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

• FanDuel Sportsbook - Offered for Same Game and Traditional Parlays
• BetMGM - One Game Parlay Insurance for football and soccer
• DraftKings Sportsbook - No Sweat Same Game Parlays

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.

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.

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.

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.

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 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!

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!

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.

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

• BetMGM - Regular parlay boosts
  
• DraftKings Sportsbook - A plethora of daily boosts
• FanDuel Sportsbook - Section of website dedicated solely to boosts
• Caesars Sportsbook - Profit boosts available to be used on any game

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

• Caesars Sportsbook - Caesars Rewards for Hotel & Casino
• BetMGM - M Life Rewards for Hotel & Casino
• BetRivers - iRush Rewards for Hotel & Casino
• DraftKings Sportsbook - Rewards across Sportsbook, Casino, & DFS

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 referral bonuses. 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

• FanDuel Sportsbook - Give $100, Get $100
  
• DraftKings Sportsbook - Receive $100 Bonus after Friend's First Deposit
• BetRivers - Get $100 Bonus for Each Friend Referred