Insuring a bet is possible too, a good news for the punters who lose a lot of money while betting on sports! The insurance betting system is available but becomes active only when the punters opt-in. In insurance betting, the punters get a partial refund of the money when they are at the verge of winning a bet but suffer a setback due to a leg falling out of their favor. Let’s explore what the various types of insurance in betting are and how these work.
Types of betting insurance
Betting is full of risk and so is our life. Just like we take insurance cover for our lives, we can take insurance on betting too. So, the punters betting on events like NHL, NFL or basketball games can opt-in for betting insurance and get some part of their money back when they are winning the major part of their bet. It happens when the punters are combining a number of bets together.
There are a number of betting insurance offers available for the bettors. Some of the important ones are:
- Overtime insurance
Overtime is a matter of common occurrence in various sports, most important being Football, Hockey and Basketball. When you have backed a side in a bet, and it loses the match in the overtime, the sportsbook may refund a part of stake as agreed upon in the insurance term. The sportsbooks promote this offer in advance so that more punters avail this opportunity and add their contribution to bet. How much will be refunded is also mentioned in the advertisement.
The overtime insurance is not applicable to bonus bets or the bets having boosted odds. One of the examples of overtime insurance is an offer on Saturday-Sunday NHL Moneyline bets, where the offer was refund of $25.
The overtime insurance is a regular feature at NHL and NBA kind of tournaments.
- Third quarter insurance
In many matches, the upsets take place at the nearing of the whistle time. So, the bookmakers refund a pre-set amount to the bettors when their side dominates the match for three-fourth part of the total time. They announce in advance the amount they will credit back to the betting account. So, even if the team loses the match, the due recognition is given to the punter for the team’s strong performance in major part of the match and money is refunded. It is one of the advertising tactics that help bookmakers attract good participation from the punters.
- Scoring Insurance
This insurance is mostly for high scoring sports like basketball. In a typical 110+ score moneyline bet, the punter will receive a refund in some form when the side he backs scores the points predicted but loses the game. So, if the team has scored 110+ points, but loses the match, the sportsbook can offer a refund of a pre-fixed amount.
Similarly, if a team puts up a no-run-first-inning show, but makes a comeback in the second half, the half-time bet amount can be offered as a refund to the punters who back it.
- Parlay Insurance
Parlay bet is the one where the punters club multiple bets and bet in different legs. At online sportsbook, it is possible to bet on different games simultaneously. So, if one of the minimum five legs end in a loss, the punter can cover the situation by opting in for parlay insurance and get the money back. Usually, this insurance is applicable on bets where legs are quite numerous.
Some sportsbook offers moneyback on bets with three legs and more too. This offer is made through promotional schemes and intimated to the punters through proper channel.
The parlay insurance can be a cash back insurance too. Several bookies roll out ‘first bet on us’ offer, which is a full cash-back offer. So, if your parlay bet is the first bet and you have opted for the ‘first bet on us’ scheme, your full bet amount is refunded as site credit if you lose, as per the conditions mentioned in the cash-back offer. Another variation of this offer is the first bet free offer. In this offer, the bet amount is refunded but only for wagering on the next bet. Thus, you will get the refund but it will be made available only for indulging further in the betting activity.
Does insured bet provide back the cash?
The insured bet seekers get the relief in the form of site credit when they opt for this offer. Thus, what they are offered in the insurance betting system is not the hard cash, but the credit in the betting account. It allows the punters to stay in the game, try betting once again if the first attempt ends in a loss and earn money on winning.
Also, insured bets only offer a part of the bet as refund. So, if the refund offer is $25, then you need to read terms and conditions to find how much the initial bet amount required is. It is how you can benefit from the insurance betting offer and procure chances to try winning at sports bets.
The insurance betting is nothing but a promotional offer made to the punters to attract more investment from them. It is just like the bonus offers with different terms and conditions. All punters must find out about the same and avail opt-in to get hold of this opportunity.
Conclusion Betting is risky and can go haywire if you have not understood the terms and conditions pertaining to several promotions offers available around. The insurance betting is one such system where the punters need to opt-in to avail the cash back offer which is provided in the form of free credit. If you want to go for risky bets like parlay bets, it is advisable to take tips from soccertipsters.net and cover the bet further with the insurance betting offer. It allows you to manage your bankroll well and have more funds available for putting on the bets. NHL, NBA, NFL and horse racing are some of the events where the concept of insurance betting is talked about the most.