Parlay Insurance

Everything you need to know about parlay betting insurance promotions

Parlay Insurance Promos

Sportsbooks often offer promotions for existing customers. One of the most popular promotions frequently offered by online betting sites is parlay insurance.

On this page, we’ve broken down all of the top betting insurance deals offered by parlay betting sites. All the sportsbooks listed on our site are perfectly legal and licensed.

Sportsbooks with Parlay Insurance Promotions

21+. Bet Responsibly. Gambling problem? Call 1-800-GAMBLER.

FanDuel Sportsbook

  • Traditional & Same Game Parlay Insurance
  • Phenomenal App
  • Numerous daily promotions
  • No shared wallet for daily fantasy
Welcome Offer
Bet $5, Win $200 in Bonus Bets
+ Daily Boosts
Claim Go to FanDuel Sportsbook
Website: sportsbook.fanduel.comFounded: 2009
Owner: Flutter Entertainment plcHeadquarters: New York, NY
FanDuel Sportsbook App on iPhone
FanDuel Sportsbook Same Game Parlay on iPhone
FanDuel Casino on iPhone
Summary
Author: Patrick Corkery Patrick Corkery

BONUS OFFER9/10 ⭐
BETTING VARIETY10/10 ⭐
MOBILE EXPERIENCE10/10 ⭐
PAYMENT OPTIONS10/10 ⭐
BETTING EXPERIENCE9/10 ⭐
SUPPORT8/10 ⭐
SUMMARY9/10 ⭐

Available in Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming

Read full review

BetMGM

  • One Game Parlay Insurance
  • Great parlay betting options
  • Great app & website
  • High minimums on withdrawals
Welcome Offer
Up to $1,500 in Bonus Bets
if Your First Bet Doesn't Win
Claim Go to BetMGM
Website: betmgm.comFounded: 2018
Owner: MGM Resorts InternationalHeadquarters: Paradise, Nevada
Betmgm App
Betmgm Live Betting
Betmgm One Game Parlay
Summary
Author: Patrick Corkery Patrick Corkery

BONUS OFFER8/10 ⭐
BETTING VARIETY10/10 ⭐
MOBILE EXPERIENCE10/10 ⭐
PAYMENT OPTIONS8/10 ⭐
BETTING EXPERIENCE10/10 ⭐
SUPPORT8/10 ⭐
SUMMARY9/10 ⭐

Available in Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming

Read full review

DraftKings Sportsbook

  • No Sweat Same Game Parlays everyday
  • Regular odds boosts offered
  • Great betting feartures
  • Same game parlay offering could be deeper
Welcome Offer
Bet $5, Get $150 in Bonus Bets Instantly
Claim Go to DraftKings Sportsbook
Website: sportsbook.draftkings.comFounded: 2012
Owner: DraftKingsHeadquarters: Boston, Massachusetts
Draftkings Sportsbook App
DraftKings Sportsbook NBA Same Game Parlay
Draftkings Sportsbook Stats Hub
Summary
Author: Patrick Corkery Patrick Corkery

BONUS OFFER9/10 ⭐
BETTING VARIETY10/10 ⭐
MOBILE EXPERIENCE9/10 ⭐
PAYMENT OPTIONS9/10 ⭐
BETTING EXPERIENCE10/10 ⭐
SUPPORT9/10 ⭐
SUMMARY10/10 ⭐

Available in Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming

Read full review

Parlay Betting Insurance: Avoid Bad Beats

Parlay betting can be a risky venture. You’re dependent on a wide variety of outcomes to go your way, and just one bad apple will spoil the whole batch.

That’s why parlay insurance is one of the best and most frequently offered sportsbook promotions in the US - it helps you avoid those soul-crushing, heartbreaking bad beats that haunt every bettor. Usually, parlay insurance will refund your parlay wager in site credits if your parlay is derailed by one bad leg.

Here at Sportsbooks Online, we’ve detailed the best parlay insurance offers in the US to help you avoid bad beats.

Frequently Asked Questions about Parlay Insurance

Quick answers to some quick questions about parlay insurance betting promotions

How does parlay insurance work?

While each sportsbook has its own specific rules, it generally follows a pretty standard template. You must first place a parlay wager that satisfies the minimum legs and odds requirements of the sportsbook.

Then you sit back and watch your bet play out. If only one leg of your parlay falters, you will be eligible for a refund in site credits.

From there, you will need to complete a turnover requirement to convert your free bet credits back to cash

What is a same game parlay?

