Bet Insurance

[Beparanf]

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?

Bet insurance usually requires a certain condition to be met before it can be applied on your losing bet. The level of helpfulness of this insurance is depending on the condition set in able to activate the effect.

Some casino offer this insurance promo without the need to pay for insurance fee but with same condition that need to be met.

I’m always availing bet insurance promo in the past whenever there’s a available since there’s nothing to lose with promo insurance rather than cash out.

[giorgione]

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?

Bet insurance usually requires a certain condition to be met before it can be applied on your losing bet. The level of helpfulness of this insurance is depending on the condition set in able to activate the effect.

Some casino offer this insurance promo without the need to pay for insurance fee but with same condition that need to be met.

I?m always availing bet insurance promo in the past whenever there?s a available since there?s nothing to lose with promo insurance rather than cash out.

I've never heard of this thing, betting insurance, but it's used to cover betting debts in case of debt with others. I don't understand, this thing is new to me, there's certainly always time to learn new things and in fact I did it today, very good

[stadus]

I've never heard of this thing, betting insurance, but it's used to cover betting debts in case of debt with others. I don't understand, this thing is new to me, there's certainly always time to learn new things and in fact I did it today, very good

If you keep betting on sports, you’ll eventually come across this kind of promo, it’s mainly there to attract gamblers. Most of the time, it’s free, but it comes with conditions you need to follow, like placing it on a single bet or a parlay.

Honestly, I haven’t tried it yet since it has requirements, and I don’t like making my bets complicated.
I just stick to the old-school way and keep things simple.

[danherbias07]

It sounds like "not a good thing" for the gambling businesses.

You lose, and you still win something in return. Heck, no. I doubt they will agree with that. Or, will it mean that you will pay more for the insurance and then lose that insurance money while gaining the losing bet? Ergh, it doesn't sound good for the gambler now.

It's also the first time I have heard about it, but it doesn't sound realistic because it could make a sports bookie lose some money. It's like the bettor didn't even risk anything if there's insurance available. We all know that gambling is about risk, so this will probablybe  a feat that they will need to study first.

[Japinat]

It sounds like "not a good thing" for the gambling businesses.

You lose, and you still win something in return. Heck, no. I doubt they will agree with that

It’s already implemented, and a lot of sportsbooks have that kind of feature, and trust me, it’s not something that puts them at a disadvantage.

I’ll give you an example so you can see for yourself, taken from one of the more popular sportsbook/casinos here in the forum.
They call it “multi insurance” (which is basically just part of bet insurance).

https://sportsbet.io/help-centre/help-our-features/help-our-features-more-features/what-is-a-multi-insurance

Get your stake back automatically as a Free Bet if your 5+ leg multi loses by 1 selection.

How it works:

Place a 5+ leg multi bet on any sport or league. Minimum odds for each selection is 1.50.
Activate Multi Insurance by clicking “Apply Multi Insurance” in the bet slip. NOTE: You have one Multi Insurance bet per every 24h.
If your multi bet loses by 1 selection you will receive your stake back as a Free Bet. Your Free Bet will be credited automatically once the multi bet has settled.
Max. stake is 25 mBTC or equivalent in accepted currencies. If the stake amount is higher, then 25 mBTC or equivalent amount in accepted currencies will be returned as a Free Bet. NOTE: Max. stake amount in FIAT currencies is dependent on the BTC price and may fluctuate daily.
Your Free Bet is valid for 48 hours and must be used on minimum odds of 1.50.
If one selection inside a 5+ leg multi bet is voided, half-won or half lost then this bet no longer qualifies for the Multi Insurance Free Bet.

[Dr.Bitcoin_Strange]

You lose, and you still win something in return. Heck, no. I doubt they will agree with that. Or, will it mean that you will pay more for the insurance and then lose that insurance money while gaining the losing bet? Ergh, it doesn't sound good for the gambler now.

It doesn't work like that, even the casino and bookmakers are very smart people and therefore can not add any feature that will not bring profit to them. There are terms and conditions to this insurance of a thing and I know the conditions will not be favorable at all. Definitely the gambler will have to pay for the insurance and when they lose the bet, they get paid but if they win the games the insurance subscription is for the casino.

