What Is Parlay Insurance on DraftKings Sportsbook? :You’ve probably heard about DraftKings sportsbook and how you can win big by betting on your favorite sports. But have you heard about parlay insurance? This feature allows you to get your money back if one leg of your parlay bet loses. It’s a way for DraftKings to give casual bettors a chance at the huge payouts that parlays offer without as much risk.
If you’re new to sports betting or just enjoy the thrill of a big win, parlay insurance is worth checking out. Keep reading to learn exactly how it works, which sports it applies to, how much you can get back, and how to take advantage of this exciting DraftKings promotion. By the end, you’ll know if parlay insurance is right for your betting style and how to use it to maximize your chances of a big score.
What Is Parlay Insurance on DraftKings Sportsbook?
Parlay insurance on DraftKings Sportsbook is a lifesaver for bettors. It gives you a safety net in case one leg of your parlay bet loses. ###How Does It Work?
When you place a 4+ leg parlay wager, DraftKings will insure it for up to $25. If only one leg ends up losing, they’ll refund your bet. So if you bet $10 on a 5-team parlay and 4 teams win but one loses, you get your $10 back as a free bet.
- The more teams in your parlay, the higher the insurance amount. 6-7 legs gets you $50, 8+ legs qualifies for the full $100 insurance.
- The insurance only applies to moneyline bets, spreads, and totals. Props, futures, and live bets aren’t eligible.
- If two or more legs lose, you won’t receive any insurance. It’s all or nothing.
- You’ll get your refund in the form of a free bet within 24 hours of your parlay settling. Free bets must be used within 7 days.
- Only one parlay insurance refund per week is allowed. So choose your parlay wisely!
Parlay insurance takes some of the risk out of those big parlays and gives you a chance to win big without losing your entire stake. If you frequently bet 4+ team parlays, it’s a very valuable perk offered by DraftKings. Between the insurance and their daily odds boosts, they’re one of the most parlay-friendly sportsbooks out there.
How Does Parlay Insurance Work on DraftKings?
So how exactly does parlay insurance work on DraftKings? It’s pretty straightforward. ###
When you place a parlay bet on DraftKings, you have the option to purchase parlay insurance for a small additional cost. If one leg of your parlay loses, your parlay insurance will refund you the amount you wagered on that specific leg.
For example, say you bet $10 on a 4-leg parlay at +800 odds to win $80 total. You decide to get parlay insurance for $2 per leg, costing you $8 total. If one leg loses but the other three win, DraftKings will refund you the $10 you wagered on that losing leg. So instead of losing the full $10, you only end up down $8 for the insurance. Not too shabby!
A few things to keep in mind:
- Parlay insurance is offered on parlays with 4 to 10 legs. The more legs, the higher the insurance cost per leg.
- You must purchase parlay insurance when you first place your parlay bet. You can’t add it on later.
- Parlay insurance only covers one losing leg. If two or more legs lose, you’re out of luck.
- The parlay must have minimum odds of +200 or longer to be eligible for parlay insurance.
- You’ll receive your refund within 72 hours of your parlay settling. The refund comes in the form of a free bet, not cash.
While parlay insurance won’t save you from losing every time, it can take some of the sting out of a heartbreaker. For a few bucks, it’s worth the peace of mind on those bigger parlays. Give it a shot next time you’re feeling lucky!
What Happens if You Lose One Leg of Your Parlay Bet?
If you lose one leg of your parlay bet, the entire wager is lost. With regular parlays, there is no insurance or way to get your money back. But DraftKings Sportsbook offers parlay insurance promotions that can give you a chance to earn some of your money back if one pick loses.
Parlay Insurance Offers
DraftKings will frequently run special parlay insurance offers, especially for big events like NFL Sunday or major UFC fights. For example, they may offer parlay insurance up to $25 if only one leg of your 4+ leg parlay loses.
This means if you place a 4+ leg parlay wager for $25 or less and only one pick is wrong, DraftKings will refund your bet amount in the form of a free bet. Some offers may require a minimum odds for the losing leg of your parlay to qualify.
It’s a good idea to opt in to the parlay insurance promotion before placing your parlay wager. After the event starts, check if your parlay was covered by the insurance. If only one pick lost, the free bet amount should be listed under “Bonus Activity” on your “My Bets” page. You must use the free bet within a certain timeframe, usually 7 days. Free bets can be used on any market but cannot be withdrawn for cash.
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What Counts as a Loss?
For parlay insurance purposes, a loss typically means if any leg of your parlay results in a loss, push, void/cancelation, or is graded as “no action”.
So if one game is postponed or a player withdraws causing a leg to be voided, that would count as your one allowed loss for the parlay insurance. Legs with odds of -200 or shorter may not qualify for some parlay insurance offers. It’s best to read the full terms for each promotion to understand what is covered.
While parlay insurance won’t save a losing parlay, it at least gives you a chance to earn some money back to bet again. Be on the lookout for these special offers from DraftKings to take advantage of when building your parlays!
What Sports and Bet Types Are Eligible for Parlay Insurance?
