When it comes to betting, you do not want to take any chances. You want to make sure that you get the winnings that you deserve. And that’s where parlay insurance comes into play. It’s a form of insurance that protects your betting account from losing all its money due to a losing parlay bet. This guide will talk about what this insurance is, how it works, and how to get a parlay insurance.
What is parlay insurance?
Parlay insurance is a type of sportsbook promotion that allows you to hedge your bets by guaranteeing that you will get paid if at least one of your selections loses. If you want to buy it, you have to place your bet and pay a small fee. That fee will increase the value of your parlay, meaning that the payout is higher than it would be without insurance. However, if one or more of your picks loses, you won’t receive any money from parlay insurance because it does not cover losses.
Betting sites that offer parlay insurance
Many online betting sites in the US offer this type of insurance. Here is a breakdown of popular betting sites where you can use Parlay insurance:
How to use parlay insurance
When you place a wager on multiple events or games in one wager, you might be concerned about losing all of your money if one of your selections loses. This option is available in some US sportsbooks to protect you from this scenario. Hence, it essentially allows you to “double down” on the rest of your picks. If the parlay doesn’t hit, the book will refund half of your original wager (up to 100% depending on where you’re betting).
For example, let’s say that you want to bet on three NFL games but don’t want to risk losing all of your money if just one of them goes against you. You could purchase a parlay policy for half of your amount and then place bets on all three games separately without worrying about losing all of your money if one or two teams lose.
Is parlay insurance worth taking on betting apps?
Yes, parlay insurance is worth taking on mobile sports betting apps. It is always better to be safe than sorry. And if you are going to be placing bets on sports, it is always a good idea to take out some insurance policy. This insurance policy is basically what it sounds like: a policy that protects your bet against losing. If you win the bet and it pays out less than what you originally put into it, you will receive the difference from the betting site.