The cash-out feature has been one of the biggest game-changers in the sports betting scene since Betfair innovated it in 2011. Today, it’s hard to imagine what betting on sports would be like without it. If you want to understand what cashing out is all about, then you came to the right place.
Read on to learn what cash out is, the different cash out bets available, why sportsbooks offer cash outs and the strategy’s pros and cons. Our experts at Sambafoot will also answer a few frequently asked questions at the tail end of this guide.
What is a Cash Out Bet?
A cash out, also known as a buy-out, is a feature that allows sports bettors to settle a bet before an event comes to an end. The idea is that cash outs are made in real-time before the event’s result is decided. It’s an excellent option when your bet is close to winning or when you fear a bet may become a losing one.
If your bet seems to be on the way to a win, the bookmarker may propose to pay you an amount less than your would-be winnings. If you’re in danger of losing a bet, the bookmaker may offer you a cash out that is lower than your original wager. It’s a useful option for punters who want to quit while they’re ahead or escape a bet with minimal loss.
Because cash out is offered while an event is happening (in real-time), it is considered a live-betting feature. Still, cash outs can be offered on long-term future bets such as a wager on the NBA champion or NFL rookie of the year, for example.
In-play markets are usually very unpredictable, especially in the final stages of games. This is often the time when punters are likely to trigger the cash out option.
Let’s look at an example of how cash out works:
Imagine you’ve placed a bet on the Manchester United vs. Liverpool game. You bet £100 for Manchester win odds 2.5. You have the potential to win £250 which translates to a profit of £150. Now, at halftime, Manchester United is winning 1-0. You are offered cash out option worth £180. You could accept the cash out and walk away with £80 profit, or you could turn down the cash-out option and let your bet ride until the end of the game.
If Liverpool is winning 1-0 at halftime in the same game, you might be left with fewer chances to win. You may be offered a cash out of £30 to withdraw the bet, giving you the opportunity to save some of your £100 stake.
Different Types of Cash Out Bets
There are several cash out bet types, but the basics are the same.
Full Cash Out
This is what we have described above. You accept a full cash out during a live event. If you accept, your bet is no longer active.
Partial Cash Out
Partial cash outs allow you to cash out a percentage of your stake. You could take half of your winnings, for instance, and leave the rest in play.
Auto Cash Out
This is a great bet if you want to be strategic with your betting. Basically, you set up an auto cash out to take the money when it hits a certain point. This can allow you to program a bet and let it work for you while you sleep or enjoy the game.
Accumulator Cash Out
Want to cash out on more than one game? No problem. This cash out option lets you cash out at any point across several games, giving you unmatched levels of control over lengthy bets. The strategy is more versatile and gives you a chance to change your predictions during lengthy sprees of matches.
Why Do Online Betting Websites Offer the Cash Out Option?
The main reason for the introduction of cash out is simple: online bettors love it. It provides extra security and makes betting more entertaining. It also enables players to close one bet in order to place another. Another reason why companies provide this feature is that it’s profitable. That may sound strange but look at this explanation.
In the example above, with a score of 0-1 in favour of Manchester United, the company will refund £180 if you cash out. At this point, their formula understands that the real chances of a Manchester United win are more than 70%. So, chances are high that giving out a buy-out will save them money in the end.
That said, the cash out option has attracted some controversy in sports betting circles. There are those who are for it because it secures winnings without the heartbreak that comes with late goals. Others are against this option, arguing that the concept of a ‘value bet’ is lost.
The truth lies in the middle. The cash out option offers advanced betting techniques to in-play and live betting. It serves as a valuable weapon for experienced players. For instance, if your team is winning 2-0 in the 80th minute, there’s no need to cash out because the odds are in your favour. Also, if your team receives a red card and risks losing, you can close your bet and cut your losses.
Cash Out Pros and Cons
When there’s a significant amount of money to win or lose, you may prefer to take the safest route and claim the money offered. Less money is still better than no money for punters.
It gives bookmakers the opportunity to pay out less to winning bets.
For punters, they can find more enjoyment in betting due to the flexibility they get with the cash out option. It offers freedom and a chance to test their insight in whatever sport, which in itself is an exciting part of betting.
Towards the final minutes of our hypothetical Man United vs. Liverpool game, a bettor who is offered the option to cash out can assess the game and deduce a conclusion: will Liverpool win, or have United been good at coming back? Those with the smartest insights into this specific game will use the cash out option to their advantage.
Sambafoot’s Final Thoughts
Cash out betting brings new thrills to the betting landscape. Sometimes the events will go your way and you will cash out just at the right time. Other times they will go against you and you could end up with a loss – but you won’t lose all your money.
Cash Out FAQs
Here at Sambafoot, we receive many questions from readers who want to know more about the cash out betting strategy. In this section, we provide answers to some of the frequently asked questions.
How much do I get from a cash out bet?
The amount of money you get back is determined at the time of cashing out and will depend on the likely outcome of the event. Depending on how the chances of winning change, the cash out offer will increase, decrease or be removed completely.
Is cash out offer final?
Yes. When a punter takes an offer, the wager is then settled. Once you accept the cash out, you cannot go back to try to reclaim the original wager.
How is a cash out bet amount calculated?
A cash out value is calculated based on the potential winnings from a bet alongside the odds at the time you placed the bet. For example, if you have placed a £10 for Barcelona to win the match at odds of 2.5 and they are already leading at halftime, the odds to win the game may be 1.8.
When is the best time to cash out?
The most obvious moment to cash out is when your bet is losing. Perhaps when your team has conceded and the main goal scorer has strained a muscle just before halftime. It’s worth remembering that the cash out option can be removed during the action, especially in the last 5 minutes, in case of a penalty or a red card given.
Why can’t I cash out?
The main reasons why you may not be able to cash out include:
- Your account hasn’t been fully verified
- An issue with your bank
- Your account needs to be updated or your app is not on the latest version
- The payment is in review. Some betting sites with cash out flag some payments to prevent fraud and other payment issues. If this happens, check with the bookmarker to find out if your account is on hold.