Everything you need to know about parlay betting insurance promotions
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 US sportsbook parlay betting insurance offers. All the sportsbooks listed on our site are perfectly legal and licensed.
21+. Bet Responsibly. Gambling problem? Call 1-800-GAMBLER.
21+. New customers only. CO/IA/IL/IN/KS/MD/MI/ NJ/NY/OH/PA/VA/WV. Must make a qualifying deposit (min $10) and place first real-money wager bets (minimum $0.50). If the first 10 cash bets (first bet per day for 10 consecutive days) on a fixed odds market loses, you will receive Bonus Bet(s) in the amount of the losing wager(s), up to $100 each. Full T&C apply, see sign up page for more info.
| Website: pointsbet.com | Founded: 2015 |
| Owner: PointsBet Holdings Ltd. | Headquarters: Denver, CO |
| BONUS OFFER | 10/10 ⭐ |
| BETTING VARIETY | 10/10 ⭐ |
| MOBILE EXPERIENCE | 10/10 ⭐ |
| PAYMENT OPTIONS | 9/10 ⭐ |
| BETTING EXPERIENCE | 10/10 ⭐ |
| SUPPORT | 8/10 ⭐ |
| SUMMARY | 10/10 ⭐ |
Available in Colorado, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, Virginia, and West Virginia
Full PointsBet Review21+ and present in AZ/CO/CT/IA/IL/IN/KS/LA /MA/MD/MI/NJ/NY/OH/PA/TN/VA/WV/WY. Minimum $10 first deposit required. Promotion Bonus will be credited to your account within 72 hours settlement of Qualifying Wager. First online real money wager only (minimum $5). Bonus issued as non-withdrawable bonus bets that expires in 14 days. Bonus bets will be issued within 72 hours of bet placement. See full terms at sportsbook.fanduel.com.
| Website: sportsbook.fanduel.com | Founded: 2009 |
| Owner: Flutter Entertainment plc | Headquarters: New York City, NY |
| BONUS OFFER | 9/10 ⭐ |
| BETTING VARIETY | 10/10 ⭐ |
| MOBILE EXPERIENCE | 10/10 ⭐ |
| PAYMENT OPTIONS | 10/10 ⭐ |
| BETTING EXPERIENCE | 9/10 ⭐ |
| SUPPORT | 8/10 ⭐ |
| SUMMARY | 9/10 ⭐ |
Available in Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming
Full FanDuel Sportsbook Review21+. AZ/CO/IL/IN/IA//LA/KY/MD/MA /MI/NJ/OH/PA/TN/VA/WV/WY only. Offer not available in NY or KS. New customers only. Qualifying deposit (min $10) and first real money wager required. If qualifying bet settles as a loss, user is refunded 100% in non-withdrawable bonus bets up to $1,500. Full T&C can be found on BetMGM.
| Website: betmgm.com | Founded: 2018 |
| Owner: MGM Resorts International | Headquarters: Paradise, Nevada |
| BONUS OFFER | 8/10 ⭐ |
| BETTING VARIETY | 10/10 ⭐ |
| MOBILE EXPERIENCE | 10/10 ⭐ |
| PAYMENT OPTIONS | 8/10 ⭐ |
| BETTING EXPERIENCE | 10/10 ⭐ |
| SUPPORT | 8/10 ⭐ |
| SUMMARY | 9/10 ⭐ |
Available in Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming
Full BetMGM ReviewParlay 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.
Quick answers to some quick questions about parlay insurance betting promotions
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
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:
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.
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.
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.
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:
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), parlay insurance has become even more popular as a way to drive users to the same game parlay.
Here are some of our favorite parlay insurance promotions on the market.
21+. Bet Responsibly. Gambling problem? Call 1-800-GAMBLER.
