Bet insurance is a promotional product where a sportsbook refunds your stake (usually as a bonus/site credit) if your bet loses under specific conditions.
Common Types
Profit Boost Insurance: If a boosted bet loses, you get site credit back.
Same-Game Parlay Insurance: If your SGP loses by one leg, you get a site credit refund up to a certain amount.
Moneyline Insurance: Bet a team moneyline; if they lose by a specific margin (e.g., by one run in baseball), you get your bet refunded.
First Bet Insurance: Popular with new user offers — your first bet is insured up to a certain amount.
The Key Difference: Cash vs. Bonus
Insurance refunds are almost always site credit or bonus bets, not cash. Bonus bets typically have 1x playthrough — you can win real money from them but can't withdraw the bonus itself.
A $100 first bet insurance refund isn't worth $100 — it's worth $55-75 depending on your ability to convert bonus bets to cash.
Converting Insurance Value
Place insurance-covered bets on single outcomes at favorable odds (+100 to +150 range). Higher-odds bets return more cash on winning bonus bets.
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