Cash out is a relatively new feature that is being offered by sports betting companies in recent years to the bettors. Nowadays every bet placed has a cash out button next to it, so you can close your ticket any time you want, before the event ends.
This smart feature keeps you alerted, simply because you can use it even as early as before the start of an event or during it, allowing you to lock your winnings or restrain your losses with a simple push of a button.
Cash out has gained a lot of importance and is considered an important factor in choosing a betting company. That is why more and more betting operators are adding this feature, also for those who want to play from their mobile phones, either out of fear of losing players but also to attract new ones. Check out which betting sites offer cash out feature here.
Betfair was the first sportsbook operator (betting exchange, to be more precise) to introduce an early form of cash out. Of course, the differences in the way it works with respect to other betting operators are more than obvious and completely different to Betfair’s (sell – buy approach instead of cash out).
How does Cash Out work?
Although its function varies between operators, the general idea is the same and is illustrated below:
The bettor has the opportunity to “close” – to settle a bet (single or multiple), with the operator offering a settlement of a part of the overall winnings, regardless of the final outcome.
It works the same way from the opposite side. That is, if the bet seems to be getting lost, a bettor could, before the event ends, reduce the losses by cashing out part of the amount from its original stake.
Example of a winning cash out
You have bet ₦10 on Team A on 2.00 odds, to win Team B. If A team is ahead in the 15 minute, you can have a ₦12 cash out (out of the ₦20 you would have won, if the game had concluded on a Team A win) to settle your bet. However, if the game reaches the 80 minute and the result stays the same, the offered cash out could be around ₦17.
Example of a losing cash out
You have bet ₦10 on Team A on 2.00 odds, to win Team B. If A team is losing in the 15 minute, you can have ₦5 cash out (out of the ₦10 you have wagered and lost, if the game had concluded on a Team A loss) to settle your bet. However, if the game reaches the 80 minute and the result stays the same, the offered cash out could be much less, around ₦2.
Our Opinion
It is a win-win feature, since the betting sites are on one hand winning customers through it, while at the same time it is a useful weapon in the bettors’ quill as long as there is the experience and knowledge to use it properly.
Here are some cases where cash out can be really useful:
- The game is coming to an end and the team you bet on wins, but is under pressure
- Your team gets a significant difference in scoring early in the game and the betting company gives you almost all of the cash through the cash out
- In multiple bets, multiple bets or systems, when all options have been won, only the last game is left and your team is ahead at any time of the game