What is Parlay Insurance?
Parlays are one of the most popular ways to bet in sports today. Essentially, a parlay wager is multiple bets grouped into a single one. For example, instead of choosing the New York Jets to win on a particular Sunday, you might choose the Jets, the Jacksonville Jaguars, the Tampa Bay Buccaneers, the Baltimore Ravens and the Denver Broncos all to win.
This means you need all five teams to indeed win – or one could also wager on all three to cover the point spread -- in order to win your bet, and if a single team loses than you lose your bet. This does increase your chance of losing a bet, but it comes with a much higher reward when you do win. This is a popular way to bet because it requires a smaller initial bet to win big.
The more bets you include in your parlay the higher your reward is when you win.
This is where Parlay Insurance comes in.
Some Sportsbooks offer Parlay Insurance offers that enable you to get your stake back if your bet loses by one leg. So in the example above, if the Jets, Jaguars, Buccaneers and Ravens all win but the Broncos lose, if you have Parlay Insurance then the Sportsbook will refund your account with your stake money.
It is a simple premise but one that is becoming increasingly popular for Sports bettors across the world.
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