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Parlay Insurance Explained

Published December 30, 2020

Missing out on a big payday because you lost just one leg of your parlay is the worst. Luckily, some sportsbooks are ready to help recoup those losses with parlay insurance.

Parlay insurance provides a partial refund if you lose a parlay by one leg. It’s different at every sportsbook, but parlay insurance typically returns up to $25 for a lost parlay.

This guide covers the basics of parlay insurance and highlights the variety of offers from major sportsbooks, so you can feel more comfortable making parlays and make the most of these exciting sports betting bonus offers.

What Is Parlay Insurance?

Parlays are some of the riskiest wagers in sports betting. Sure, the payouts are lucrative, but one wrong pick can ruin your whole parlay.

Sportsbooks started offering parlay insurance to entice more bettors into making parlays. If you lose a parlay by just one leg, the insurance will cover some of your losses with a small refund.

Let’s say you make a 5-leg parlay on the FanDuel sportsbook with their multi-sport parlay insurance promotion. If you lose just one of the legs, you get a refund of up to $25.

It might not sound like much, but it’s a great way to get more comfortable making a parlay bet. Parlays offer very long odds with huge potential payouts, so you don’t have to bet more than $25 to have a shot at winning big money.

Now that we’re feeling more secure with this bonus, let’s take a look at the sportsbooks that offer it.

Sportsbooks That Offer Parlay Insurance

Many major sportsbooks offer parlay insurance of some kind. The sports they offer insurance for, the number of legs required in the parlay, and the refund amount can all differ, so let’s get right into the specifics.

FanDuel

FanDuel offers two types of parlay insurance. They both offer refunds up to $25, but the available sports and the required number of legs are different for each.

MultiSport Parlay Insurance

The multi-sport promo from FanDuel encourages you to build a 5-leg parlay with games in any sport. It gives you a lot of flexibility when building your parlay, and you get a $25 refund if you lose just one of the legs.

How it works:

  • Create a parlay on FanDuel with five or more legs using games from any available sport
  • Each leg of the parlay must have odds greater than or equal to -200
  • If you lose one of the legs on the parlay, FanDuel will refund your wager
  • The maximum refund amount is $25
  • You can make this wager four times per day

Round-robins, teasers, and same game parlays are not eligible for this promotion. The refund arrives in your FanDuel account within 72 hours, and the repayment is automatically withdrawn from your FanDuel account if you don’t use it entirely within seven days.

Same Game Parlay Insurance

Same game parlay insurance also covers you for up to $25 in the event you lose one leg in the parlay. You only need a 3-leg parlay for this promotion, but the games must be from the same sport.

For example, A 3-leg moneyline parlay on NBA games would be a great choice.

How it works:

  • Opt-in to the promotion on FanDuel
  • Create a parlay with three or more legs using games from the same sport
  • Final price of the parlay must be +200 odds or longer
  • If you lose one of the legs on the parlay, FanDuel will refund your wager
  • Maximum refund amount is $25
  • You can make this wager once per day

Live bets, round-robins, and odds boosts are not eligible for this promotion. It takes 72 hours for the refund to reach your account, and the bonus is withdrawn from your FanDuel account if it’s not used within seven days.

DraftKings

DraftKings offers parlay insurance from time to time. Their promotions are worth opting into if you spot one.

Here’s an example of what their parlay insurance might look like:

  • Opt-in to the promotion on DraftKings
  • Create a parlay with five or more legs
  • If you lose one of the legs, you receive a refund in the form of a free bet
  • The maximum refund is $25

In the example above, players could receive up to four refunds in free bets per day. Make sure you check with DraftKings to see if they have any parlay insurance promotions running.

PointsBet

PointsBet offers some of the most valuable parlay insurance on the sportsbook market. Many books require a 5-leg parlay to qualify, but PointsBet typically asks for less than that.

PointsBet also offers same game parlay insurance. Their offer is competitive with other sportsbooks like FanDuel because they only require three legs on the parlay.

Same Game Parlay Insurance

The PointsBet same game offer asks you to make a parlay on a single NFL game. This means you’ll have to get creative with your parlay, but you’re covered if you lose one of the legs.

How it works:

  • Opt-in to the promotion on PointsBet
  • Make a 3-leg parlay on a single NFL game
  • If one leg fails, you receive a refund in the form of a free bet
  • The maximum free bet refund amount is $25
  • The minimum total price for the parlay must be +100

The free bet refund arrives in your account the next day, and you cannot cash out this free bet on its own.

BetMGM

BetMGM has also offered parlay insurance in the past, but they don’t have any such promotions running currently. We expect BetMGM will offer this bonus again in the future.

Their previous promotions offered up to $25 in site credit for losing one leg on a 5-leg parlay.

Check in with BetMGM to see if they have a parlay insurance offer on the go.

Is Parlay Insurance a Good Idea?

Even though parlays are some of the riskiest wagers in sports betting, parlay insurance helps settle the volatility.

The value of parlay insurance can differ between sportsbooks, but if you have the option to secure one leg of your parlay, then you should absolutely go for it.

Don’t feel like you have to suddenly start making parlays if you’re not comfortable with them. Parlay insurance is good, but it doesn’t cover all the risk in making a parlay.

The nice thing with parlays is you don’t have to wager a lot of money to earn a big payout. A $25 refund might not seem like a lot, but when it comes to parlays, that’s actually a pretty big bet.

You won’t regret having insurance if you like making parlays. In fact, the safety net might coax you into making a bet that results in a huge payday.

Parlay Insurance FAQs

What is parlay insurance?

Parlay insurance covers one leg of your parlay. If you lose the parlay by just one leg, you get a refund, usually of up to $25.

Who offers parlay insurance?

Sportsbooks like FanDuel, DraftKings, PointsBet, and BetMGM are all known to offer parlay insurance. Check with your favorite sportsbook to see if they have this kind of promotion running.

Should I use parlay insurance?

Yes, you should use parlay insurance if you like making these kinds of bets. Parlays are risky even with insurance, but it’s a great resource for giving you peace of mind when you submit that bet slip.

Everything You Need to Know About Parlays

Even the sharpest of bettors feel a little bit nervous when they make a parlay, but that doesn’t mean they go in blind on these types of wagers.

Check out our comprehensive guide on parlays for everything you need to know about them.

Get in on the Action with Bonuses

Sportsbooks are always offering new bonuses to entice fans into betting on their favorite games.

See our bonuses section for more information on all the latest promotions from top sports betting sites.

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