Parlay Insurance
Or Parlay insurance, offering the stake of the parlay wager back as a free bet if one selection in the parlay is a loser. Parlay Insurance. Hopefully, we will soon have the option of Parlay Insurance. FanDuel is now offering Parlay Insurance throughout 2019, but before going out and buying in, be sure to read this article first to get the details. $20 NFL Parlay Insurance: Offer valid only in Iowa and Colorado through January 10th, 2021. Only available to online ELITE Sportsbook customers. Only available on your first real money parlay. If you are looking to get some insurance on the same game parlay, you can combine three or more wagers within one game to make it a parlay. There are a few rules to follow.
This came across my computer screen today – the scam that is Buy One Get One Free – you know, BOGO! Here is the article I’m referring to – https://thehustle.co/are-buy-one-get-one-free-deals-worth-it/. Most people fall for this kind of thing because they are suckers. They don’t know the true price of an item, but think this deal has just got to be bought, because they’re getting something they think is “free.” I have often said if I put up a sign that says Free Punch In The Mouth I will have a long line of people demanding one!
I see it every day in Las Vegas, NV. The “free” stuff casinos “giveaway” to get the sheep in the doors. Some of this is insidious and maybe you don’t see it coming. But the vast majority of this is simply bold and effective marketing. Probably the “free” deal we are all most familiar with, and likely the most effective, is the free drinks while gambling promotion.
Free! Not even close! Let’s say “complimentary.”
I have tried to forget the number of “free” drinks I’ve waited for while I lost $20, $50 or $100 at a blackjack table. But don’t worry, blackjack has been very good to me over the years.
My daily stroll through the day’s casino or sportsbook of choice gives me the unique ability to see what “free” stuff that casino is giving out on that particular day. Recently, I’ve seen crappy picture frames, ill-fitting T-shirts, bottles of cheap booze and, most recently, boxes of chocolates distributed on Valentine’s Day. I have yet to observe a single gambler stroll in to the slot club, get her “free” gift and stroll right back out. Nope, they all shuffle off to their games of choice. Just what good sheep do.
Understand, I am not ripping on the sheep. They are adults and I presume they know what they are doing. So, who am I to interfere or judge? I’m simply observing the nature of the Great American Wild-Eyed Gambler in its natural habitat.
Which brings me to this… FanDuel, which operates a sportsbook or two in New Jersey is offering Parlay Insurance! Yes, you heard that right. Insurance for your parlays and here is how it works – https://myaccount.fanduel.com/casino/betfair/promotions-sportsbook/promos/multi-sport-parlay-insurance.
Don’t spill your drink rushing out of the house to sign up just yet…
Let’s check the small print first because, as we all know, what the big print giveth, the small print taketh away – https://myaccountmobile.fanduel.com/casino/betfair/email-promotions-sportsbook/sportsbook-tcs/parlay-insurance-2019-tcs. This promotion runs from the middle of February, 2019, to December 31, 2019, so for the rest of the year 2019. They call this the “Promotion Period.” This is important.
So, you gotta sign up for a sportsbook account. I figured that. But you cannot bet big moneyline favorites, capping favorites at -200. You opened up your account, now they can track you and your bets. And how you bet. And your winnings and losses. Next, we find that they don’t rebate the “insurance” in cash, like filing a claim against your insurance if you wreck your car. No they issue a credit into your sportsbook account. You cannot cash out this credit. Which means you have to bet the “insurance” money back at the book. Then the small print tells us …the Promotion Bonus will be credited to your Sportsbook Account within seventy two (72) hours of the completion of the Promotion Period. Remember the Promotion Period? It ends December 31,2019. So, according to the strict rules of golf, you gotta wait to get your insurance payout until early January, 2020. And it’s not a payout. It’s a play money credit you can only use to make more bets!
This isn’t sounding like a very good deal to me…
I’m going to leave it at that. I was going to breakdown how the parlays they allow you to insure (bet) are bad bets, mathematically, but if you join this Promotion, you deserve what you get…and that will not be an insurance “settlement” at the end of the Promotion.
Toward the bottom of the linked page they provide this helpful information –
Gambling Problem? 1-800-GAMBLER.
Remember, a fool and his money are soon parted.
Cheers!
A parlay is a single sports wager that involves two or more bets combined into one. This can include point spreads, moneylines, totals, futures, or even prop bets, as long as the bets are on different games.
The allure of these bets has always been a larger payout than choosing a single team to win. But there’s more gamble to these types of wagers because every “leg” of the parlay needs to not lose in order to win. If one leg loses, the whole parlay loses.
