What is Betting Insurance?

Whether it is parlay insurance for your NFL bets, NHL overtime insurance, third-quarter insurance for basketball games or something similar, sports betting insurance is typically premised on refunding losing bets that may have come close to winning.

Find out more below in our complete guide to the many different types of betting insurance offers that may soon be available at online sportsbooks in Massachusetts.

Parlay insurance

Parlay insurance is the most popular form of insurance promo at sportsbooks across the country right now. They’ll 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? 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 online sportsbook often runs a parlay insurance promo for five-plus leg parlays in any sport, offering a refund of up to $25 if you hit all legs except one.

The popularity of same game parlays—where you can string together multiple bets from the same event—is on the rise. As a result, you’re likely to find FanDuel Sportsbook running a $25 Same Game Parlay Insurance promo. This one’s for 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 the 2022 Men’s NCAA Basketball Tournament. This promo was for three-plus leg March Madness parlays and also offered a refund of up to $25 if one leg 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.

Overtime insurance

Sportsbooks run overtime insurance promos for major sports that regularly include overtime, like 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 in 2021. Once again, 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.

Scoring insurance

Sportsbooks may 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.

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

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 free bets, not cash. 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. 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.

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