If you’ve ever placed a parlay bet and lost because of one bad pick, you know the sting. That’s where BetMGM Parlay Insurance comes in — a promo that refunds your wager when your parlay loses by just one leg.

But is it actually worth using in 2025? In this guide, we’ll break down exactly how BetMGM Parlay Insurance works, who should use it, and whether it truly gives you better long-term value.

What Is BetMGM Parlay Insurance?

BetMGM Parlay Insurance is a recurring promotion available to Arizona bettors (and other legal U.S. markets) that gives you bonus-bet credit back if one leg of your parlay misses.

It’s typically offered as part of BetMGM’s ongoing “One Game Parlay Insurance” or “Multi-Sport Parlay Insurance.”

Here’s the general format:

• Build a parlay with 4 or more legs.
• All legs must have odds of -200 or greater.
• If exactly one leg loses, BetMGM refunds your stake (up to $25 or $50) as a bonus bet.

This means that instead of losing your entire parlay, you get another shot with house credit.

How to Qualify for Parlay Insurance on BetMGM

1. Log into your BetMGM account.
2. Go to the Promotions tab.
3. Locate “Parlay Insurance” under current offers.
4. Opt in before placing your parlay bet.
5. Build a qualifying parlay (usually 4–7 legs).
6. Place your wager and wait for results.

If one leg loses and you qualify, your bonus bet is automatically credited within 24 hours.

Parlay Insurance Example (Realistic Scenario)

Let’s say you place a $25, 4-leg NBA parlay:

• Suns -4.5
• Lakers moneyline
• Knicks over 212.5
• Warriors +3

If three of your legs win but the Suns lose by 1 point, your parlay technically loses — but BetMGM will refund your $25 as a bonus bet, typically credited the next morning.

That refund gives you a second chance to win with your next wager.

The Fine Print (Most Bettors Miss This)

Before relying on Parlay Insurance, read the details carefully. Here are the most common restrictions:

• Maximum refund is $25 or $50 depending on the promo.
• Bonus bets expire in 7 days.
• Only one refund per day is allowed.
• Some sports or markets (like live bets) may not qualify.
• You must opt in each time before placing the parlay.

If you forget to click “Opt In,” the system won’t automatically apply the insurance — even if your parlay qualifies.

Is BetMGM Parlay Insurance Worth It?

For casual bettors and low-stakes players, yes — it’s absolutely worth it.

Here’s why:

• You’re protecting your bankroll against one-leg heartbreaks.
• It adds entertainment value to long parlays.
• You can turn refunded bonus bets into more profit opportunities.

However, it’s not a guaranteed edge. Parlay Insurance doesn’t change the math — parlays are still tough to hit long-term. Think of it as a safety net, not a profit booster.

If you’re placing high-frequency parlays or large wagers, the impact is small. But for $10–$25 casual bettors, it’s one of the best promos available on BetMGM.

Pro Tips for Using Parlay Insurance Effectively

1. Stick to 4-leg parlays. More legs = lower hit rate.
2. Keep odds moderate (around -150 to +200) to balance risk.
3. Mix sports — NBA + NFL or NFL + NHL — to access multi-sport insurance.
4. Use your refund wisely. Treat bonus-bet refunds as free chances, not cash.
5. Track your insured parlays. Knowing your break-even helps you see if the promo adds value.

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Alternatives: Other BetMGM Promos to Compare

If you enjoy BetMGM’s Parlay Insurance, check out these other popular promos:

• “Edit My Bet” Feature: Change a leg mid-game or cash out early.
• “NBA Overtime Insurance”: Refund if your team loses in OT.
• “Weekend Parlay Boosts”: 10–20% profit increases on winning parlays.

Each of these features targets a similar goal — to make parlays more engaging and slightly less risky.

To review the BetMGM App, check out our BetMGM Review page: Here

Arizona Users: Is It Available Here?

Yes — BetMGM Parlay Insurance is available in Arizona, along with other regulated markets like Colorado, Michigan, and New Jersey.

You’ll find it in the Promotions tab during major sports seasons (NFL, NBA, NCAA). It’s not always active year-round, so check weekly.

All BetMGM promotions in Arizona are regulated by the Arizona Department of Gaming, meaning your bonus bets and refunds are legally protected.

Final Verdict: BetMGM Parlay Insurance Is Worth Using (When You Play Smart)

If you enjoy building small parlays for fun, BetMGM’s Parlay Insurance is one of the best low-risk promos available in 2025. It won’t make you a professional bettor, but it can keep you in the game longer — and make close calls a little less painful.

Just remember to opt in, read the fine print, and use your refunded bets wisely.