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What is Sports Betting Insurance? A Complete Guide

Sports betting is a lucrative industry with great revenue potential. It is a flourishing industry that is constantly expanding and many investors are looking to enter the market by launching their own sports betting platforms. The craze for sports betting has given significant rise to sports betting app development.

What is Sports Insurance?
Sports betting platforms are constantly finding new ways to attract more users and maintain the loyalty of existing users. Many online sportsbooks have a variety of promotions and bonuses, including betting insurance. Online sports betting websites provide an option to insure a bet, an insured bet can allow you to get your credit back if you lose a wager. Sports insurance is a great way to entice new customers to your platform.

There are various types of sports betting insurance that protect your money and ensure you get your stake back in some way or another if you narrowly miss out on being a winner.

Types of Betting Insurance
Sports betting insurance is a great way to provide a sense of value to the bettors. New insurance offers are coming out every day as it is a neat way to protect your stake money. It is a very lucrative promotion and is very sought-after by punters worldwide. Here is a list of all the different types of sports betting promotions that protect your money.

Acca Insurance
It is one of the most popular types of bets because it offers a high payout for a small investment. Punters have to bet on different legs and win every single leg to secure the winning amount. Acca bets are very difficult to win which is the main reason why the payouts are so hefty. For example, you placed a five-leg accumulator and won four of them and lost 1. Frustrating, isn't it?

Acca Insurance takes care of such a scenario by providing your stake back if you lose a bet because of one leg. Some sportsbooks have various criteria for Acca insurance like winning a certain amount of legs but the general concept remains the same.

Faller Insurance
Not every bookmaker offers Faller Insurance. Those who do, only offer it for the biggest races. Faller Insurance ensures that if your horse falls at a fence, is toppled by another horse, or Unseats its jockey during the race, you will get your stake money back.

There are often minimum requirements to be met to claim the insurance like minimum stake and maximum amount that they'll reimburse. It is also worth noting whether the payback is in the form of cash or a free bet.

90+ Minute Goal Insurance
Have you ever bet on a football match and lost the bet because there was a goal scored after 90 minutes of the game? Breaks your heart, right? 90+ minute goal insurance is provided especially to avoid this scenario. If a goal is scored after 90 minutes of the match, your stake will be returned to you in some form.

Generally, bookies only offer this insurance on select matches and on a pre-decided amount of bet. Nevertheless, it is a great way to protect your money and get rid of unwanted stress.

Second position Insurance
The majority of the insurance is offered when the bettor gets really close to winning. This is the case with second-position insurance. This insurance protects your stake if your horse falls into the second position. Some generous bookmakers stretch the offer to the 3rd and 4th position on select horses.

However, there are certain criteria that need to be fulfilled to claim this bet. Conditions like a minimum amount of bet, available only on certain horses and there must be more than 4 horses in the race. It is still a great way to get your stake back if your horse fails to secure the first position.

Beaten by a Certain Distance Insurance
Have you ever seen movies where the horse loses the race by a nose, a head or a length? Well, there is insurance to cover your losses if the scenario happens in a race. Beaten by a certain distance protects your money if your horse loses by a certain length. Many sports betting platforms offer this insurance on horses with certain odds like 3/1 or higher. The length is pre-determined and as long as the length the horse is beaten by falls under the criteria you'll get your stake back in the form of cash or a free bet.

Why do Sports Betting Platforms Offer Insurance?
Online sports betting platforms are businesses whose main objective is to generate profit. There are various reasons that a sports betting platform offers these types of promotions to its customers. The primary reason is to attract a large audience. Sports betting platforms employ various promotional strategies to attract more users to their platform, sports betting insurance are only offered at special events and at special odds, so the possibility that the platform has to pay back the punter is incredibly rare.

Even if you managed to fulfill all the criteria and managed to get your stake back, the betting platforms will win back your money in the long run. Stakes are paid back in the form of free bets that you can only use on the sports betting platform. Even if you manage to get your stake back in the form of cash, you'll eventually invest the money back into another bet. It is a marketing strategy which allows sports betting platforms to attract new customers, retain existing customers, and win back your money in the long run.

Conclusion
Sports betting websites offer various promotions to attract new customers. Bet insurance is a great way to attract a large audience while also protecting the user's stakes. There are various types of sports bets and it's a good idea to insure your bet to avoid unexpected losses.

End-Notes:
  • https://www.brsoftech.com/sports-betting-development.html

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