[Free Market Capitalist]

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

Not because you reduce the potential loss at the same time as the potential profit, and if you bet, you bet on something. It's similar to investing in the US from Europe while hedging against currency exchange rates.

It doesn't work like that, even the casino and bookmakers are very smart people and therefore can not add any feature that will not bring profit to them. There are terms and conditions to this insurance of a thing and I know the conditions will not be favorable at all. Definitely the gambler will have to pay for the insurance and when they lose the bet, they get paid but if they win the games the insurance subscription is for the casino.

That's right, insurance is protection against risk, from which the seller derives a profit.

[yahoo62278]

If you are hedging your bet then you need to realize that you are not going to receive a high payout.

Let's say you bet a 3 leg parlay, you have won 2 of the 3 games and if you win the 3rd game your 20$ bet will return 150$. Thatsl's 130$ profit, but you are a little worried and want a guaranteed payout. You decide to hedge the bet which means you make a bet on the last team left and take the opposite team than what's in your parlay. You are now guaranteed to win, but you you had to wager 60$ to win 110$.

With this scenario you either win 70$ of profit with your original parlay, or you win 30$ from the hedge bet. You obviously hope the parlay hits for the bigger win, but either way you are up.

[bitbollo]

Any for of insurance can be done but amount would be taken from player profit or amount gambled.
Hence even a sigle player could build a "protection" system like this. However real insurances are investing actively Money. Without this aspect, in any case you can talk about insurance but Just on a method to balance losses.

[AbuBhakar]

You lose, and you still win something in return. Heck, no. I doubt they will agree with that. Or, will it mean that you will pay more for the insurance and then lose that insurance money while gaining the losing bet? Ergh, it doesn't sound good for the gambler now.

It doesn't work like that, even the casino and bookmakers are very smart people and therefore can not add any feature that will not bring profit to them. There are terms and conditions to this insurance of a thing and I know the conditions will not be favorable at all. Definitely the gambler will have to pay for the insurance and when they lose the bet, they get paid but if they win the games the insurance subscription is for the casino.

Casino like Sportsbet and Duelbits has this kind of promotional insurance that let you still win if your team that you bet is winning on the specific quarter then lose the game.

The condition and requirements varies but they have an insurance that still pay your bet once satisfied the requirements.

But regular insurance of the sportsbook works just like what you mention that’s why I rarely avail it.

[sotelorene]

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.

Yes this is the only bet insurance I think I have ever seen since my years of gambling and like you said it is not even guarantee that one will make profit because if the number of game you said will cut exceed the insurance is waste because you won't get any return but if the number you said will cut enter exactly or go below there will be return for that person. Me personally I don't like playing or using the option while gambling because there was a day I payed a cut option and fortunately all my selection entered and so instead of getting the potential win they only return the one for the option I played so it was a lost for me because If I had play without this option I would have make a huge profit.

[Porfirii]

This is the first time I hear about bet insurance too, but it sounds like a round business for casinos and betting platforms: let's don't forget that insurances themselves are another type of bet, like Kahneman said if I'm not wrong (you're basically betting that some s*** will happen to you ).

[TopTort777]

Simplified logic - people want bet insurance because they dont want to lose. If they dont want to lose, then gambling is not for them, because that activity and industry is not based only on wins. It bet insurance would be allowed, either it will be very expensive and not everyone could afford it, or it will be cheap and everyone would use it. Then, if nobody loses, what will be in the pot to distribute as winning rewards ? Casino owners balance? Maybe just distribute all the money among gamblers and close business ?

[Fredomago]

I've never heard of this thing, betting insurance, but it's used to cover betting debts in case of debt with others. I don't understand, this thing is new to me, there's certainly always time to learn new things and in fact I did it today, very good

If you keep betting on sports, you’ll eventually come across this kind of promo, it’s mainly there to attract gamblers. Most of the time, it’s free, but it comes with conditions you need to follow, like placing it on a single bet or a parlay.

Honestly, I haven’t tried it yet since it has requirements, and I don’t like making my bets complicated.
I just stick to the old-school way and keep things simple.

Yeah, same with how those promotions that being offered there's requirements that you needed to follow before acquiring the offer, though same like you, I haven't use this of service since I'm just putting bet for enjoyment just a spare amount that will adds some spice while watching and waiting for the game result, though there are gamblers who loves to chase those kinds of promotions, if given a chance, they'll maximize the opportunities.