Fairly self-explanatory - same game parlays are parlays where you combine multiple outcomes from one game into a single wager. Also known as a single game parlay, one game parlay, or bet builder depending on where you’re betting, these types of parlays have become extremely popular since being introduced to the American market by FanDuel Sportsbook in 2019.

The following sportsbooks offer same game parlays in one form or another:

Am I eligible for Parlay Insurance on a bonus bet or odds boost?

No. Sportsbooks usually do not allow you to opt in to a parlay insurance promo while you are utilizing a bonus bet or odds boosted wager.

Is Parlay Insurance applied to all parlays?

No. Each sportsbook has limits on what markets are eligible for parlay insurance, as well as how many times you can utilize parlay insurance on a given day. This can be different for each sportsbook, so read the Terms & Conditions of your promotion to be sure.

How many legs are required to qualify for parlay insurance?

This is an element that can vary from book to book, but typically parlays are required to have at least 3-4 legs in order to qualify for parlay insurance offers.

What is the difference between parlay insurance and boosts?

Parlay insurance guarantees a refund of some sort if one leg of your parlay loses. Parlay boosts guarantee boosted winnings if your parlay hits. So the main difference is that parlay boosts usually require you to win your wager, while parlay insurance rewards you if you lose.

The following sportsbooks offer parlay boosts:

Why We Love Parlay Insurance

Parlay Insurance is one of the most commonly offered and most useful sportsbook promotions on the market. They’re great for the sportsbook because they encourage users to take part in risky parlay bets, while the user will get refunded if only one leg of their parlay goes south.

With the rise of same game parlays (or single game parlays or one game parlays depending on where you’re betting), US parlay betting sites use insurance as a way to drive users to the action.

Here are some of our favorite parlay insurance promotions on the market.

Parlay Insurance Promotions

21+. Bet Responsibly. Gambling problem? Call 1-800-GAMBLER.
Sportsbooks with Parlay Insurance Promotions
Sportsbook BonusAction
#1
Bet $5, Win $200 in Bonus Bets
+ Daily Boosts
#2
Bet $5, Get $150 in Bonus Bets Instantly
#3
BetMGM bonus
BetMGM bonus
BetMGM
4/5
Up to $1,500 in Bonus Bets
if Your First Bet Doesn't Win

What is Parlay Insurance?

Parlay insurance is one of the most commonly offered types of sportsbook promotions on the market today.

How they function exactly can vary, but the basic structure tends to follow a similar route - on parlay bets of 3 legs or more, you will be refunded in site credits if only one leg loses. The amount that the sportsbook refunds you will usually be capped at a certain dollar amount, around $25-50.

In the high-risk, high-reward world of parlay betting, this can make a world of difference and save you from a disastrous afternoon of NFL wagering.

How Parlay Insurance Works

Patrick Corkery
Patrick Corkery - Editor-in-Chief

Say you’re rocking with a 4 team parlay on an NFL Sunday afternoon. You’ve got:

  • Green Bay Packers (-4.5) @ Chicago Bears
  • Minnesota Vikings (+1.5) @ Carolina Panthers
  • Cleveland Browns (-3) vs. Arizona Cardinals
  • Denver Broncos (-3.5) vs. Oakland Raiders

The Packers, Browns, and Broncos all cover, but a last-minute Kirk Cousins interception blows everything up for you. Without parlay insurance, you’d be done for - bye bye, money. But with parlay insurance, you’d be refunded in site credits. You’ll then have to fulfill a turnover in order to turn those site credits back into real money, but at least you’re not completely out of the game yet.

What to Look for in Parlay Insurance Offers

While many sportsbooks offer similar parlay insurance offers, there are a few key variables that could differ from book to book.

Here are some key features of parlay betting insurance to look for in the terms and conditions of any offer.

Parlay Insurance Features

Available Betting Markets

There can be some differences between the number of sports offered in bet insurance promotions. For instance, some sportsbooks frequently offer same game parlay insurance for NFL and NBA games, but typically not college basketball or football match-ups.

Types of Parlays Available

Some sportsbooks only offer parlay insurance for same game parlays, some only offer it for traditional parlays, and some offer for both! This can vary depending on the sports and/or bet types that the betting site is trying to push at the moment.

Maximum Possible Value

This is easy - what is the highest possible refund you could get back if your parlay goes awry? This is usually fairly easy to find as the sportsbook likes to promote this number in big, bold text so you can’t miss it.

Required Number of Legs

This is the number of wagers you must combine in order to qualify for parlay insurance. Usually around 3 or 4, but this can be different depending on which betting site you’re using.

