NHL Parlay Insurance – Is FanDuel’s NHL Parlay Insurance a Good Promo?

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OddsJam StaffJune 1, 2022, 10:26 AM

What is NHL Parlay Insurance? 

One of the most gut-wrenching things that can happen to a hockey bettor is they place a great parlay, only to lose by just one leg. So close to that huge payout only to be left with nothing. Well, luckily there are some sportsbooks that offer NHL parlay insurance. 

The specific terms will vary from book to book, but the general sentiment of parlay insurance is that you will get a refund – typically up to $25 – if your parlay loses. 

How Does NHL Parlay Insurance Work? 

Parlays are popular bets to place because of the high payouts associated with them, but they are also risky. All it takes is one bet to lose and your entire parlay is up in flames. So, because of this, sportsbooks will offer parlay insurance. Basically, sportsbooks will try to incentivize users to place parlays by offering them parlay insurance and inherently minimize the users risk.

Again, the specific terms are going to be different for each book, but here is the process of how they generally work:

  • Place a parlay of 4+ legs (sometimes the minimum will be 3 or 5 legs depending on the book)
  • Odds of each individual leg must be no worse than -200 (so +100, +150, -150 would all be fair game)
  • If all legs hit except one, you will get a refund up to $25 in site credit.

That last bullet point is the most important one to note. The parlay insurance only gives you a refund if only one leg loses, and almost always only up to $25. So, if you place a 4-leg parlay and two of them lose then you would not be eligible for a refund. Or if you place $50 and one leg loses then you would only get $25 in site credit or free bets

It is also important to read all the terms before placing your bet. On some books same game parlays won’t be allowed, and only cash bets will be eligible. So, you can’t use a free bet or site credit and have the parlay insurance apply.

Is NHL Parlay Insurance a Good/Profitable Promo?

Yes! Absolutely. We love the NHL parlay insurance. 

It can definitely be profitable, but only if used correctly. Below we will detail strategies for how to use this promo.

Strategies for betting NHL parlay insurance

Of course, with any type of promotion, there are going to be strategies involved to best take advantage of them. 

Don’t Go Crazy With it

Even with getting the insurance, the parlay should still be bet within moderation. Meaning, you shouldn’t start placing 10-15 leg parlays with the insurance. Naturally, the more legs you add to the parlay, the less chance you have of only one leg missing, and even less chance of the actual parlay hitting. 

So, with that said, the best practice here in terms of number of legs is to add the number of legs necessary to meet the minimum requirement. So, if the sportsbook requires a 4+ leg parlay, then only place 4 legs. You’d be surprised how far a $25 4 leg parlay can get you in terms of odds. 

Bet the Maximum Amount Refunded

It is also a best practice to not bet above the amount that sportsbooks will refund you. If the book refunds up to $25, then bet $25. If you bet over or under that amount then you are lowering the value of the promotion. 

Pay Attention to the Minimum Odds Requirement

This is probably the most important strategy in terms of actually getting a parlay to win or not. If there is no requirement on minimum odds, then the best strategy one could do is to parlay moneyline favorites. 

Of course, with 82 regular season games there are going to be plenty of upsets, so the key here is to find favorites that have positive expected value associated with their moneyline odds. 

If the book you are using does have a minimum odds requirement, then finding positive EV bets is even more valuable. This is where we highly recommend using the OddsJam Positive EV betting tool to find 3-5 NHL bets that are Positive EV, and use those to build your parlay. 

What Sportsbooks Offer NHL Parlay Insurance

The most popular one is FanDuel Sportsbook. The terms of their NHL parlay insurance is similar to what was detailed above, with the major difference being they require 5 legs minimum. Everything else is the same (odds no worse than -200, up to $25), and they do not allow it on same game parlays. 

BetMGM also offers NHL parlay insurance, but theirs is a little different. They only offer insurance on one-game parlays, unlike FanDuel. A one-game parlay is the same thing as a same game parlay. BetMGM also does not have any minimum odds requirements. The only requirement they have is 4-legs minimum.

Check out our guide for UFC parlay insurance, teaser, and NHL prop betting!