Bet insurance is a tool that allows players to minimise the risks associated with losing bets in sports betting. This option provides the opportunity to return part of the bet amount or cancel it if the outcome of the event changes.

It is a kind of protection for bettors who want to minimise losses in case of an unfavourable outcome. However, it is important to understand that using insurance is not always justified and will not always lead to positive results.

What is bet insurance?

Bet insurance works by returning part or all of your stake if the game does not go according to your plan. It is offered by bookmakers as an option for bets on certain events.

Depending on the type of insurance, the bettor can get back part of their bet if the result changes in the last moments of the game or if their bet turns out to be a loser for some reason.

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When is it beneficial to use bet insurance?

1. When betting on favourites with high odds. When you bet on a favourite with low odds, the bets often turn out to be ‘long’, and you may want to protect your capital in case the game does not go according to plan. In such situations, insurance helps to minimise losses. For example, if the favourite unexpectedly starts losing, insurance allows you to get part of your bet back, saving you money.
2. When betting on the outcome of live bets. In live betting, when the situation on the field changes very quickly, insurance becomes useful for players who follow the dynamics of the game in real time. For example, if you bet on a team to win, but during the match one of the key players gets injured or the team starts losing, insurance helps reduce losses.
3. When the outcome of an event is unclear. In some situations, when the outcome of an event seems uncertain or heavily dependent on factors that are difficult to predict (such as weather conditions or player injuries), insurance can help reduce the risk of losing the entire bet amount.

When should you refuse to use insurance?

1. High insurance fees. Some bookmakers offer insurance, but charge a high fee for it. Sometimes the cost of insurance can be so high that it eats up all the potential profit, and sometimes even increases the losses. If the insurance odds significantly exceed your expected income, it is better to refuse this option.
2. When the bet has a high probability of winning. If you are confident in your prediction and see that the bet has a high chance of success, using insurance is not always justified. In such cases, returning the bet will simply reduce your potential winnings, and you will not get the maximum profit from your bets.

Conclusion

Bet insurance is a useful tool in the arsenal of an experienced bettor, but it must be used wisely. It can be profitable when the probability of losing is high or if the situation during the game begins to change for the worse. However, before using this option, you should always assess the cost of insurance and the possible risks so as not to lose more than planned.