Bet $5, Get $200
21+ and present in AZ/CO/CT/IA/IL/IN/KS/LA /MA/MD/MI/NJ/NY/OH/PA/TN/VA/WV/WY. Minimum $10 first deposit required. Promotion Bonus will be credited to your account within 72 hours settlement of Qualifying Wager. First online real money wager only (minimum $5). Bonus issued as non-withdrawable bonus bets that expires in 14 days. Bonus bets will be issued within 72 hours of bet placement. See full terms at sportsbook.fanduel.com.
10x $100 Second Chance Bets
21+. New customers only. CO/IA/IL/IN/KS/MD/MI/ NJ/NY/OH/PA/VA/WV. Must make a qualifying deposit (min $10) and place first real-money wager bets (minimum $0.50). If the first 10 cash bets (first bet per day for 10 consecutive days) on a fixed odds market loses, you will receive Bonus Bet(s) in the amount of the losing wager(s), up to $100 each. Full T&C apply, see sign up page for more info.
Up to $1,500 Back in Bonus Bets
21+. AZ/CO/IL/IN/IA//LA/KY/MD/MA /MI/NJ/OH/PA/TN/VA/WV/WY only. Offer not available in NY or KS. New customers only. Qualifying deposit (min $10) and first real money wager required. If qualifying bet settles as a loss, user is refunded 100% in non-withdrawable bonus bets up to $1,500. Full T&C can be found on BetMGM.
Parlays are some of the most exciting ways to bet, but they're a bit risky - take advantage of Parlay Insurance to stay safe out there
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.
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.
There can be some differences between the number of sports offered in bet insurance promotions. For instance, PointsBet frequently offers same game parlay insurance for NFL and NBA games, but typically not college basketball or football match-ups.
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.
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.
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 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.
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.
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.
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.
One nice thing about parlay insurance offers is that they come in 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.
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.
21+. Bet Responsibly. Gambling problem? Call 1-800-GAMBLER.
Traditional and Same Game Parlays
21+ and present in AZ/CO/CT/IA/IL/IN/KS/LA /MA/MD/MI/NJ/NY/OH/PA/TN/VA/WV/WY. Minimum $10 first deposit required. Promotion Bonus will be credited to your account within 72 hours settlement of Qualifying Wager. First online real money wager only (minimum $5). Bonus issued as non-withdrawable bonus bets that expires in 14 days. Bonus bets will be issued within 72 hours of bet placement. See full terms at sportsbook.fanduel.com.
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.
21+. Bet Responsibly. Gambling problem? Call 1-800-GAMBLER.
Same Game Parlay Insurance for Multiple Sports
21+. New customers only. CO/IA/IL/IN/KS/MD/MI/ NJ/NY/OH/PA/VA/WV. Must make a qualifying deposit (min $10) and place first real-money wager bets (minimum $0.50). If the first 10 cash bets (first bet per day for 10 consecutive days) on a fixed odds market loses, you will receive Bonus Bet(s) in the amount of the losing wager(s), up to $100 each. Full T&C apply, see sign up page for more info.
One Game Parlay Insurance for Football & Soccer
21+. AZ/CO/IL/IN/IA//LA/KY/MD/MA /MI/NJ/OH/PA/TN/VA/WV/WY only. Offer not available in NY or KS. New customers only. Qualifying deposit (min $10) and first real money wager required. If qualifying bet settles as a loss, user is refunded 100% in non-withdrawable bonus bets up to $1,500. Full T&C can be found on BetMGM.
Same Game Parlay Insurance During Football Season
21+ and present in AZ/CO/CT/IA/IL/IN/KS/LA /MA/MD/MI/NJ/NY/OH/PA/TN/VA/WV/WY. Minimum $10 first deposit required. Promotion Bonus will be credited to your account within 72 hours settlement of Qualifying Wager. First online real money wager only (minimum $5). Bonus issued as non-withdrawable bonus bets that expires in 14 days. Bonus bets will be issued within 72 hours of bet placement. See full terms at sportsbook.fanduel.com.
