What are Protected Markets?
Protected Markets are versions of select NFL player prop markets with a built-in safety net. If the player doesn't record a snap in the second half (the third quarter, fourth quarter or overtime), and the player hasn’t already reached the stat target, the market settles at its pregame fair value instead of on the player's final stats.
The reason doesn't matter. An injury, an ejection, a benching or a coach's decision all count the same way. No injury designation is needed.
Protection only applies to positions in a protected market. Standard NFL player markets don't include protection, even if the player is injured during the game.
This article covers NFL player markets only. Player markets in other sports don't currently have a protected version and follow their own participation rules, which are listed in each market's rules.
Which markets can be protected?
Protection is available on select NFL player markets, both as straights and as legs in a parlay. Availability varies by game, player and market, and protection only shows up when it's being offered on that market.
A market can be protected when it is:
On a single player, for the full game (including overtime)
A Yes or Over market, such as Over 199.5 passing yards or 1+ rushing touchdowns
On an eligible stat, including passing, rushing, receiving and combined offensive stats such as yards from scrimmage and total touchdowns, or a combination of these stats, such as passing plus rushing yards
These markets can't be protected:
Under markets, such as Under 59.5 receiving yards
First or ordered markets, such as First Touchdown Scorer
Team, group, or combined-player markets, and defensive, special teams or kicking markets, such as tackles or field goals made
How do I add protection?
Protection must be added before the game starts. Protected markets trade pregame only. Once the game starts, trading closes and you can’t buy, sell, or add protection.
On a parlay
Add your legs to the parlay builder before kickoff.
If any of your legs can be protected, a protection toggle with the Protected icon appears. It shows how many legs it covers, for example 2 Protected Legs.
Turn the toggle on to protect every eligible leg. Protection is all or nothing, so you can't protect some eligible legs and leave others unprotected. Your price and potential payout update after a few seconds.
On a straight
Open an eligible player market before kickoff.
Turn on the protection toggle on the market screen. The toggle only appears when the protected version of that market is being offered, so you may not see it on every eligible market. You'll see the protected market's price, which is separate from the standard market's price.
Protected markets are separate markets with their own prices. Because protected markets settle at fair value if the player doesn’t play in the second half, turning protection on usually lowers your potential payout.
Check the toggle every time you build a parlay or place a straight. Whether a position is protected depends only on the market your order was placed in.
How can I tell if my position is protected?
Protected positions show the Protected icon in the parlay builder, on your order confirmation and in your portfolio. If you don't see the icon, your position is in the standard market.
Protection can't be added after you trade. Protected and standard markets are separate, so turning protection on for a new parlay doesn't change positions you already hold.
Trading in a protected market closes at kickoff. There's no in-game trading, so you can't sell a protected straight once the game starts.
How does a protected market settle?
It depends on whether the player records a snap after halftime. A snap means being on the field for any offensive, defensive or special-teams play. A snap on a play called back by a penalty still counts.
What happens | How the protected market settles |
Player records at least one snap in the second half or overtime | On the player's actual stats |
Player plays only in the first half and has already reached the stat target | On the player's actual stats (Yes wins) |
Player plays only in the first half and hasn't reached the stat target | At the pregame fair value |
Player plays only in the second half | On the player's actual stats |
Player is active but never records a snap | At the pregame fair value |
Player is ruled inactive before kickoff | At the fair value as of the announcement |
The second half means the third quarter, fourth quarter and any overtime. Participation is based on official play-level data from Sports Info Solutions, with the NFL as the backup source.
The fair value applies to everyone in the market, Yes and No. A No holder who was winning when the player left the game receives the fair value payout, not a win.
If the game is postponed, suspended or called early, the game status rules in the contract apply instead. If at least one second-half play was run before the game stopped and the player hadn't recorded a second-half snap, the market settles at the pregame fair value.
What is the fair value?
When a protected market settles at fair value, it follows Novig's standard Fair Market Value Settlement rules. See What is Fair Value Settlement (FVS)? for how the fair value price is set and paid out.
The one difference for protected markets is timing. The fair value is the market's price as of kickoff, based mainly on trading in the protected market itself. If the player is ruled inactive before kickoff, it's the price as of that announcement.
How does a protected leg affect my parlay?
If a protected leg settles at fair value and none of your other legs lose, your parlay doesn't lose because of that leg. That leg settles at its fair value, and your parlay settles under our normal parlay rules. See How Parlay Legs Settle for how parlays settle.
Protection only applies to legs that were protected when you placed the parlay. Standard legs settle under their own market's rules. If any other leg loses, the parlay loses.
When do protected markets settle?
A protected market can settle later than the standard version of the same market, because participation data has to be confirmed first. When a market settles at fair value, Novig sets the fair value no later than the day after the market expires.
If any leg in your parlay loses, the parlay can settle right away, even if a protected leg hasn't settled yet. Otherwise, a parlay settles after all of its legs have settled.
My NFL player was injured. Will my market be voided or refunded?
It depends on whether your position is in a protected market. Protected positions show the Protected icon.
Standard NFL player market: once the player records a snap, the market settles on the player's actual stats, even if they're injured and don't return. If the player never records a snap, it settles at the pregame fair value.
Protected NFL player market: if the player doesn't record a snap in the second half or overtime and hadn't reached the target, the market settles at the pregame fair value. If the player records a second-half snap, or had already reached the target, it settles on actual stats.
Either way, the market settles under its rules. Protection can't be added after you trade, so turn it on before kickoff if you want it.
Where can I find the full rules?
The full rules are in the contract terms for NFL Prop – Participation Protected, published on our filings page. You can also view a market's rules from the market screen, which you can reach from your portfolio. If anything in this article differs from the contract terms or the Novig Rulebook, those govern.