The flexibility of a parlay bet also makes it attractive to gamblers. You can combine multiple sports into your parlay bet; for example, you can include the Cowboys from the NFL, the Celtics from the NBA and the Coyotes from the NHL into a single bet. If they all win, you win.
Test out the parlay calculator above and compare odds at different sportsbooks to see how it works!
Placing a parlay bet
There are two ways to place a parlay bet and both are quite simple. Bettors can either tell the ticket writer directly which teams and totals they’d like to bet on and how much they’d like to risk on the bet. Filling out a parlay card is the other option for placing this kind of bet. Once the card is filled in, the bettor simply needs to visit the sportsbook desk to place the bet.
Some mobile sports wagering apps offer both types of parlay bets.
Get the best parlay deal at online sportsbooks with Parlay Insurance here:
Winning a parlay
There are two instances when a parlay can be a winning bet. A parlay only wins if none of the sides, totals or moneylines selected is a loser. The parlay can still be a winner if a game is canceled or ends in a tie. The pay schedule will simply more down to the lesser payment. For example, the bettor will win if a baseball parlay for four teams has three winners and one game is canceled because of rain. The bet will only pay based on the schedule for three winners instead of four as originally planned. The bet is a loser if one pick for a parlay is wrong.
Parlay odds
Not all parlay payouts are the same. Sportsbooks may have different odds for the number of teams bet in a parlay. This can be very confusing when looking at online sports that have different odds and payouts for the same parlay. Further, these odds may change at any time so bettors should check with the ticket writer in sportsbook before placing a parlay.
Parlay payouts
Payouts for a parlay are fixed by the time the bet is placed. Even if the lines and odds for an individual game move, the parlay lines and odds won’t change from when the parlay bet was placed. The parlay bet won’t be changed whether the lines change for or against the bettor.
If the lines change for a game, or games, in the favor of the bettor another parlay may be bet with the new line. The original bet cannot be changed and the bet will stand. The good news is that the bettor has two live parlay bets.
Types of parlays
A parlay is a type of sports bet and there are different variations of this kind of wager. The most common types of parlays are Round Robin parlays and Teasers.
Round Robin
A Round Robin bet is placing multiple parlay wagers at once. It’s just that simple. Round Robin bets are just a way to simplify making multiple parlays. When a bettor “Round Robin’s” teams in sports betting it’s similar to a horse bettor “boxing” horses for an exacta or trifecta bet in a race.
The bettor will select anywhere from 3 to 8 teams or totals to be in the Round Robin. They will then choose how many teams or totals they’d like to tie together for the Round Robin. For example, a bettor may select eight teams and totals for a Round Robin and tie the parlays to as many three-team combinations as possible.
The combination of teams will dictate how many different parlays the bettor has. Continuing the example, if a bettor wants to Round Robin eight teams they will have 28 different parlays if they choose two teams. If the bettor chooses to make three-team parlays they will have 56 different parlay tickets.
The ticket will cost the amount chosen for each parlay. If the bettor only has $300 they might choose to Round Robin the teams by two, so they have 28 different parlays for $10 each. The payout for each winning parlay is the same as it would be if the parlay bets were each made individually.
Teaser
A teaser is similar to a traditional parlay where the bettor can select multiple teams or totals. However, there are no moneylines allowed with a teaser. Unlike a parlay, the bettor may move each point spread or total plus or minus a certain number of points. The additional points on the spread or total make these bets easier to win and thus they pay less than a traditional parlay.
Teaser bets can change the point spreads or totals anywhere from six to 10 points. However, each leg of the teaser must use the same number of points. Those legs of the teaser may go in different directions.
- For example, the New England Patriots -7 can be teased down six points to -1. Meanwhile, the Cleveland Browns can be teased up six points from +4 to +10 points.
Much like a traditional parlay, the more teams involved with a teaser the better the payoff. Again, different sportsbooks have different odds and rules so they might have different payouts and teaser options available to bet.
Parlay Cards
Parlay Insurance Fanduel Reddit
The more popular way to bet parlays in casinos today seems to be with a Parlay Card. These are the long narrow cards where bettors fill in the numbered circle of the side or point spread they want to include in their bet. Once the teams and totals are chosen the bettor simply presents the filled in portion on the card to the ticket writer in the sportsbook along with how much they’d like to wager.
Parlay Insurance Fanduel
Parlay Cards are especially popular during football season. There are many different types of Parlay Cards including a variety of teasers, ties win and reverse teaser cards known as pleasers. These are more popular every year so the mobile sports wagering apps have started to add Parlay Cards for mobile bettors.