When it comes to parlay insurance, not all sports and bet types on DraftKings Sportsbook are eligible. DraftKings wants to incentivize bets that are riskier, so they focus the parlay insurance on spreads, moneylines, and totals.
Spreads
Point spread bets, where you pick a team to cover the spread, are included. For example, if you pick the favorite to cover the 7-point spread but they only win by 3, you’d get your bet back.
Moneylines
Moneyline bets, where you pick an outright winner, also qualify for parlay insurance. Say you pick an underdog to win on the moneyline but they end up losing a close game, your moneyline bet would be refunded.
Totals
Over/under bets, also known as totals, are eligible too. If you bet the over on a total of 56 points but the game only has 53, you’d receive a refund on your over bet.
Unfortunately, the following bet types do not qualify for parlay insurance:
- Props: Player props, game props, team props, etc.
- Futures: Bets on season-long outcomes like conference champions, MVP, etc.
- Live bets: Any bets made after a game has started do not qualify.
- Teasers: Bets where you buy points to adjust the spread do not qualify.
While parlay insurance won’t refund every losing bet, it does provide bettors with a safety net for some of the most popular bet types. By incentivizing bettors to place riskier wagers on spreads, moneylines and totals, DraftKings aims to increase fan engagement and excitement.
If your parlay includes a mix of eligible and ineligible bet types, only the qualifying bets will be refunded. But any parlay with all qualifying bets is fully covered by the parlay insurance offer.
Tips for Using Parlay Insurance to Your Advantage
When using parlay insurance on DraftKings Sportsbook, keep these tips in mind to maximize your advantage:
Do your research
Before placing your parlay bet, do some digging on the teams and matchups. The more you know, the better your chances of picking winning legs. Check stats, injuries, head-to-head records, and recent performance. The small details can make a big difference.
Mix up sports and leagues
Don’t put all your eggs in one basket. Having a parlay with legs from different sports or leagues reduces the risk of one upset ruining your bet. If you’re betting big, diversity is key.
Include heavy favorites
While upsets do happen, heavy favorites are favored for a reason. Throwing in some major favorites as legs in your parlay boosts your chances of winning at least some of your bets. Just be sure not to make them the lynchpin of your parlay.
Consider alternative spreads
Rather than taking a favorite to win outright, consider an alternative spread. For example, take a favorite to cover -7.5 points instead of just winning. This increases their margin of victory and your chances of winning that leg. But again, don’t make this the only leg you’re counting on.
Use your insurance wisely
If one leg of your parlay loses, use your insurance to get some money back. But don’t just pick another heavy favorite—put in a leg you have high confidence in to make the most of your free bet. See it as an opportunity to win back your initial stake, not just settle for less of a loss.
With the right research and strategy, parlay insurance can work in your favor. Make smart picks, spread out your risk, and use your insurance bet wisely for the best chance at a big payout. If the sports betting gods are on your side, you’ll turn that free bet into a nice profit.
FAQS for parlay insurance draftkings
Parlay insurance helps protect your multi-leg parlays on DraftKings Sportsbook. Have you ever had a parlay where all but one leg wins? Parlay insurance gives you money back if only one leg of your parlay loses. Here are the most common questions about parlay insurance on DraftKings:
What types of parlays qualify for parlay insurance?
Most standard parlays with 4 to 10 legs are eligible for parlay insurance on DraftKings Sportsbook. Parlays with less or more legs typically do not qualify. Same game parlays (SGPs) and teasers also do not qualify for parlay insurance.
How much money can I get back with parlay insurance?
DraftKings will refund 25% of the parlay amount, up to $25. So if you bet $100 on a parlay, you can get $25 back. If your parlay was $50, you’ll get $12.50 back. The refund comes in the form of a free bet that must be used within 7 days.
Do I have to opt in to get parlay insurance?
No, parlay insurance is automatically applied to qualifying parlays on DraftKings Sportsbook. You do not need to opt in or sign up for any promotion. As long as your parlay meets the requirements, you will automatically receive the parlay insurance refund if only one leg loses.
What if more than one leg of my parlay loses?
Unfortunately, parlay insurance only applies if exactly one leg of your parlay loses. If two or more legs lose, you will not receive any refund or free bet. Parlay insurance strictly applies to parlays where all but one selection wins.
Can I get parlay insurance on parlays with correlated legs?
No, parlays that contain correlated legs, like two players from the same team scoring a touchdown, do not qualify for parlay insurance. DraftKings aims to only apply parlay insurance to parlays that have a reasonable chance of winning all legs. Correlated parlays do not meet this criteria.
Conclusion
So now you’ve got the scoop on parlay insurance on DraftKings Sportsbook. While parlays allow you to win big, they’re risky propositions since all legs have to hit. Parlay insurance gives you a chance at a consolation prize even if you fall one game short. If you plan on betting parlays, parlay insurance is a must-have.
Sign up, opt-in, and you’ll get money back in your account each week. Then take those winnings and bet them again. Who knows, with a little luck the next parlay might just hit it big. At the very least, parlay insurance cushions the blow when defeat is snatched from the jaws of victory. Place that parlays, cross your fingers, and enjoy the games. With parlay insurance, you’ve got a safety net and a chance to win either way.