We’ve seen a number of big changes take place in the betting industry, thanks to the move towards online and mobile betting, and betting in play is perhaps the biggest of those. As part of that switch and the introduction of in-play betting came the ability to cash out your bets, something that many of us either do or at least look at on a regular basis.
In straightforward terms, to cash out is to withdraw the bet you have placed before the end. This may be before kick-off, it could be between various games on an acca you’ve placed, or it could be during a match when there is some time still to play.
What you receive back is determined by the flow of the game and the status of your bet at that point, whether it is a single bet or one across multiple games. The basics are that the better your wager is performing, the higher the cash-out figure, the worse it’s performing, the lower that will be. So whether it’s to lock in a profit or perform damage limitation by getting something back when things aren’t going your way, cash out can be used by those who want before your bet comes to an end.
How Does Cash Out Work?
Each bookmaker has a slightly different website and way of doing things, so you may see something a little different on the site you use, but cash out is simple and easy to follow, with self-explanatory steps along the way.
You can only cash out on bets you have already placed, so of course, the first step is to head into the ‘my bets’ section of your bookmaker account and pull up those wagers. Some bookmakers will allow you to filter here, showing bets that can be cashed out, and hiding those that can’t if you have more than one bet to look at.
When you find the bet you want to cash out, there are various important elements to look out for. The first is the stake you placed, the selections you chose, and, if applicable, any results or latest scores that will help you make the decision to cash out.
Alongside these, you will have the potential winnings from the bet on show, plus the current cash-out offer. This can change on a very regular basis and will change dramatically if there has been a goal or incident in the game taking place, so not only is the decision to cash out important but when to do it is also vital.
The cash-out offer will be in a button that you can press, and here you will be prompted, asking if you are sure you want to complete the cash-out. Press yes if you do, and you will usually have to wait a couple of seconds to ensure nothing major happens in the game before the cash-out is confirmed.
When confirmed, you will be paid out the cash-out amount, and this is yours, regardless of what happens during the remainder of the game. It the bet goes on to be a loser, you’ve done the right thing, if the bet goes on to win, you’ve cost yourself some profit, but with cash out, it’s a calculated gamble at the time which you make, you won’t always get it right, unfortunately.
The Variations of Cash Out
Just like anything else in the betting industry, when something works well, bookmakers are very quick to jump on and add to their service. Whether it’s making it easier for cash out, trying to offer something that competitors do not offer, or bringing new elements, cash out has seen changes over the years to further enhance the options on offer.
We’ve seen two different cash-out options added thanks to this, which are auto cash-out and partial cash-out, both of which can be used in different situations by punters.
Auto Cash Out
The most recent change to be made is one that some people will find a big help if they are not around to be on their account checking cash out on a regular basis. For some, that is tough, but this gives you the ability to still cash out and not be there to do it yourself.
With auto cash out, you enter a set amount into the bet, and if the cash-out offer reaches this point at any time during the life of the bet, the system will automatically cash out your wager and give you that return.
In terms of when this would become useful, perhaps the best example would be with a football team who you think will get off to a great start but may struggle to hold onto the win. In this situation, set the cash-out, then when they go ahead, this will be triggered, paying out your bet, and if they don’t hold on like you have questions over, then that doesn’t matter because you have already been paid.
Partial Cash Out
The second option is something that has been around for longer, and this is the partial cash-out feature. With this, you can cash out in precisely the same way as you normally would, however, rather than cashing out the full bet, you can do a select amount of it and leave some running.
So, if you want to lock in profit, but keep some of the bet going in the hope of still landing a win, then you can do that here. Whether it’s to cash out a little, half of the bet, or more, you can choose how much you cash out and how much is left running.
Perhaps the best example of when this would be useful is to look at bets with a few selections rather than just one. If you are in line for a huge win, should they all be successful, then you may want to hang onto some of that rather than cashing it all out. At this point, you could cash out half of the bet for a good profit and leave the other half running in the hope of adding more winnings to your total.
When Should You Cash Out?
For those who like to look at cash out, one of the biggest puzzles they have to solve is when to cash out. The simple answer here is that there is no right or wrong way to do things. It should also be said that just like picking your selections, sometimes you will get this right, and other times you will get it wrong.
It’s also very tough to have some kind of cash-out strategy in place too, because every bet and every game is so different, what works for one game, may not be how you want to approach another, which is another layer of confusion for punters, and something else to think over.
If there is one way to try and help your decision-making, then that would be to have something clear in your head before the games actually start. Think about a time when you would like to cash out, if it’s a multiple bet, then perhaps have a set amount of winners you want before you even begin to look at the offer. If it’s a single game, think about how it could go and if cashing out could help. If you believe a team may get ahead and then struggle, look to cash out then, but if you think the team will win once they are ahead, then ask yourself what is the reason for cashing out, is it worth it in this situation?
Some aspects of the bet may not be easy to predict, so you could find yourself guessing a little, but the key here is that you have some kind of loose plan in place. This will prevent you from making spur-of-the-moment decisions with little thought attached to them.
To, unfortunately, make this a little more complex for you, it is also important to think about the cash-out offer you are receiving, though, of course, you won’t know this until the time comes to cash out. You should always look to get value on your betting, and even though you may have thought about cashing out when you reach a certain point before the start of your bet, if the value is not there to cash out, should you still go for it?
Ultimately, cash out comes down to personal choice. You should expect to get things wrong from time to time and also be ready to get lucky or unlucky, as games can change in the space of just a few seconds. But if you are looking for a way to test yourself, and make yourself really think about your gambling, then cash out certainly brings that to the table.
Betting Markets for Cash Out Bets
For those who haven’t fully explored the world of cash out yet, it should be noted that not all betting markets will allow you to cash out your bets. There is simply not enough resource for the bookmakers to offer this, so they only stick to the main markets on the game. These are usually similar to those you are able to use when betting in play.
Simple markets, such as who will win the game, over/under markets on goals, cards, corners, and then other popular options like both teams to score, are all commonly used cash-out markets and available on pretty much every game.
You will also be able to cash out your outright bets across various competitions and events throughout the year. For example, if you choose a team to win the Premier League, then you should have a cash-out option available to you throughout the season, with the offer changing depending on their form, league position, and odds of winning the league.
Cash Out Conclusion
The ability to cash out is an option that is there for those punters who want it. You don’t have to use it, but should you decide it is for you, then the ability to cash out opens up many further thinking points.
Cash-out is something you will get wrong, but it gives you a chance to lock in profit and cut your losses, or with partial cash-out, lock in profit and still give yourself a chance to land a nice win. You are able to re-evaluate the bets you have placed at certain points, check if they are on track, and if not, make the best decision around them.
Thanks to continued development, cash-out betting is now bigger than it has been before, with more options, more markets covered, and better, more competitive cash-out offers on the table. It’s not for everyone, but certainly of use to some punters as they look to claim the best betting deal every time they place a wager.