Bet Insurance

[GreatArkansas]

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.

Yeah, seems this is not good for business. But what I am thinking is insurance itself to the gambler, let's say if I will go bankrupt and totally devastated due to gambling, that's the time I can only use the insurance, it's like general gambling insurance not the bet like per game or per day.

[maydna]

It is my first time hearing about bet insurance. If it exists, I am not sure if a sports betting site will give you back all your losses. Perhaps just some percentage of your total bet in one bet. And if it exists, I want to try the feature but I need to be sure before I do.

I prefer cash out which means I can take my money back in a loss. If you lose, you also lose your money.

I searched for a while for bet insurance but could not find it. Perhaps that is available on sports betting based on fiat.

[tabas]

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.

Me either, I am confused of how it goes and how these betting insurances will earn from their customers. I think that they'll earn through their long stay in the business but at the beginning of it, they're going to make so much expenses. Thus, there could be a lot of abusers if studied well on how they can benefit from it. Expect it that there will be a lot of gamblers that will make sure of their insurance that they get the max of it. Maybe the casinos themselves can make a matrix out of this idea and it could be an opportunity to them. As a business, they'll make the most of their gamblers and at the same time, from fees and other conditions they can make money out of it. Otherwise, any betting insurance is going to be out of business too early and that is why we have never seen this before.

[Oluwa-btc]

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?

How possible is this and how sure are you about the reliability on this bets insurance, so that means every players that succeed in insuring their bets have privilege of enjoying such payouts benefits when they lose? Are you sure that's this is how they operate in most cases. I think it'll be a rough one at their end is this is so true cause they'll be at the loss end eventually when all players seem to follow up the pattern of insuring their bets.

[ralle14]

I recall Sportsbet had something similar to bet insurance, but it only applies to multibets, and you need to include several matches before you're allowed to activate it. The only other catch is that you'll be getting it in the form of a free bet instead of a money-back.

If I have to choose between the two, the cash out option will still be my pick because the bet insurance will likely have additional requirements and force you to take riskier bets.

[Nwada001]

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.

From what I have read in the link the OP posted, the casino is not the one paying, but there's a third-party insurance company that will be integrated with the casino, and they are the ones to pay for the lost bet. The casino will only have to send them updates on how the bet went, and they will automatically fund the player's account with the amount due, but my question here is what's in it for the insurance company, and how will they profit from it? Or will they have a percentage from the bet if the gameplay is successful and they don't have to pay for the lost bet?

[joeperry]

This is actually nice feature and I haven't thought of this one, what I've read about the link you gave is you can only use it on 1 existing bet so normally it's not a feature but more likely a bonus or promotion from gambling site. This kind of feature is really useful for parlay traders and maybe gambling site can implement this maybe if they managed to hit maybe like 3-5 wins they have an option to insure the bet which can be a sure win and if they insure it the total winning from that parlay will be reduced because of the insurance, do you think this is a good idea or the gambling site won't implement this because it may hinder or cause problem with their profit?

[Bright0515]

I haven't tried it before but from what I have read about it is that, while you accumulating the odds you want to bet on, you can as well click on insurance and you might be given a specific amount or even a premium amount and if you lose you will still get paid but not the complete money on the potential winning amount. I think bet insurance is good for gamblers that are addicted to gamble and for those that are gambling to make money because they won't lose all their money. The important of using a bet insurance is that it will reduce the chances of losing your money and it can increase your confidence in the game, which means you might be forced to stake higher amount in it because you know that even if you lose you will still get your mom's back.

[Dr.Bitcoin_Strange]

@OP, from how I understand this bet insurance of a thing, to insure your bet you have to pay a certain amount to insurance account. Let's say you want to place a bet of $5, you have to send $10 to the insurance account to insure that bet so that when you place your $5 bet and lose it, the insurance account will then release your insured amount. What sense does that make? If you win the bet, you won't get paid that money you paid for the insurance and perhaps I have not even seen any casino or bookie that has enabled this yet but don't think that it's something that you can take advantage of, nope, it's not.

[Peanutswar]

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?

Upon reading seems its the same with the rights of the player to have a cashout depends on the situation of the game, considering in sports betting there's a lock in period on the bet before it close, like have an opportunity depends on the current status of the bet like if you want to grab an early profit and  possible afraid to make a comeback of the game, or else you can consider of cutting losses before vanishes your bet because your team is losing, if this kind of feature then there's a lot of casino offering this feature but of course if they will fully applied this into a whole match its not fair at all with the casino because possibly bettors might abuse.

[mak013]

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?

I never tried it, but i don`t think that it is necessary. You have cash-out, you have an opportunity to hedge your bet(mostly if you begin to win). I don`t think that you need something more. Just use tools that you have, make quality research, and don`t make gambling more harder to yourself.

[Strongkored]

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?

