Bet Insurance

[Alphakilo]

Hello, I wanted to start a conversation about an alternative to the cash-out options which has generated a lot of discussion lately in the forum. I know there are many other alternatives but this one stood out for me because it's like my first time of hearing about it - bet insurance.

To put it briefly,
"Bet-insurance is a betting functionality that allows players to insure their bets and receive payouts if they lose."

I have not had any experience with it but I’m curious about what you all think. Have you used bet insurance before? How did it change your betting experience?

Also, would you pick bet insurance over the cash-out option? Why or why not?

[Charles-Tim]

Is there any gambling sites that are doing this? You make use of search engine or AI like Chat GPT for it? I have not seen any gambling site that has this.

If there is any gambling sites that has it, be careful for it not to be a scam
 
If a legit gambling site has it, just know that your money stays in the house as the house will earn it from you. Everything proposed by gambling sites are proposed to continuing making money from their customers.

Or you mean normal insurance? There is nothing like that.

[Odohu]

Just hearing about this for the first time and if there is such features, it will be a good addition to the betting business. I will check out more information on that to see if it is anything  feasible and helpful to incorporate into my betting for optimal returns, although I don't think the bookies will add anything that will completely remove the risk in gambling. That will be counter productive to their business because they are rewarded by the risk inherent in gambling.

[Odusko]

There is something like that in some sports bookies, their call it cut one or cut two, this is a feature that allows you to get paid for the games you win from your bet slips, the conditions of such betting approach is that you have to select multiple games on the ticket to qualify to get that cut one offer, what the bookies does is that you get the games you lost deducted from the winning one and then give you your pay out, so regardless wether you win or lose your money at least is assured to return just that it could not be in full since probability is there you lose one or two games in the slip.

[Upgrade00]

Different websites have their own version of this.
In Sportsbet.io, if you bet on over 5 games of 1.5 odds each, you can apply nult insurance which will give you your stake back if the game is lost by just a single selection. There is a variance of this on other websites.

What op is talking about is not exactly popular with typical gambling websites, it may be more popular on prediction markets and is confusing for the players to understand. You are better off regulating your stake amount to keep it below a reasonable limit so you won't have to insure an amount of it.

[Shadiq]

I have never heard or seen anything like this before. The link you shared may be just a scheme. But I think such a scheme is part of a scam, is it even possible in reality? What profit does the casino make if you lose the money you bet and get it back? Or I think it is against the rules of betting.

The rules of betting are that you bet with the money you use, you either lose it all or you make a lot of money. But betting insurance looks a little different. I don't think it is realistic. If any casino does something like this, be careful and try to avoid betting insurance.

[robelneo]

To put it briefly,
"Bet-insurance is a betting functionality that allows players to insure their bets and receive payouts if they lose."

This is something new so far; none of the members who dropped by here are aware of it. Checking the link you provided, it did not give an example of a casino that’s currently employing this method.
It's music to every gambler’s ear if they can do this, who would not want to receive their payout even if they lose, I think it's worth exploring this concept.

[lionheart78]

I believe this is popular on parlay bet because in parlay it is harder to win all the games, but I read that the refund method is somehow an issue due to restrictions and requirements.  Anyway, I think this is much better than having no insurance at all, since normally if one loses 1 match of 5, they won't get any and here is where bet insurance does its work by refunding part of the bet amount.

[Odusko]

I believe this is popular on parlay bet because in parlay it is harder to win all the games, but I read that the refund method is somehow an issue due to restrictions and requirements.  Anyway, I think this is much better than having no insurance at all, since normally if one loses 1 match of 5, they won't get any and here is where bet insurance does its work by refunding part of the bet amount.

With the refund one can at least take another bet without bordering to Make another deposits, so it still pays off a lot with that in place, but insurance mechanism that are approved are hard to see any casino that give such a feature, just as I mentioned in the above comments, you can still get a cash back in someways, because those cash back can come in form of rewards for your winnings games on the bet slips, or what cryptocurrency casinos offers as cash back on your total wagered.

[BitMaxz]

It looks interesting. Bet insurance—it seems this is the solution for those who are afraid to bet huge amounts. What do you think?
If there's a casino here we promote offers. Bet insurance: if you bet $100, they are going to pay you back $100 if you lose but the insurance will be decline if you win.

But according to the link above how it works, the Bet insurance looks the same as cashback the casino will only pay the percentage of a bet amount you bet in a parlay.

So there's no difference between this bet insurance and cashback. They just make us confused.

[boyptc]

I have not used any of it but that sounds good if you're going to bet with huge amounts. You'll have a guaranteed insurance if ever you lose.

But there should be the catch on this and it's not what we actually think how easy it is to claim that. Maybe you'll not get the entire lost amount you did.

Though, at least you still get a portion of it and maybe 80% of it depending on how much is the insurance and how much you're insured.

