What Is Betting Insurance?

Betting insurance can help sports bettors have peace of mind when placing some of their wagers. Whether it’s parlay insurance for your NFL bets, NHL overtime insurance, third-quarter insurance for basketball games, or something similar, sports betting insurance is typically based on refunding losing bets that may have come close to winning.

With sports betting in Massachusetts, it’s important to understand the different types of betting insurance offers.

This page serves as our complete guide to the many different types of betting insurance offers available at Massachusetts sportsbooks.

Parlay Insurance

Parlay insurance is the most popular form of insurance promo at sportsbooks across the country right now. Betting platforms will run it for major sports that include larger slates of games where parlay betting is popular. This includes the big four of the NFL, NBA, MLB, and NHL. The insurance won’t cost you anything, but you may have to opt in first.

So what exactly is parlay insurance? The short answer is it’s one of the better Massachusetts sports betting promos out there.

Basically, you’ll get a refund on parlay bets if you hit every leg except one. Of course, there will be a limit on the size of the refund and a minimum number of legs required.

DraftKings Massachusetts often runs a parlay insurance promo for parlays with five legs or more in any sport, offering a refund of up to $25 if you hit all legs except one.

The popularity of same game parlays is on the rise as well. This is where you can string together multiple bets from the same event. As a result, you’re likely to find FanDuel Massachusetts running a $25 Same Game Parlay Insurance promo.

The FanDuel promo typically applies to same game parlays on any NFL game with three legs or more. If one leg doesn’t hit, you’ll get a refund of up to $25 in site credit.

FanDuel also ran a College Basketball Parlay Insurance promo surrounding 2022 March Madness. This promo was for NCAA Tournament parlays with three legs or more and also offered a refund of up to $25 if one leg loses.

BetMGM Massachusetts has had numerous parlay insurance promos such as One Game Parlay Insurance for the 2022 NFL, MLB, and EPL seasons. You’ll receive your stake back (up to $25 in Free Bets) if your One Game Parlay of at least four legs misses by one leg.

BetRivers Massachusetts is similarly running a Sunday NFL Parlay Insurance promo. You’ll be able to get your bet back (up to $25) if you bet a parlay of four legs or more and one loses.

All of these parlay insurance promos have certain stipulations. For instance, each leg of the parlay must have odds greater than or equal to -200. Bets placed at boosted odds, or using bonus funds or site credit, are ineligible.

You also need to check to see if the parlay insurance promo is free bet insurance or cash-back insurance. With free bet insurance, a bettor gets the amount of their winning legs back in the form of a free bet that can only be used for wagers with the sportsbook. Cash-back insurance, meanwhile, gives the bettor their full original bet back into their account if one leg loses.

Always be sure to read the full terms and conditions for any parlay insurance promos you find at Massachusetts sportsbooks.

Overtime Insurance

Sportsbooks run overtime insurance promos for major sports that regularly include overtime, most commonly the NHL and NBA.

Once again, this insurance won’t cost you anything and you may have to opt in. However, it’ll get you a refund if the team you bet on loses the game in OT.

The BetMGM Sportsbook NHL Overtime Insurance Promotion ran twice a week throughout the 2021-22 NHL season. It offered NHL moneyline bets on Saturdays and Sundays refunds of up to $25 for overtime losses. While you had to opt in, the insurance was free. Of course, wagers placed as free bets, risk-free bets, or with boosted odds were not eligible.

BetMGM’s Overtime Insurance Promotion was also extended to the NHL and NBA Playoffs. The promo offered refunds of up to $20 for moneyline bets on NBA and NHL playoff games if your side lost the game in OT. You had to opt in, place a moneyline bet, and lose in overtime to get the refund.

Overtime is a regular feature of the NHL’s Stanley Cup Playoffs and while it happens less in the NBA Playoffs, it happens. That means this and other overtime insurance promos offer some decent value to regular moneyline bettors.

You wouldn’t want to chase it, but if you’re betting NBA or NHL playoff game moneylines anyway, it’s worth opting in — just in case. Again, terms and conditions apply to each offer. Check to see if it’s free bet insurance or cash-back insurance, always.

Scoring Insurance

Massachusetts sportsbooks also run scoring insurance promos for high-scoring major sports like the NBA. This insurance offers refunds if the team you bet on loses but scores a certain number of points or more.

In the past, FanDuel Sportsbook has run an NBA 110+ Point Insurance promo giving refunds of up to $25 if your NBA moneyline bet lost while the team scored 110 points or more.

Over at BetMGM, they had first touchdown-scorer insurance for each NFL game played on Thursdays and Mondays this season. If your bet doesn’t cash, your stake is refunded up to $25 in free bets.

BetMGM also offers NRFI Fridays to add more excitement to MLB games, which is insurance on your no-run-first-inning bet up to $20.

As for BetRivers, they offer Sunday Night first touchdown scorer insurance. If your player doesn’t score the first touchdown but scores later in the game, you’ll get your bet back up to $25.

3rd Quarter Insurance

Third quarter insurance offers cushion against a late collapse by your team.

In the past, FanDuel Sportsbook has run an NBA 3rd Quarter Insurance promo for NBA moneyline bets. It got you a refund of up to $50 in site credit if the team you bet on was winning at the end of the third quarter but ended up losing the game.

Site Credit and Free Bet Refunds

Again, one very important thing to remember for all the sports betting insurance promos listed above is how the refunds are paid.

For the most part, insurance pays out in the form of site credit or Massachusetts free bets, not cash — so free bet insurance, not cash-back insurance. That means you can’t just take the money and run.

In other words, site credit and free bets must be used to place more bets. And you most often will only get free bets in the amount of however many legs of your parlay you won — so it’s not really a full refund.

Anything you win betting with your free bets and site credit is yours to do with what you please. Just remember you usually have to place bets with the refunds most of these insurance promos offer.

In addition, always make sure to read the terms and conditions for each offer.

Betting Insurance FAQs

What is parlay insurance?

Parlay insurance is when a sportsbook allows bettors to get a refund on their parlay bet if all legs but one hit. There are terms and conditions to understand — usually involving a minimum number of legs and a maximum refund limit. For instance, DraftKings Massachusetts often has a parlay insurance promo where any parlay of five legs or more gets a refund up to $25 if just one leg doesn’t hit.

How do I get parlay insurance?

In most cases, you’ll need to find the promos section of the sportsbook app, click on the parlay insurance promo you want to access, and opt-in. For example: FanDuel Massachusetts is currently offering a FIFA World Cup parlay insurance promo with a refund of up to $25 if one leg of your parlay of three or more legs loses.

Does FanDuel offer parlay insurance?

Yes. FanDuel consistently has parlay insurance promos available for its bettors, often depending on which sports and leagues are in season. Simply head to the “Promotions” section of the sportsbook app and scroll down until you find the parlay insurance you want to use. Then, you just need to opt-in and place your bet.

Why do you need insurance on betting?

If it’s available, it’s always smart to get insurance on betting in order to protect your money. Why do you need insurance on anything, really? To protect yourself in case of negative events. In sports betting, that negative event is a loss. If you have the option to insure yourself up to $25, there’s no good reason not to. There’s no penalty for using a betting insurance promo.

What are the different types of parlay insurance?

There are two main forms of parlay insurance: free bet insurance and cash-back insurance. With free bet insurance, by far the more common kind, a bettor will get a refund in the form of site credit if all but one leg of their parlay hits — and that refund will only be for the legs they won, not the full value of the bet. Cash-back insurance, on the other hand, simply gives the bettor a full refund in cash that can be withdrawn or used on other bets.

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