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 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!
PointsBet frequently offers Same Game Parlay Insurance across multiple sports
PointsBet has been one of the fastest-growing sports betting brands in the world the past few years. They’ve intelligently parlayed high-profile partnerships with former athletes like Allen Iverson and Drew Brees along with sponsoring numerous professional teams and even becoming the official sports betting partner of NBC Sports.
However PointsBet isn’t just all sizzle and no steak - they have one of the most user-friendly platforms out there and offer bettors a ton of promotions. One of their most commonly offered promotions is Same Game Parlay Insurance.
PointsBet’s Same Game Parlay Insurance offers users their money back up to $25 in site credits if only one leg of a 4+ leg SGP falters by only one result. You can utilize PointsBet’s Same Game Parlay Insurance once per day
While this promotion is almost available in some form or another on PointsBet, the number of sports available can switch depending on the day, so make sure to check your terms and conditions when you opt-in.
Just in time for Super Bowl LVII, PointsBet has a great offer for Super Bowl bettors - 5 second chance bets up to $250! Read more
One of the best sportsbooks in the country is coming to Ohio on New Year's Day and you can secure up to $700 in bet credits from PointsBet by pre-registering today! Read more
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!
Play for free and win up to $100,000 in prizes with BetMGM's 2023 NFL Survivor Pool! Read more
BetMGM is offering users like you the chance to get $50 bonus bets just for referring a friend to the sportsbook! Claim up to $1,000 in bonus bets from BetMGM! Read more
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.
FOX Bet offers users a ton of odds boosts
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.
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.
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.
Patrick Corkery - Content Writer
One of my greatest strengths or weaknesses as a gambler is my crippling addiction to parlays. Depending on the day, I can find some magic or ruin 3 perfectly good bets with one dud in a 4-leg parlay.
That's why Parlay Insurance is one of my favorite promotions on the market. Parlay Insurance protects me from bad beats and saves me from myself just about every Sunday.
21+. Bet Responsibly. Gambling problem? Call 1-800-GAMBLER.
Up to $1,000 First Bet on Caesars
21+ only. New customers in AZ/CO/IL/IN/IA/KS/LA/MA/MD/MI/ NJ/NY/OH/PA/TN/VA/WV/WY only. $10 minimum deposit required (min $10). Must place first real money (min. $10) wager within 30 days. Qualifying wager must settle within 30 days of being placed. Qualifying wager returned as a single non-withdrawable bonus bet only if wager is settled as a loss. Maximum Bonus Bet $1,000. Bonus Bet expires 14 days after receipt. Full T&C apply, visit Caesars Sportsbook for more details.
Bet $5, Get $200
21+ and present in AZ/CO/CT/IA/IL/IN/KS/LA /MA/MD/MI/NJ/NY/OH/PA/TN/VA/WV/WY. Minimum $10 first deposit required. Promotion Bonus will be credited to your account within 72 hours settlement of Qualifying Wager. First online real money wager only (minimum $5). Bonus issued as non-withdrawable bonus bets that expires in 14 days. Bonus bets will be issued within 72 hours of bet placement. See full terms at sportsbook.fanduel.com.
10x $100 Second Chance Bets
21+. New customers only. CO/IA/IL/IN/KS/MD/MI/ NJ/NY/OH/PA/VA/WV. Must make a qualifying deposit (min $10) and place first real-money wager bets (minimum $0.50). If the first 10 cash bets (first bet per day for 10 consecutive days) on a fixed odds market loses, you will receive Bonus Bet(s) in the amount of the losing wager(s), up to $100 each. Full T&C apply, see sign up page for more info.
Bet $5, Get $200
+ up to $150 in No Sweat Bets
21+. AZ/CO/CT/IL/IN/IA/KS/LA/MD/MI/NJ/NY/OH/PA/ TN/VA/WV/WY only. Minimum $5 deposit, and minimum $5 qualifying wager. Bonus Bets will be awarded instantly upon bet settlement, along with any winning if applicable. Bonus bets will be paid as eight (8) $25 non-withdrawable Bonus Bets. One qualifying bet per customer. Full T&C apply, visit DraftKings Sportsbook for more details.