[Slow death]

This is the first time I've heard of such a thing. I've used some crypto casinos and I confess I've never seen such an option. I don't know if this is activated in each person's account settings or not, but I believe this would make casinos have to configure a lot of things. I even think it's a waste of time for any casino to implement this, since gambling is a form of entertainment.

When the money is in the casino, it's because the person already knows that the chances of losing everything are high, and the person shouldn't complain because they lost. With this feature, even people who lose will use the insurance money to continue playing and will lose. That's why I think it's unnecessary for casinos to put such a feature in place.

[acroman08]

I haven't heard of "bet insurance", and reading the source you shared, it seemed like it is a lot more complicated than the cashout feature sportbooks usually have. Also, I feel like "bet insurance" might be tempting to sportsbettors who want to hit a big payout, since if they lose, they get their initial stake back. That being said, I am curious about the "parameters" because it seems like you can only claim the "bet insurance" if you meet certain conditions.

[Smartvirus]

It’s not entirely new to me, I think I’ve seen this from a time while I did prioritize my local bet site gambling. If I get the time, I might look up on what site it was and hint on it but, it sure didn’t seem like a good option for me. I never at any point used it because, it didn’t seem very fair to me, it did work on the principle of a cut 1 or 2 where, on an accumulation bet, you have a designated number of games which you would pick from and should your predictions be lost by those number of games, you still get some fraction of the possible wins back. I didn’t like it and never used it as the fractions were always of no significance.

[salad daging]

I have not had any experience with it but I’m curious about what you all think. Have you used bet insurance before? How did it change your betting experience?

This is the first time I've heard of betting insurance, so how do you insure a bet? It seems a bit unfamiliar, and it seems that casinos, which are often used for betting, don't offer betting insurance options.

I've been gambling for years and have never heard of this, let alone used it, so I'm still a bit confused about it.

Also, would you pick bet insurance over the cash-out option? Why or why not?

I'm more familiar with the cash-out feature than betting insurance, but once I understand it, I might give it a try.

[stadus]

A lot of features are being added to gambling platforms now that aren’t really necessary. Bet insurance, for example, doesn’t seem like it belongs in gambling. We’re gambling, so we should already expect only two outcomes, either a win or a loss. Bet insurance is like getting something back if you lose, almost like a bonus, but in reality, we still lose in the long run.

It’s basically just decoration in my opinion. The main thing in sports betting is simply whether you win or lose. It’s better to focus on improving our skills instead of relying on these kinds of promos that only make us forget our main goal, which is to win consistently.

[Agbamoni]

I am wondering which casino will give a bet insurance as an offer to gamblers. This is weird, 100% they will surely run out of the business if they do this.

I will keep an eye on this thread, and read every comments through because I definitely want to know which casino can make that offers and how they were able to do so. I would also love to know how they profit in running the business that way.

[Hispo]

Hello, I wanted to start a conversation about an alternative to the cash-out options which has generated a lot of discussion lately in the forum. I know there are many other alternatives but this one stood out for me because it's like my first time of hearing about it - bet insurance.

To put it briefly,
"Bet-insurance is a betting functionality that allows players to insure their bets and receive payouts if they lose."

I have not had any experience with it but I’m curious about what you all think. Have you used bet insurance before? How did it change your betting experience?

Also, would you pick bet insurance over the cash-out option? Why or why not?

There have been some discussion here in the forum about gambling and betting insurance and I have personally pointed out that it is rather a market which does not make much sense, because the whole point of gambling and betting is taking risks, which would be deemed unnecessary risks by a insurance agency or company.
You need to remember that the whole point of insurances and a way to make business is having clients while have enough money and liquidity to pay for their coverage and at the same time to stay away from risks. If a person is in risk, then the cost of coverage skyrockets.

Insurances hate risk, and they prefer not to deal with people taking it, also there are more people who statistically lose money to casinos than winners, so if the house always wins, the insurance would always lose.

[Davidvictorson]

I am wondering which casino will give a bet insurance as an offer to gamblers. This is weird, 100% they will surely run out of the business if they do this.

I will keep an eye on this thread, and read every comments through because I definitely want to know which casino can make that offers and how they were able to do so. I would also love to know how they profit in running the business that way.

Yes, it is an offer that most gamblers will jump on if that was happening. If at all it happened it would have been when the gambling industry was will coming up and were looking to attract more customers. It is possible that it has been fazed off because it would be a loss on their end and whatever "insurance" company that supports this because i am trying to think of what the return on investment will be for the casino.

[Darker45]

Other than the insurance I sometimes take in a blackjack game, I cannot remember taking advantage of the same.

However, it's indeed a possible feature offered by some gambling sites. Reading other responses, it's indeed offered. But I don't think it's necessary. You're gambling. You're taking risks. You're better off doing something else other than gambling if you're thinking of making sure your money is safe.

To be fair, in a parlay, for example, that has more than 5 legs, it may seem reasonable to insure your bet considering the high losing probability.