First, before we get started, you probably know that parlays are not usually the best way to bet on sports — especially for larger parlays — due to the value that you give up versus betting the parts of the parlay individually.
Still, parlays are a lot of fun and can be very exciting, especially as individual components of the parlay start hitting and the possibility of a big score is near. For this reason, many sports bettors occasionally enjoy the thrill even if they know its a bad bet.
How about parlays at DraftKings Online Sportsbook?
DraftKings, like most online sportsbooks, allow sports bettors to make parlay bets. It’s easy to do, you just click on the betting lines and they are added to your bet slip.
At the DraftKings online sportsbook, parlays are still not a good bet, but DraftKings does intice sports bettors with extra value in the form of “Parlay Insurance.” As is the case with many of DraftKings perks, Parlay Insurance isn’t limitless — they are limited to four refunds per day –but if are making a big parlay wager on DraftKings, you should consider DraftKings Parlay Insurance.
How does DraftKings Parlay Insurance work?
Sports bettors who place a 5 leg parlay or greater who opt-in to the offer through the DraftKings Online Sportsbook are eligible to get their bet back if the parlay comes close to hitting but falls just short.
You must opt-in to DK Parlay Insurance before making your bet and each component of the bet must have odds of -300 or greater (a -350 line would not be eligible) to be eligible for the offer.
Other requirements of DraftKings Parlay Insurance include:
- Add 5 or more components of your parlay and if just one part of the bet fails, you will get your bet back in the form of a free bet.
- You will receive a maximum of $25 refunded for each bet
- Sports bettors can receive a maximum of four refunds per day.
- In-event parlays, round robbins, teasers, cash out bets, free bets, voided bets and odds boosts are not eligible for DraftKings Parlay Insurance
- Free bet refunds are issued Monday through Friday