Minimum Odds

Minimum odds requirements for parlay insurance can be a little bit tricky. Some sites use the total odds of the bet, while others use the odds of each individual bet.

Promotion Limits

Parlay insurance promos are offered quite frequently, but usually sportsbooks limit the number of times you can take advantage of this promo. You get unlimited access to parlay insurance occasionally, but most betting sites will limit you to one per day or one per week for each parlay insurance offer on their site.

Turnover Requirement

Once you get your refund, it’s incredibly rare you’ll get refunded in real money. Instead, you will receive site credits that will then have to be converted back into cash by fulfilling a turnover requirement. For this type of promotion, it will usually only be a 1x requirement, but check your terms and conditions to be sure.

Ben Smith
Ben Smith
Betting Expert

Betting Advice from the Expert

Parlay Insurance is a really awesome sportsbook promotion. It is important to keep in mind, however, that parlays are still a risky way to bet. Even with parlay insurance, you’d still be safer, in the long run, placing straight bets.

I understand that’s a bit boring, so just make sure you don’t make parlay bets JUST for the parlay insurance promo.

Different Types of Parlay Insurance

One nice thing about parlay insurance offers is that betting sites offer a ton of different varieties for those who like different types of parlays. Depending on the sportsbook and the day, you may have access to parlay insurance for combined wagers on traditional parlays, multi-sport parlays, or even same game parlays!

That’s one of the reasons parlay insurance is one of the best sports betting promotions out there - a lot of different types of bettors can find something for them.

My Favorite Parlay Insurance Promotion

Patrick Corkery
Patrick Corkery - Editor-in-Chief

I’m a huge NBA fan, so being able to watch a random game on League Pass (when my beloved Sixers aren’t playing, of course) and get creative with a same game parlay is one of my favorite hobbies during basketball season.

But they can be a bit of a risky proposition, so BetMGM's Same Game Parlay Insurance is one of my favorite sports betting promotions to take advantage of and stay safe all NBA season.

Traditional One Sport Parlay Insurance

The most vanilla type of parlay is the one sport, multi game parlay. In this scenario, you’d combine multiple wagers from different games in the same sport into one juiced wager.

This is probably the most commonly wagered type of parlay, but you’re likely to see this offered a bit more scarcely than other types of parlay insurance.

FanDuel Sportsbook
Traditional and Same Game Parlays

Same Game Parlay Insurance

Same game parlays have become increasingly popular in recent years, and it’s clear to see why. You get all the excitement of a parlay, without having to flip through the channels or turn your attention to another game to see how all the legs of your wager play out.

This being one of the biggest trends in sports betting of the past few years, it makes sense that same game parlay insurance would be the most frequently offered type of parlay insurance. Sportsbooks know that users are looking to this exciting new feature, so they want to point users in that direction and give the bettor an even bigger incentive to utilize the same game parlay.

DraftKings Sportsbook
No Sweat Same Game Parlays Everyday

What is Same Game Parlay?

Ben Smith
Ben Smith - Content Writer

Same game parlays are fairly self-explanatory - you combine multiple outcomes form one game into a juiced-odds bet where every outcome must hit in order for your bet to win. Let’s look at an example:

Portland Trail Blazers (+4) @ Phoenix Suns

  • Portland +4
  • Over 229.5 points
  • Damian Lillard to score over 30.5 points

If Portland wins 120-110 and Lillard scores 35 points, you win. But if Portland wins 120-109, your bet goes south even if the spread and Lillard bets go your way because the point total was under the projected line. It’s an exciting way to bet that ensures every possession matters.

Multi Sport Parlay Insurance

One parlay bet that is a bit less popular is one that crosses the line between multiple sports. While many bettors aren’t a huge fan of cross-contaminating their parlays, sportsbooks still often offer parlay insurance specific to multi sport parlays.

So, if you do place to combine your basketball, football, baseball, and hockey wagers, taking advantage of multi sport parlay insurance ensures you won’t be left holding the bag if one leg goes awry.

FanDuel Parlay Insurance

FanDuel Sportsbook Same Game Parlay

FanDuel Sportsbook popularized the Same Game Parlay and offers Insurance often

FanDuel Sportsbook is one of the best betting sites on the market for parlay bettors. As the sportsbook that popularized the Same Game Parlay in the US, it makes sense that FanDuel would go out of its way to ensure an incentivized parlay betting experience for users.

FanDuel Sportsbook often offers users the opportunity to take advantage of parlay insurance for both traditional and same game parlays.