Bet $1, Get $365
21+ and present in CO/IA/NJ/OH/VA. First online real money wager only. $10 first deposit required within 30 days. Bonus issued as non-withdrawable bonus bets that expires in 90 days. Full T&C apply, visit sign up page for more info. #ad
2nd Chance Bet up to $500
21+. New Customers Only. AZ/CO/IA/IL/IN/LA/MD/ MI/NJ/OH/PA/VA/WV Must make a qualifying deposit of $10+ with claim code SPORTS. Must make qualifying cash wager with odds of -200 or greater. If the first qualifying wager settles as a loss, receive a non-withdrawable Bonus Bet equal to your stake, up to a maximum of $500 ($250 in CO/NJ, $100 in NY/OH/AZ/WV/IA). Full T&C apply, see BetRivers for more details.
Up to $1,500 Back in Bonus Bets
21+. AZ/CO/IL/IN/IA//LA/KY/MD/MA /MI/NJ/OH/PA/TN/VA/WV/WY only. Offer not available in NY or KS. New customers only. Qualifying deposit (min $10) and first real money wager required. If qualifying bet settles as a loss, user is refunded 100% in non-withdrawable bonus bets up to $1,500. Full T&C can be found on BetMGM.
Bet $50, Get Up to $1,111 in Fred Bets
21+. New customers located in AZ/CO/IA/MD/OH/VA only. Bonus not available in PA. Minimum $50 deposit required. Eligible customers will receive $111 in Fred Bets, as three $37 Fred Bets, upon settlement of their first $50 cash bet AND 50% back on combined total net losses per week, up to $200 in Fred Bets per week, for five consecutive calendar weeks, beginning on the date of their first bet. Full T&C apply.
1st Bet Reset of up to $250
21+. New customers only. AZ/CO/IN/IA/NJ/PA/VA. Different offer available in OH. Must make a qualifying deposit of $10+. Must make qualifying cash wager at odds of -300 or greater. Qualifying Wager must settle within 7 days of opening a new Betway account. The amount of the settled losing bet will be credited back in the form of non-withdrawable bonus bets. Full T&C apply, visit Betway for more details.
$500 Second Chance Bet
21+. New customers only. Welcome offers differ between states. Players must opt in to promotion when registering account, make a qualifying deposit (min $10), and place first real-money wager bet (min $10). If first qualifying bet settles as a loss, user is refunded 100% in non-withdrawable bonus bets (max bonus amount limited to $100 in AZ/IN/VA, max bonus limited to $500 in PA). Bonus bets have a 3x playthrough requirement and must be wagered on events with odds of -300 or greater. Full T&Cs apply, see sign up page for more info.
Up to $1,000 in Matched Bets
Over Your First 5 Weeks
Promo Code: CLUTCH1000
21+. New customers only. CO only. Must deposit and wager $10+ within 30 days to become eligible for the 100% Bet Match up to $200 in non-withdrawable bonus bets for five (5) consecutive weeks (maximum total of $1,000). Bet Matches will only be applied to the first qualifying wager of each week. Promotional weeks begin on Monday, and wagers must be straight bets (no promotional markets) with odds of -200 or greater. Qualifying wagers must settle within seven (7) days of the bet placement. Full T&C apply, visit ClutchBet for more details.
Bet $20, Get $100
Sportsbook Only Available in NJ
21+. New customers only in NJ. Qualifying deposit (min $20) required. First online real money wager required (min $20, odds -200 or greater). Bonus issued as non-withdrawable bonus bets that expires in 7 days. Full T&C apply, visit Borgata for more details.
Copyright © sportsbooksonline.com
