What Is Parlay Insurance in Sports Betting?

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BetMGM Insurance Parlay
BetMGM @BETMGM Dec 12, 2022, 10:10 AM

Parlays are a unique way to add more excitement and bigger potential payouts to your online sports betting experience. And at BetMGM, when your parlay doesn’t hit, there are oftentimes ways to recoup all or some of your losses with parlay insurance.

What Is Parlay Insurance?

Parlay insurance protects against some (or all) of your losses by returning your stake in the form of Free Bets for the online sportsbook.

BetMGM’s most common type of parlay insurance is One Game Parlay Insurance. Here’s how it works:

Perhaps you wagered $25 on a four-leg NFL parlay with the following bets:

  • Chiefs moneyline: -300
  • Eagles moneyline: -250
  • Ravens vs. Steelers: Over 37.5 (-110)
  • Aaron Jones rushing yards: Over 68.5 (-110)

If all four legs hit, you’d win $170.09, a profit of $145.09 on just $25.

But, with a One Game Parlay Insurance that returns your stake up to $25, even if one leg misses, your entire stake is refunded (in Free Bets). Without the insurance, you wouldn’t receive anything if one leg missed.

How to Use a Free Bet

If you earn a Free Bet from One Game Parlay Insurance or another BetMGM promotion, you’ll see the Free Bet balance in your account.

You could, for example, use the $25 on an NFL moneyline bet, NBA prop bet, NHL parlay, or other odds. Or you could use a partial amount – e.g., $5 – on an NFL prop bet for Patrick Mahomes passing yards and the remaining amount ($20) one week later on a Boston Bruins moneyline bet.

Log in to your BetMGM account – or sign up for a new account and take advantage of welcome offers – to view all available promotions, Free Bet balance, updated odds, and more.

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