Globally, the sports betting industry is intensely competitive. The rising online sportsbook and mobile betting further increase the high competition levels. To cope with this cut-throat competition, sports betting sites must develop innovative and creative strategies for attracting new customers and retaining existing ones. When the industry fails to embrace new approaches to sports betting, there will undoubtedly be a flight of customers to sports betting platforms offering compelling and bettor-centered services. Sports betting insurance is one of the modern ways sports betting sites and apps use to entice bettors.
What is Betting Insurance?
A betting insurance offer allows bettors to safeguard their wagers at a small premium. To some extent, it is referred as a risk-free bet as it will enable you to recoup your insured part of the bet if even it results in a loss. Betting insurance is a paid-for service whose cost is dependent on the prevailing betting market odds of the event insured.
Betting insurance offers are increasingly becoming a common feature in the major sportsbooks. For instance, On Draftkings sportsbook or Betrivers, you will come across numerous betting insurance promo codes that can potentially insulate your bet in the event of last-minute scenarios that affect the match outcome. Below, we take a deep swipe into these different types and their benefits to bettors.
Accumulator/ ACCA Insurance
Accumulators are some of the popular betting options among experienced bettors. However, to new users, accumulator bets might be hard to start with. Essentially, an accumulator is a multiple bet with three, four, or more selections. The sportsbook aggregates the odds into a single multiplier when you place a multiple bet. Theoretically, an accumulator allows you to place an unlimited number of selections and win an unlimited amount even from a relatively small stake. Nonetheless, the odds of winning a multiple bet are minimal. The ACCA insurance exists to minimize the likely losses in a multiple bet.
For instance, suppose that you have placed a 10-leg accumulator on your favorite college basketball teams. Nine out of ten teams post results reflecting your predictions. It could be very disappointing to lose the entire bet when just a single team messes it. ACCA sports bets insurance insulates you from scenarios where your bet slip selections lose because of a single leg. Under this insurance, your sportsbook account may get a reimbursement in a free bet or cash as per the betting site’s terms.
William Hill sportsbook offers an ideal ACCA insurance offer. Accumulators with at least five selections get back their stakes of up to £70 if just one leg results in a loss. BetMGM sportsbook also offers impressive ACCA insurance where accumulators with at least four teams receive a cashback of up to $25 should one leg fail you.
First Bet Insurance
First, bet insurance is a form of welcome bonus that sports bettors can leverage to cover themselves in case of losing their first bets. Bookmakers are also adopting this insurance to hook new players. For example, The Caesars sportsbook promo code ‘LEGALCZR’ qualifies you for the insurance. As per this site’s conditions, first-time bettors need to place a wager of up to $1,100 and get it back in the form of a free bet if the bet loses. Besides, we noted that Caesars sportsbook promo codes do not end with the welcome offer insurance. The site offers the exclusive risk-free same game parlay insurance in which NFL gambling enthusiasts who unluckily lose a 3-leg parlay on specified NFL games get their stakes back up to $25.
BetMGM also offers similar first deposit insurance to new customers. Through its exclusive promo code ‘BOOKIES’ you get a risk-free bet equal to the amount wagered if the bet loses. However, the bookmaker caps its risk-free bet reward at $1000. For New York BetMGM bettors, we noted the special promo code: BOOKIESNY.
90+ Minute Sports Betting Insurance
This insurance is also referred to as Injury Time Insurance. It is common among football-betting fans. In this betting insurance, you will get back your money if the game extends to injury or extra time and your bet loses. The insurance allows you to remain calm in the dying minutes of the game. While injury time insurance is common in soccer matches, check your compliance as t&Cs apply. In most cases, you will find, for instance, that this insurance is only applicable to pre-game betting, thus disqualifying live betting.
No Score Insurance
In this type of sports betting insurance, the bettor gets back his stake if the full-time match or at half-time results in a goalless draw. The no score insurance is used in conjunction with the bets involving the final score, half-time score, or score cast.
Pointsbet is an ideal sports betting website and mobile app where you can enjoy no insurance on numerous sporting events, including the march madness tournament and super bowl matches. Available in states like New Jersey, Pennsylvania, Indiana, Iowa, and West Virginia, the Pointsbet sportsbook app for iOS or Android allows you to predict no-score half-time or full-time results in duels pitting teams like Texas Tech and Duel and get back an amount equal to your stake up to specified maximum. Additionally, Pointsbets has friendly playthrough requirements for parlay bets. If you place bets via PayPal or any of the accepted payment methods by the bookmaker, you will get back $25 if only one leg fails in an accumulator bet featuring at least four teams.
Other Sports Betting Insurance Offers
Whether on online or offline platforms, the sports betting market is replete with sportsbook bonus offers that take the form of insurance. For example, the first goalscorer insurance is gaining popularity among mobile sports bettors. In this insurance, you get back a certain percentage of your bet if the predicted first goalscorer does not find the net. Some legal sports betting sites can even stretch further to give back your bet amount if the player scores later in the game. As we advance, some sites also specialize in offering win-draw-win insurance and the next goalscorer insurances.
Conclusively, sports betting insurance is becoming a norm among bookmakers. There is a migration from the fixed traditional sign-up bonuses to new approaches where new bettors do not have to worry about sports wagering terms as insurance is available to insulate them against losses. If you are prospecting online betting, you can freely get your new account from reputable bookmakers like William Hill or BetMGM and leverage the broad range of insurance options.