[stompix]

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

Overcomplicated stuff, you either go for
- the traditional "insurance" in parlays, one loss and you get your bet back
- you place a bet against your last remaining bet, you split the parlay winning but you still get more than what you bet

There are some bookies that offer you to insure your bet, you have a $10 bet at 2.0, your insurance is $5, you lsoe you lose only the $5, you win the bet, you profit $15, but it's a real headache, better just go for handicaps at this stage.

[Japinat]

- the traditional "insurance" in parlays, one loss and you get your bet back

The question is, how many legs does that parlay need? I’m guessing at least 10, because no bookie is giving out “insurance” without making sure they’ve got the edge. Still, for people who live and breathe parlays, it’s a pretty sweet deal. Even I usually shoot for at least x100, so if luck actually shows up, it’s a win worth bragging about.

[stompix]

- the traditional "insurance" in parlays, one loss and you get your bet back

The question is, how many legs does that parlay need? I’m guessing at least 10, because no bookie is giving out “insurance” without making sure they’ve got the edge. Still, for people who live and breathe parlays, it’s a pretty sweet deal. Even I usually shoot for at least x100, so if luck actually shows up, it’s a win worth bragging about.

Depends on the bookie; there is no standard.
But minimum requirements are usually at least 4 bets and at least 1.5 odds, that is the minimum, but there are bookies with x5 selections at least 2x bets on each and a max insurance of $15, which at this point start becoming hilarious since you alrady bet on 600, so the "insurance" is 2% of it.
It would make no sense for someone who is in the last leg to even think of it, he would simply take an opposite bet to secure at least $150.

It just makes people take more risks and add games they wouldn't normally bet on.
Take your example, 10 bets on a x100, so instead of relying on the insurance, why not split it into two parlays of x10 and for sure statistically one will win as many times as you get the insurance for the bigger one.

[Obim34]

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?

First time reading about it, i still think with it there is no greater advantage over cash out option.

Options like the bet insurance, cash out option, Cut 1, Cut 2 and Cut (3+) according to how long the parlay, all of these fall under the same category, despite how insured it seem, the casino knows how to adjust so they profit regardless.

Cash-out can be better because casinos now upgrade to partial cashout, gamblers can pick out the size of profits they want then keep what's left running until the final minute, the fall is that it also reduces supposed profits from initial bet.

[Cookdata]

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?

This most times a promotional marketing for casino to have more people in their casino. It's not all the time they allow people to insure their bets and it's also limited sometimes, the days they don't allow people to insure their bet, you have to either play by the rules or withdraw your money. If all casino do this, it's going to be fun but on the long, it's not profitable for most casinos which is why they limit them during the promotional time, once the time is over, that's all.

Another thing I hate about their terms is you may not be able to cashout. The privileges you are going to have on usual bets, you wouldn't have it on games that you insure. Like you bets on a game now and you have 9 games out of 10 cashout like half of your payment, you can take that money if you like and stop the bet right there. In the case of insure bets, that option will not be available. It's either you take the risk and wait for full payment or you let it lose and take your deposit, casinos are smart and always ahead of players.

[Gozie51]

If the match is over, but the match score was canceled, the Betting Platform a request to the integrating party to cancel the accrued sum of the insurance.

This is more like not betting in the first place, where the match is over and score is cancelled. Then there is no match played in the first place because it is the score that will determine who won or who lost to determine if insurance will be payed or not. Or maybe this is not well explained by the site. Normally, if a match is cancelled, then no match is recorded and no gambler loses until probably if the match is replayed. It is that simple.

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.

Yeah you are right buddy. That is what it looks like. I think we are beginning to have different options to ensure that gamblers get encouraged to keep playing and that is the purpose of cut option, insured game or cash out.

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

I prefer cash out. From what I have read on the bet insurance you posted, it has to do with picking bet insurance option for each game that you choose to insure and that will be stressful going through such if you are doing multiple. Also, when the game ends and you receive payout, you still have to start recalculating if your bet insurance was taken cognizance of or not. But with cash out, it is different. In cash out, you are only provided with cash out by the casino or game house calculated by themselves.