund the parlay as cashback if a single bet loses, while others award a free bet.

Minimum low odds requirements are to be expected as well as potential restrictions on sports. This can limit parlay betting strategies, and you can’t use the cash-out feature. This is a popular instrument for reducing betting losses, but if you opt for bet protection, you must wait for the match to end.

Further Information

  • The insurance on parlays is usually awarded via targeted promotions. Always select the best betting bonuses.  
  • Some bookies offer event insurance, which covers only some selections. Usually, the number of events eligible for event insurance is displayed on the award. For instance, if a bookie offers a four-event parlay and two events are settled as a loss, the initial bet is paid as a free bet. 
  • In the case of full parlay insurance, all selections are covered, and the refund can be a free bet or MoneyBack and Cashback offers. 
  • Minimum odds – you require a particular number of minimum odds to use parlay insurance. Usually, +100 unless otherwise. However, the maximum odds payout us +300.
  • Free bets cannot be combined with other bonuses and promotions.
  • Free bets or Cashback can be used on parlays, straight wagers, and teasers. 
  • The maximum Free Bet amount is $25.
  • You cannot partially a parlay insurance bet.
  • A crypto sportsbook reserves the right to cancel or modify parlay insurance any time without prior notification.

NOTE: Always check with your sportsbook parlay insurance for specific terms and conditions to know what you are getting into.

Top 3 major types of parlay insurance with examples

Parlay insurance comes with various variations. This caters to the needs of different bettors who may want to preserve some money on their bets. The common variations are: 

Cash-Back parlay insurance

Moneyback and Cashback offer dictate that you get back your original bet amount if you win all but one leg of your parlay legs. The entire stake is usually added to your account balance. Cashback is the best option for you since you can use the money to do anything you wish. For instance, if you make a 3-leg parlay on a sportsbook with a parlay insurance promotion and lose one leg only, you will receive a cash back refund of up to $25. While this may not be much, it is a comfortable way of making a parlay bet. Remember, parlays come with very long odds; thus, a vast potential payout. Therefore, you do not need to bet more than $25 to win big money. 

Free bet insurance

In this insurance category, you are rewarded with a free bet amount equal to what you had staked rather than getting the original bet money. While this option might help you win some money, it is not as good as cashback and you need to learn how free bets work. Free bets pay winnings from winning wagers only – not your initial stake but still offer late goal insurance. For instance, you only receive $10 if you use a $25 free bet on a -250 favorite if the favorite wins rather than $10 alongside the $25 stake. Remember, many sportsbooks will not ask you to choose between the two types of parlay insurance. In most cases, a sportsbook offers only one kind of insurance. You must read the terms and conditions of a betting site to know what insurance they offer. 

Same Game Parlay

If you wonder what the same game parlay is, you got the answer here. Typically, the same game parlay places multiple bets from the same game. Like others, you must win every leg of the parlay bet for this accumulator to be successful. This brings us to the question: What is the same game parlay insurance?

Essentially, it is insurance offered on the same game parlays. Note that the same game parlay varies with sports betting sites. Usually, you can parlay on only specific bets such as spreads, player props, totals, and game props. Away follow the rules to avoid not getting paid same game parlay insurance.

What is one game parlay insurance?
This insurance is your protection against unpredictable results such as early game injuries, dud performances, and buzzer-beaters. It protects you with particular terms and conditions for a specific predetermined amount.
But a multi-sport parlay insurance?
The multi-sport parlay is specific to particular sportsbooks. Precisely, with multi-sport parlay insurance, you must place 4+ legs in any sports and get up to $25 back if you hit all legs except 1. However, each leg in that parlay must have bets greater than or equal to -200.

Tips and tricks about parlay insurance: bet like a pro 😎

A parlay is a wager combining two or more sports betting picks, and its success depends on all choices being correct. Typically, it combines all the odds creating one wager to offer significant returns if successful. This bet is harder than a straight bet but very exciting. Bettors can reduce the risk of losing their hard-earned money with the insurance promotion. However, earning insurance on these bets is equally challenging, even if you know how to place a parlay bet.

Here are essential strategies, tips, and tricks to keep in mind:

Tip

  • More picks mean fewer chances – a parlay becomes harder at any live betting sites when you choose several picks. While many picks mean more odds and a vast potential payout, chances of landing a win become slimmer. So, start small.
  • Read and understand the terms sounding the parlay bet insurance to avoid last-minute surprises.
  • Each specific parlay insurance bet has requirements, which vary from one bookie to another. Study these requirements before choosing any one of them.
  • Build a parlay using bets that you are familiar with – totals, teasers, money line betting, etc. However, avoid point spread if you are a novice.
  • Place parlays on sports that you are knowledgeable about as they are harder – bet with your head.
  • Find the best odds, especially picks that look to have good value overpriced odds.
  • Introduce the element of skill-making picks. This allows you to predict players, teams, and other factors with knowledge. For instance, when betting on football, get tips on how to win football accumulators.
  • Include multiple sports in your parlay.
  • Use statistics from the parlay app; you’ll know the parlay of the day.

PROS and CONS about parlay insurance

PROS

  • Risk-free betting
  • With many variations, you can choose a variant cognisant to your skills
  • It is not an expensive bet - a maximum of $25 is enough
  • You can get a refund as either cash back or free bets

CONS

  • Strict terms and conditions
  • Since it is a promotion, it is only found on a few sportsbooks and within a limited time frame

Parlay Insurance – Boost the Odds, Not the Risks

Parlay bet insurance is a fine way of managing losses in sports betting. You get the freedom of betting on accumulators and having the odds multiplied for bigger wins. At the same time, you benefit from the parlay safety net that refunds your stakes in case of a narrow defeat. This is one of those rare occasions when bookmakers give second chances. Seize the opportunity!

FAQ about parlay insurance

A parlay refund is insurance on parlay bets offered by bookmakers on select sports and matches. Players are reimbursed if a single selection on the betting slip loses and all the other ones are won.

You get a second chance if your parlay loses because of a single match. It is an effective form of risk management in betting that encourages players to bet on accumulators.

This is an acronym for single-game parlays, allowing bettors to add several selections from the same game. It allows them to fully leverage their knowledge about the teams involved in that match.

Yes. It minimizes the risk of losing the entire wager. However, it is worth noting that the ROI is similar to that of single-game bets in most cases. A five-leg or less accumulator insurance bet is worth it if you are betting for fun.

The parlay insurance itself is a promotion offered by sportsbooks. However, the conditions could differ—for instance, types of variables available, maximum possible value, turnover requirements, and limit.

This bet involves placing a 4+ leg parlay from bets on the same game per day.

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