Cash out has grown to be one of the more important instruments in the punter's tool bet, and as such, it deserves a more detailed analysis. In this article, we are looking into what a cash out is and what types there are. Moreover, we examine how and when to cash out. By understanding and applying these basic concepts, punters can improve their profit margin. Finally, we have compiled a list of the best cash out betting sites.
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What Does Cash Out Betting Mean?
Only twenty years ago, placing a bet used to be a one-way ticket – you pick an outcome and wait for the event to resolve. The very nature of bookmaking was limited by technology back then, and wagering offered little in the sense of interactivity. This was all changed with the advent of internet technology. Then betting sites with cash out became the standard for discerning punters.
In the following example, imagine we bet £100 on Chelsea.
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Let's say Wolverhampton score a goal in the 40th minute. Things are not looking well, but there is still another 50 minutes to go. Bookmakers know there is a good chance Chelsea may make a comeback and they offer us an opportunity to minimise our losses by closing the bet before the end of the game. They are not going to return the hundred pounds to us, but they allow us to keep some portion of it. In this case, they give us fifty back. This is how cash out works when we are losing.
However, the game may be going in our favour. Let's say Chelsea make a comeback in the second half, and they quickly score another goal in the 60th minute. Now it's 1:2 in our favour, and the bookmaker's cash-out sum is quite different. They know we are winning, but there are another thirty minutes until the end of the match. Anything can happen! They offer us a portion of our winnings to close our bet early. The sum is £120 instead of the full £145, but we are not risking anything for it.
These are the basics of cash out betting. We either minimise losses or eliminate risk. This is what the bookmaker is doing as well by offering us such an opportunity. It might not seem like much at first, but experienced punters know the inherent value of closing a bet, and they often rely on this tool.
What Is a Partial Cash Out?
The best cash out betting sites offer an opportunity to close only part of the bet. This is usually represented by a slider next to the cash out option. It allows punters to retire a portion of the bet. The rest of the sum remains as a wager. Let's bet £100 on a draw in the following example.
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Lucky for us, the first time is quite uneventful, and at the start of the second one, it looks like our bet is winning. We are offered full cash out of £150, but there is the opportunity for us to retire just a portion of this amount. We can close half of the bet and leave 50% of our money still wagered on a draw.
By closing half the bet, the bookmaker will pay us only half of the current cash out value. That's why we will get only £75, and the remaining £50 will remain wagered on a draw. In case the match ends in a draw, we will be paid back our stake (£50 ) and another £137.5 in winnings. Our total profit will be £212.5.
However, the match could go the other way with Manchester United getting the lead. In this case, the cash-out sum would be less than our stake. They may offer us £60 back if we close the bet immediately. Again, we may prefer partial cash out and take only half of the offered cashback. In such a case, we will get £30 immediately, but there will be £50 standing on a draw. In case we win, we still get our wager back (£50) and £137.5 in winnings. Our total winnings will be £167.5. However, if we lose, we get to keep only £30.
What Is Auto Cash Out?
There is another great feature of betting sites that offer closing bets – the auto cash out. Sometimes, we don't have the ability to watch a match or actively participate in betting. In such cases, we might miss great cash-out opportunities, but some bookmakers allow us to set limits for the automatic closing of a bet. Thus, we won't miss out on minimising losses or getting profit. It's an excellent feature, and not all betting sites offer it.
Which Betting Sites Do Cash Out on Any Bet?
Bookmakers offer cash outs only in specific sports and types of bets. Fortunately, football is almost always among the covered sports in terms of closing a bet. With many bookmakers, it is the only sport with such an option available. However, it is worth checking the terms and conditions of the bookmaker for closing a bet, or you can use our list of top cash out sportsbooks for guidance.
Moreover, please keep in mind that you cannot close a free bet from a promotion. This is a scenario all bookmakers explicitly forbid. Furthermore, any cashed-out bet will not count towards the wagering requirements of promotions. Thus, make sure to exclude any closed bets from your calculations for rollover requirements.
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Betting with Cash Out – How to Do It?
The process of closing a bet is very standardised among sportsbooks, and while they may have some differences in presentation, the required steps are quite common and easy to follow. Moreover, the same steps apply for both websites and betting apps with cash out. Here is how to close a wager on betting sites:
- Step 1
First, you need a qualifying bet. Open the 'My Active Bets' section of your sportsbook and examine your wagers.
- Step 2
Find the cash out indicator. All bets eligible for closing are displayed with a specific symbol, icon, or a blunt 'Cash Out' sign.
- Step 3
Evaluate the opportunity. Closing a bet may be possible, but the sum may not offer a significant advantage. A few more minutes may improve or worsen the situation.
- Step 4
Pull the trigger. Once you are ready to cash out, click on the option. If partial cash out is available, adjust the slider to select the desired amount. Usually, the sportsbook will ask you to confirm the choice before it finalises it.
What Are Good Cash Out Strategies?
While many bets offer the option to close them early, the majority of players use cashing out as a last resort for minimising the losses of a bet gone bad. However, this is more of a natural reaction than anything else. Our strategy is a deliberate plan that includes betting with cash out as an end goal instead of actually winning it. Moreover, it is simple and easy.
The idea is to play an accumulator bet with several low-odds selections. Moreover, each choice should be from independent matches, and it is best if the events are ahead of time from one another. Pick outcomes with low betting odds since they carry better chances to come through. Keep in mind that four selections with 1.20 will have an acca multiplier of 2.07. Six picks translate to an accumulator bet with odds of 2.99.
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Once you place this bet, the cash-out value will increase with each leg that comes through. Moreover, the probability of getting six 1.20 selections to come through are much better than getting one selection of 2.99. However, the goal is not to win the acca. The plan is to close the bet as soon as the value looks attractive enough. You might consider adding more selections. Another modification to this strategy is to choose the last selection with a bit higher odd, but nothing larger than 2.0.
Closing a Bet with Matched Betting
This is another smart strategy to boost cash out winnings. When using matched betting, punters use free bets from promotions to bet on one outcome, and then they bet on the opposite outcome with another sportsbook (or exchange). The free bet itself cannot be closed because it is from a promotion. However, if the other bet is failing, it can be cashed out for a few extra pounds.
Sensible punters have to use every edge imaginable at their disposal and cashing out bets early can have a tremendous effect on their profitability in the long run. By employing some strategy and rational decision-making, bettors can easily find the silver lining in every cloud or not worry about the weather entirely.
Frequently Asked Questions
🔳Q: What Is the Difference Between Cash in and Cash Out?
💬A: In sports betting, both terms are meant to represent the same thing, but some bookmakers prefer one over the other. For example, William Hill call closing a bet' Cash In', while most of the other sportsbook refer to the same feature as 'Cash Out'.
🏆Q: Which Are the Best Cash Out Betting Sites?
💬A: Many betting sites do cash out, but which ones do it best? They should include both full, partial, and auto cash out. Moreover, these websites should hold a good reputation, offer acceptable odds, and provide a decent betting app. Without further ado, here are our top three betting sites for cashing out:
bet365 - The bookmaker offers full, partial, and auto cash out. Moreover, this sportsbook has the greatest variety of football markets and an excellent mobile app, which qualify it as the best cash out betting site.
Betfair - The sportsbook has full, partial, and auto cash out. Moreover, their betting app is universally hailed as better than bet365's, so enjoy the best cash out betting app out there.
888sport - This bookie has both full and partial options for closing a bet. They spice up things with competitive odds and nice promotions.