If I'm not mistaken, it seems like Duelbits once offered or had this promotion, but I haven't found it yet and never used it while I was actively playing there.
Also, bet insurance isn't like the cash-out option. It has rules, and only bettors who meet those rules can get the insurance bet. For example, the odds and the minimum bet is $50, and on a specific market.
Because I have only ever used the cashout option, of course the cashout option is my preferred, but for example, if we eligible for bet or insurance, it would be better to let the bet finish, for example on a parlay, because if it turns out to lose, at least the capital will still be returned.

[btc_angela]

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

I wouldn't go and pick cash-out or insurance, I will let my bet ran and see how it goes. It could be a good hedge for gamblers, but I think it will just defeat on what the true definition of risk in gamblers, that is betting on the unknown.

Maybe there are some who says that this is good, or at least be smart and take the insurance. But what if let's say in a parlay wherein you are looking for a higher multiplier and just decided to cash out because you are not sure on the last leg?

And suddenly the last leg won? So for sure there will be a lot of regrets on that.

[Fiatless]

From what I have read in the link the OP posted, the casino is not the one paying, but there's a third-party insurance company that will be integrated with the casino, and they are the ones to pay for the lost bet. The casino will only have to send them updates on how the bet went, and they will automatically fund the player's account with the amount due, but my question here is what's in it for the insurance company, and how will they profit from it? Or will they have a percentage from the bet if the gameplay is successful and they don't have to pay for the lost bet?

I read through the document OP cited and got more confused. In insurance the insured would have to pay premium for him to enjoy the benefits. My question is what is the responsibility of the gambler? These insurance companies are not charity organizations, what will be thier gain for offering such services?

This gambling insurance sounds too real to be true. Many gamblers will simply choose the gambling insurance option because they have nothing to lose. I guess there would have to be clause for this service.

[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.

From what I have read in the link the OP posted, the casino is not the one paying, but there's a third-party insurance company that will be integrated with the casino, and they are the ones to pay for the lost bet. The casino will only have to send them updates on how the bet went, and they will automatically fund the player's account with the amount due, but my question here is what's in it for the insurance company, and how will they profit from it? Or will they have a percentage from the bet if the gameplay is successful and they don't have to pay for the lost bet?

Thank you for the correction. However, It can only be two ways the insurance company involved in returning the lost bet back to gamblers can profit from it, one is to charge the casino while the other is to get revenue from every bet placed by any gambler in that casino, whether they lose or win.

Whatever, the idea still sounds dumb to me, because  I see no way they insurance company can profit without incurring huge lost at the end of the day.

[Lida93]

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?

How possible is this and how sure are you about the reliability on this bets insurance, so that means every players that succeed in insuring their bets have privilege of enjoying such payouts benefits when they lose? Are you sure that's this is how they operate in most cases. I think it'll be a rough one at their end is this is so true cause they'll be at the loss end eventually when all players seem to follow up the pattern of insuring their bets.

This is so good to be true and am not accepting it that things could probably go as they are nicely stated. Analysing the entire bet insurance it favours the gambler in all ways and it's very weird thinking of how long any gambling platform through a third party insurance company would keep this going without some hidden requirements. The unasked question here is, how do this issuance company make profit from having to pay a percentage of a gambler's loss that is all going to the gambling platform while the insurance company isn't having a share in it, both in a loss or win?

[viljy]

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?

From the description on the link, I see that it looks like a bonus for losses, which is available in some casinos (for example, in the amount of 30%). So basically it's not exactly a novelty, although it looks interesting for sports betting. But the insurance conditions are too confusing; to be honest, I didn't even want to finish reading and delve into all these nuances.

[swogerino]

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?

It is like a form of a small rakeback from what I see and I find it difficult for a lot of people to embrace it. Many casinos offer it through their promotions and they say for example we will pay you 100 dollars no matter how the game ends if you have put a bet of 100 dollars with the condition that if your team is leading the first half and then loses the game you will be insured with 100 dollars from our side. I have never liked this type of promotion and from what I have been talking with fellow gamblers, most of them don't like this type of offering either. There are better tools and the cashout option is much better than this in my opinion. So the bet insurance thing is not that well known.

[TopTort777]

For me bet insurance is something like cheating or what a casino should never offer. What is the point of such feature for casino? When gambler wins he takes money from casino, when he looses, he also takes money from casino. Where in these scheme business earn? For this feature to work, it has to be a number of bets covered by insurance and gambler did not have to win more than specific amount. For example gambler pay 1000 for insurance and have 10 * 100 dollar bets insured, but if he wins 3/10 bets, his insurance gets cancelled. By the end gambler will have a guaranteed win, and casino have also chances still to earn, but less than usually. This would be fair.

[Ishicryptic]

Bet insurance is not realistic because it won't be profitable for the casinos who are into business to make money from gamblers, if a gambler loses a bet and they repay from the bet insurance there is no how that they can make profit. If bet insurance is for real most gamblers will go for it because bets will be win win for them whether they win or lose they will get paid. I don't think that any insurance company will insure gamblers because they all lose most of the time, they will go bankrupt in no time. Gambling wins are by luck so I don't think that insurance has anything to do with it.