Find Out All You Need to Know about the Cash Out Service
The ability to withdraw your bet has become a sought-after service at online bookies. If you are new to sports betting, then you might be wondering what it means to cash out. As part of our betting guide series, we will answer all these questions.
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What Exactly is a Cash Out?
The cash out service allows you to reclaim some of your wager before an event concludes. Keep in mind, however, it is not available for all sports or events. One thing that you have to remember about this feature is that bookmakers will not offer it for all wagers that you place - it will depend on the sport you are betting on and the event. For instance if you are betting on football, you may have the possibility of claiming a cash out option.
The cash out option is available for other sports such as horse racing, cricket, rugby, tennis, basketball, and boxing.
Why Use a Cash Out Feature?
The cash out service is a great one to use if you think you might lose your bet. For instance, let us consider that you have a 6-fold acca on the go and you have got 5 out of 6 right. Assuming the last team you need to win are winning 1-0, but it looks like they will draw or lose the match, this means you may lose your bet. Your natural course of action should be taking the cash out option.
The Different Types of Cash Out
There are two types of cash out features. The first is known as a full cashout, which gives the possibility of withdrawing all your stake. The next type allows you to withdraw just a portion, hence a partial withdrawal. The bookie will offer what they class as a "fair cash out sum" and if you decide to accept their evaluation, the bet will be over. However, with the latter, you have the choice of accepting some winnings and leaving some behind so that your bet can carry on. When there is a partial cash out on offer, you will see a slide bar that you can move up or down. This will change the value of the cash out and what the new payout will be if the bet goes on to win.
How a Cash Out is Calculated
The bookie calculates the cash out value by taking the potential winnings and the odds you would get if you placed the bet at that particular moment in time. For example, if you put a €20 bet for a team to win with odds of 5.00, and they are winning at half-time, the available half-time odds would probably be about 3.00.
A fair cashing out value can be calculated if you divide the potential earnings by the current odds. Thus, in this case, a fair cash out is: €100/3.00 = €33.33
However, this will not often be the offer that the bookie offers as they always look to make more money. Therefore, for the above example, the cash out value given will probably be €30.
Cash Out Examples
Below we are going to give a detailed example of both types of cash outs so that we can be certain that you have fully understood.
Full Cash Out
Let us consider that at the beginning of the 2020/21 Premier League season the odds for City to win the title were 3.00. You place a €100 bet, meaning you will get potential winnings of €300 if they go on to win. Three-quarters of the way through the season, City are at the top of the table, but Liverpool are close behind. There is a cash out of €190 and City's odds to win the title have dropped to 1.50. A fair cash out value would be €300/1.50 = €200.
You can claim the €190 and earn a profit of €90, which is not a bad profit. However, if City does go on to win the league, then you will have left €110 worth of profit on the table. However, if Liverpool goes on a winning streak and pip City at the post, the only thing you are walking away with is an account €100 emptier.
Partial Cash Out
Let us say that we have placed a €100 bet on a 4-fold accumulator with odds of 11.00, meaning that if you get all four selections right you will earn a €1,000 profit. Three teams win, while your final team scores early in their match. The bookie offers €490 to cash out and end your bet. However, you decide to go for a partial cash out and take €300, meaning the bet carries on. Since you decided to cash out, rather than another €800 (€1100 - €300), if your bet wins, you will receive another €300.
Some Cash Out Tips to Remember
You need to pay attention to the course of sports events to know when to cash out successfully. Monitor games closely and check stats to make informed cash out decisions. If your team is dominating, continue with the bet; if not, consider cashing out. Past performance can also guide when to take a risk or withdraw early. If they are, then keep the bet going. However, if they are the ones being dominated, cashing out is the wisest choice to make.
Another thing you can consider doing when deciding whether to cash out or not is considering how previous bets have gone. If you have been on a bit of a winning streak lately, then you can probably afford to take a bit of a risk and let your bet run its full course. However, if your luck has been out, then you should think about cashing out so that you can regain some of your losses.
To Sum Up
We hope that you now have all it takes to make wise cash out decisions. The idea behind cash out is to potentially recover a greater portion of your stake when you are winning, or less if you are losing. It is also important to check the sportsbooks that provide cashout features, before betting. This will serve as a boost to your betting experience.
Orla Byrne
Orla Byrne is our very own Editor in Chief. She’s been with us for the last 5 years and we couldn’t be happier to have her on board. She keeps the team together and delivers every single time. It’s an all-hands-on-deck situation; some of us test and play the games and others write reviews. Together, we work towards one common goal – giving you the best online casino and sports betting experience you deserve.