During the NHL season, for example, FanDuel Sportsbook has regularly offered users the chance to get a refund in site credits of up to $25 per day on multi game parlays. Bettors were eligible for this on multi game parlays of at least 4 legs with individual odds of -200 and cumulative odds of +400.

During the NFL season, users had the chance to get refunds up to $10 if their same game parlay lost. This offer required a 3+ leg parlay of +400 odds to qualify.

While FanDuel offers these deals quite often, they don’t have one longstanding offer to draw upon, so make sure to read the Terms & Conditions of your promotion!

FanDuel Sportsbook Promo

Bet $5, Win $200 in Bonus Bets
+ Daily Boosts

BetMGM One Game Parlay Insurance

BetMGM calls itself the “King of Parlays” and it’s clear to see why. They’ve set up their sportsbook to encourage parlay betting as much as possible with features like parlay boosts, parlay generators, and, of course, parlay insurance.

BetMGM offers One Game Parlay Insurance for a wide variety of major leagues, including the NBA, Premier League, and NFL. You can get refunded up to $50 in site credits if just one leg of your one game parlay costs you.

Check out the details for your favorite league below!

BetMGM NFL One Game Parlay Insurance Promo
  • Minimum Legs: 4
  • Minimum Odds: No requirement
  • Wagering Limits: 1 per day
  • Max Refund: $25 in site credits with 1x turnover
BetMGM College Football One Game Parlay Insurance Promo
  • Minimum Legs: 4
  • Minimum Odds: No requirement
  • Wagering Limits: 1 per day
  • Max Refund: $50 in site credits with 1x turnover
BetMGM NBA One Game Parlay Insurance
  • Minimum Legs: 4
  • Minimum Odds: No requirement
  • Wagering Limits: 1 per day
  • Max Refund: $25 in site credits with 1x turnover
BetMGM Premier League Parlay Insurance Promo
  • Minimum Legs: 4
  • Minimum Odds: No requirement
  • Wagering Limits: 1 per day
  • Max Refund: $25 in site credits with 1x turnover
BetMGM MLS One Game Parlay Insurance Promo
  • Minimum Legs: 4
  • Minimum Odds: No requirement
  • Wagering Limits: 1 per day
  • Max Refund: $25 in site credits with 1x turnover

BetMGM Promo

Up to $1,500 in Bonus Bets
if Your First Bet Doesn't Win

More BetMGM Promotions

Bet365 Saturday Sluggers
Baseball Jul 12, 2024

Bet at least $50 on a specified game and get a $10 bonus bet for each home run hit during the game every Saturday during the MLB season!

FanDuel Sportsbook Dinger Tuesdays
Baseball Jul 4, 2024

Place a straight bet of at least $25 on a player to hit a home run and get a $5 bonus bet for each home run hit during the game!

Other Sportsbook Promotions

Of course, Parlay Insurance isn't the only existing customer promotion out there. There are plenty of other sportsbook promotions out there offered by a wide variety of betting sites.

Odds Boost Sportsbook Promotions

Sportsbooks often offer enhanced odds to exiting users as a way to entice them to keep coming back to their site. These odds boosts adjust the standard odds of an outcome in order to make a potential winning bet more profitable.

Depending on the sportsbook, odds boost can be offered for straight bets, parlays, or both. Most of the time, these odds boosts are offered to existing customers and are not a part of or eligible to be combined with another promotion or sign up bonus.

Sportsbooks with Odds Boosts

Sportsbook Rewards Programs

Many sportsbooks look to entice players to come back by offering an ongoing slate of rewards for returning players. Rewards you can unlock may include bonus bets, virtual currency that you can redeem for memorabilia, or even real-life rewards at hotel and casino.

Casino brands that offer sports betting, like Caesars, BetMGM, and BetRivers even let users link their hotel and casino rewards memberships to the sportsbook, so they can earn credit towards hotel stays and other high roller perks.

Sportsbooks with Rewards Programs

SPORTSBOOK REFER-A-FRIEND PROMOS

Fanduel Sportsbook Refer a friend

FanDuel Sportsbook offers credits towards Sportsbook and Casino for referring a friend

Many sportsbooks will give bettors a promo, just for getting their buddies to sign up and deposit on the betting site. Typically, the referrer receives a promo of some sort and the new bettor starts with a nice bonus on top of their typical sign up bonus.

If you have a group of friends that loves sports, you should really explore sportsbooks with Refer-A-Friend programs. It's a simple, easy way to maximize the monetary value of your sportsbook experience for you and your friends.

Sportsbooks with Refer-A-Friend Promotions